$350,000
$49K PRICE DROP

509 Five Mile Dr Ithaca, NY 14850

Estimated payment $2,478/month

Total Views 189,610
6 Beds
5 Baths
2,644 Sq Ft
$132 Price per Sq Ft

Highlights

  • Guest House
  • Deck
  • Main Floor Bedroom
  • Cayuga Heights Elementary School Rated A-
  • Wood Flooring
  • Enclosed Patio or Porch

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

Home Details

Home Type

  • Single Family

Est. Annual Taxes

  • $7,757

Year Built

  • Built in 1900

Lot Details

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

Home Design

  • Block Foundation
  • Stone Foundation
  • Frame Construction
  • Asphalt Roof
  • Metal Roof
  • Wood Siding

Interior Spaces

  • 2,644 Sq Ft Home
  • 2-Story Property
  • Sliding Doors
  • Basement Fills Entire Space Under The House

Kitchen

  • Gas Oven
  • Gas Range

Flooring

  • Wood
  • Laminate
  • Ceramic Tile

Bedrooms and Bathrooms

  • 6 Bedrooms | 2 Main Level Bedrooms
  • 5 Full Bathrooms

Laundry

  • Laundry Room
  • Laundry on main level
  • Dryer
  • Washer

Parking

  • No Garage
  • Gravel Driveway

Outdoor Features

  • Deck
  • Enclosed Patio or Porch

Additional Homes

  • Guest House

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

Community Details

  • Property is near a preserve or public land

Listing and Financial Details

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

Home Details

Home Type

Single Family

Est. Annual Taxes

$7,757

Year Built

Built in 1900

Lot Details

0

Listing Details

  • Property Sub Type: Single Family Residence
  • 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: Historic/Antique, Two Story
  • Garage Yn: No
  • Unit Levels: Two
  • Building Stories: 2
  • Year Built Details: Existing
  • Year Built: 1900
  • Attribution Contact: 607-279-1011
  • Special Features: VirtualTour
  • Stories: 2
  • Year Built: 1900

Interior Features

  • Appliances: Dryer, Gas Oven, Gas Range, Gas Water Heater, Refrigerator, Washer
  • Has Basement: Full
  • Basement YN: Yes
  • Full Bathrooms: 5
  • Total Bedrooms: 6
  • Door Features: Sliding Doors
  • Fireplace: No
  • Flooring: Ceramic Tile, Hardwood, Laminate, Tile, Varies
  • Interior Amenities: Other, See Remarks, Sliding Glass Door(s), Bedroom on Main Level
  • Living Area: 2644.0
  • Main Level Bathrooms: 3
  • Main Level Bedrooms: 2
  • Dining Room Type: Bedroom, Laundry
  • 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, Enclosed Porch, Gravel Driveway, Porch, Patio
  • Foundation Details: Block, Stone
  • Other Structures: Guest House
  • Patio And Porch Features: Deck, Patio
  • Property Condition: Resale
  • Roof: Asphalt, Metal

Garage/Parking

  • Parking Features: No Garage

Utilities

  • Laundry Features: Main Level
  • Heating: Gas, Forced Air
  • Heating Yn: Yes
  • Sewer: Connected
  • Utilities: Sewer Connected, Water Connected
  • Water Source: Connected, Public

Condo/Co-op/Association

  • Senior Community: No

Schools

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

Lot Info

  • Lot Size Sq Ft: 77972.0
  • Parcel #: 503089-031-000-0002-032-000-0000

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 List to Sale Price per Sq Ft
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) 326-2240

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: R1602944

APN: 503089 31.-2-32

New York Tompkins County Ithaca 14850

509 Five Mile Dr, Ithaca, NY

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Jamie Jensen
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Listing Agent Section Image
Howard Hanna S Tier Inc
(607) 326-2240