114 Overlook Rd, Ithaca, NY 14850

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include individual electric and internet service. 1961 floor plans on file with the Village are provided for historical reference, and the required multi-unit fire and safety inspection was satisfactorily completed in 2026 while the property was fully occupied in its current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.