327 Coddington Rd Ithaca, NY 14850

What if your next home helped pay the mortgage? Located in the TOWN of ITHACA with valley views, this rare four-unit property offers the opportunity to build equity while generating income from day one. Featuring two separate buildings, four rental units, and a coveted South Hill location just minutes from Ithaca College.
Whether you are looking to secure an asset for your portfolio or "house-hack" where rent covers your living expenses, this multi-structure setup stands ready to deliver. The owner's unit feels more like a private home than an apartment, featuring a spacious kitchen with maple cabinetry, granite countertops, and a breakfast bar, an inviting living room centered around a classic brick fireplace, a sun-filled bonus room perfect for a home office or reading nook, and direct access to an expansive covered patio.
The property includes three units within the main house along with a detached two-story bungalow, creating four distinct income opportunities. Two tenants are secured through July 2027, providing dependable long-term income, while the first-floor unit and lower-level apartment offer immediate flexibility for an owner-occupant or an investor looking to lease. Rents are currently structured to include heat, water, sewer, and trash removal.
This property is being sold As-Is, eliminating negotiation friction and accelerating your path to closing. To make your transaction seamless, professional home inspections and radon tests have already been completed for both structures. The reports are available for review, allowing you to bypass the usual multi-week inspection delays and secure your financing with total clarity.
With two units leased through July 2027, your baseline revenue is guaranteed from day one.
Investment opportunities with four rental units, two separate dwellings, panoramic Ithaca views, and a premier South Hill location are exceptionally rare. Net Rentable (SqFt) 2,838 Cap Rate. 7.63% Pro-Forma Cap Rate 9.81%
Pro-Forma NOI $52,476