$350,000
$49K PRICE DROP

509 Five Mile Dr Unit A & B Ithaca, NY 14850

Estimated payment $2,539/month

Total Views 108,658
6 Beds
5 Baths
2,644 Sq Ft
$132 Price per Sq Ft

Highlights

  • Deck
  • 1 Fireplace
  • Ceramic Tile Flooring
  • Cayuga Heights Elementary School Rated A-
  • Patio
  • Property is near a preserve or public land

About This Home

This unique property offers the perfect blend of potential and passive income. Set on a stunning 1.8-acre lot, 509 Five Mile Drive includes a main single-family residence and a legally grandfathered duplex that was once a barn. The main house, while in need of renovation, served as a cherished home for many years and previously rented for $1,300/month. It's now ready for your vision—bring your contractor and design ideas to transform it into your dream home. The accessory duplex provides immediate income and has a large unfished attic space. The upper unit (509A) is a bright, beautifully maintained 1-bedroom apartment renting for $960/month. Lease ends 12-31-25. The lower 1-bedroom unit (509B) features a walk-out to a covered deck and patio with tranquil views of the expansive backyard and currently rents for $970/month. Tenant is month to month. Whether you're looking to invest or create a custom home while offsetting costs with rental income, this is a rare find in a prime location.

Listing Agent

Jamie Jensen

Howard Hanna S Tier Inc Brokerage Phone: 607-279-1011 License #10401347070 Listed on: 04/30/2025

Howard Hanna S Tier Inc

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $7,757

Year Built

  • Built in 1900

Lot Details

  • 1.79 Acre Lot
  • Lot Dimensions are 156x570
  • Rectangular Lot

Parking

  • 2 Car Garage

Home Design

  • Duplex
  • Fixer Upper
  • Frame Construction
  • Asphalt Roof
  • Metal Roof
  • Wood Siding

Interior Spaces

  • 2,644 Sq Ft Home
  • 2-Story Property
  • 1 Fireplace
  • Sliding Doors

Flooring

  • Laminate
  • Ceramic Tile

Bedrooms and Bathrooms

  • 6 Bedrooms
  • 5 Full Bathrooms

Basement

  • Basement Fills Entire Space Under The House
  • Crawl Space

Outdoor Features

  • Deck
  • Patio

Schools

  • Cayuga Heights Elementary School
  • Boynton Middle School
  • Ithaca Senior High School

Utilities

  • Forced Air Heating System
  • Heating System Uses Gas
  • PEX Plumbing
  • Gas Water Heater
  • High Speed Internet

Listing and Financial Details

  • Assessor Parcel Number 503089-031-000-0002-032-000-0000

Community Details

Overview

  • Association fees include all utilities
  • 3 Units
  • Property is near a preserve or public land

Building Details

  • 4 Separate Electric Meters
  • 3 Separate Gas Meters

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$7,757

Year Built

Built in 1900

Lot Details

0

Listing Details

  • Property Sub Type: Duplex
  • Prop. Type: Residential
  • Lot Size Acres: 1.79
  • Lot Size: 156X570
  • Directions: Located right off Five Mile Drive in the town of Ithaca. Look for HH sign. Park on either side of main house.
  • Architectural Style: Duplex
  • Unit Levels: Two
  • Building Stories: 2
  • Structure Type: Duplex
  • Year Built Details: Existing
  • Year Built: 1900
  • Property Sub Type Additional: Duplex
  • Attribution Contact: 607-279-1011
  • Special Features: VirtualTour
  • Stories: 2
  • Year Built: 1900

Interior Features

  • Appliances: Gas Water Heater
  • Owner Pays: All Utilities
  • Has Basement: Crawl Space, Full
  • Basement YN: Yes
  • Full Bathrooms: 5
  • Total Bedrooms: 6
  • Door Features: Sliding Doors
  • Fireplaces: 1
  • Fireplace: Yes
  • Flooring: Ceramic Tile, Laminate, Varies
  • Interior Amenities: Sliding Glass Door(s)
  • Living Area: 2644.0
  • Stories: 2

Exterior Features

  • Lot Features: Adjacent To Public Land, Rectangular, Rectangular Lot
  • Waterfront: No
  • Construction Type: Frame, Wood Siding, PEX Plumbing
  • Exterior Features: Deck, Patio
  • Patio And Porch Features: Deck, Patio
  • Property Condition: Resale, Fixer
  • Roof: Asphalt, Metal

Garage/Parking

  • Parking Features: Gravel, Two or More Spaces

Utilities

  • Heating: Gas, Forced Air
  • Heating Yn: Yes
  • Sewer: Connected
  • Utilities: High Speed Internet Available, Sewer Connected, Water Connected
  • Water Source: Connected, Public

Condo/Co-op/Association

  • Senior Community: No
  • HOA Rent Includes: All Utilities

Schools

  • Elementary School: Cayuga Heights Elementary
  • Junior High Dist: Ithaca
  • High School: Ithaca Senior High
  • Middle Or Junior School: Boynton Middle

Lot Info

  • Parcel #: 503089-031-000-0002-032-000-0000
  • Zoning Description: Residential 1 Unit

Multi Family

  • Number Of Units In Community: 3
  • Number Of Units Total: 3
  • Number Of Separate Electric Meters: 4
  • Number Of Separate Gas Meters: 3

Tax Info

  • Tax Annual Amount: 7757.0

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
06/20/2025 06/20/25 Price Changed $350,000 -12.3% $132 / Sq Ft
04/30/2025 04/30/25 For Sale $399,000 -- $151 / Sq Ft
Source: Ithaca Board of REALTORS®

About the Listing Agent

Jamie Jensen
Jamie Jensen

Howard Hanna S Tier Inc

(607) 399-3344

Section Image

I am an experienced licensed real estate agent in New York State, a team leader, and a top producer. I specialize in the Ithaca market and a 60-mile radius surrounding it.
I am a native Ithacan and Cornell University graduate with deep roots in the town's housing and construction market.
I am the daughter of two local Cornell alums who worked as contractors, developers, housing inspectors, and designers. Through my upbringing and career, I developed a love for all things home.

View Jamie's Profile

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Source: Ithaca Board of REALTORS®

MLS Number: R1602954

New York Tompkins County Ithaca 14850

509 Five Mile Dr Unit A & B, Ithaca, NY

This home is located at 509 Five Mile Dr Unit A & B, Ithaca, NY 14850 and is currently priced at $350,000, approximately $132 per square foot. This property was built in 1900. 509 Five Mile Dr Unit A & B is a home located in Tompkins County with nearby schools including Cayuga Heights Elementary School, Boynton Middle School, and Ithaca Senior High School.

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Jamie Jensen
Jamie Jensen
Listing Agent Section Image
Howard Hanna S Tier Inc
(607) 399-3344