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Michael Slusser

michael@michaelslusser.com +1(680) 310-9567

$ 785,000

Est. payment -/mo

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Active

114 Overlook RD Ithaca, NY 14850

9 Beds

4,482 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Other

Listing Status Active

Purchase Type For Sale

Square Footage 4,482 sqft

Price per Sqft $175

MLS Listing ID R1715502

Bedrooms 9

Construction Status Existing

HOA Y/N No

Year Built 1975

Annual Tax Amount $14,039

Lot Size 0.600 Acres

Acres 0.6

Lot Dimensions 291X92

Property Sub-Type Other

Property Description

Tudor Revival inspired five unit investment property in the Village of Cayuga Heights with an exceptional $108,900 in gross annual income, an approximate 9.6% cap rate and competitive pricing at about 7.2 times gross income. Fully rented through July 31, 2027, the property features charming front gables, a stunning stone chimney, arched entry, stucco exterior and wood siding, with the architectural shingle roof installed by J.D. Ferro in 2014. Spacious interiors offer abundant natural light, hardwood and vinyl plank flooring, classic radiators, period details and a wood burning fireplace. Three of the five kitchens feature expansive picture windows overlooking mature trees, creating a tree canopy backdrop for dining, while oversized windows in first floor bedrooms and numerous living spaces enhance brightness and openness. Spacious rooms and a mix of floor plans add to the property's period character, with the third floor apartment updated in 2021. Recent improvements include a boiler installed by Donahue-Halverson in 2022 and freshly painted exterior wood siding completed in 2026. A spacious driveway provides convenient off street parking for tenants. Located approximately one mile from Helen Newman Hall on Cornell University's North Campus, near a TCAT bus stop, with convenient access to the Arts Quad and West Campus. Tenant responsibilities include individual electric and internet service. 1961 floor plans on file with the Village are provided for historical reference, and the required multi-unit fire and safety inspection was satisfactorily completed in 2026 while the property was fully occupied in its current configuration. Coin operated laundry generates approximately $800 in additional annual income beyond the stated gross income. Income performance, supplemental laundry revenue, recent improvements and a Cayuga Heights setting create an excellent income producing opportunity.

Location

State NY

County Tompkins

Area Cayuga Heights-Village-503001

Direction From downtown Ithaca, take NY-13 N to the Cayuga Heights Rd exit. Turn left onto Cayuga Heights Rd, left onto Wyckoff Rd, then right onto Overlook Rd. 114 Overlook Rd will be on the right-hand side.

Rooms

Basement Full, Walk-Out Access

Interior

Heating Gas, Hot Water, Radiator(s)

Flooring Carpet, Hardwood, Luxury Vinyl, Tile, Varies, Vinyl

Fireplaces Number 1

Furnishings Unfurnished

Fireplace Yes

Appliance Dryer, Electric Oven, Electric Range, Gas Water Heater, Refrigerator, Washer

Laundry Common Area, Coin-operated

Exterior

Exterior Feature Gravel Driveway

Community Features Laundry Facilities

Utilities Available Sewer Connected, Water Connected

Roof Type Architectural,Shingle

Porch Open, Porch

Garage No

Building

Lot Description Corner Lot, Irregular Lot, Near Public Transit

Story 3

Sewer Connected

Water Connected, Public

Structure Type Blown-In Insulation,Stucco,Wood Siding

Construction Status Existing

Schools

Elementary Schools Cayuga Heights Elementary

Middle Schools Boynton Middle

School District Ithaca

Others

Senior Community No

Tax ID 503001-015-000-0005-001-001-0000

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition Standard

Virtual Tour https://www.zillow.com/view-imx/ff7a606c-3d66-41db-9c42-ce6611f496ca/?utm_source=captureapp

Listed by Linz Real Estate