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509 Five Mile Drive, 
Ithaca, NY 14850

$399,000


6

Beds


5

Baths


2,644

Sq Ft


Single Family


Virtual Tour

Active

Listed by

Jamie Jensen

Howard Hanna S Tier Inc

607-257-0800

Last updated:

May 1, 2025, 02:38 PM

MLS#

R1602944

Source:

NY GENRIS

About This Home

509 Five Mile Drive

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.

Home Facts

Single Family

5 Baths

6 Bedrooms

Built in 1900

Price Summary

399,000

$150 per Sq. Ft.

MLS #:

R1602944

Last Updated:

May 1, 2025, 02:38 PM

Added:

2 day(s) ago


Rooms & Interior

Bedrooms

Total Bedrooms:

6

Bathrooms

Total Bathrooms:

5

Full Bathrooms:

5

Interior

Living Area:

2,644 Sq. Ft.


Structure

Structure

Architectural Style:

Historic Antique, Two Story

Building Area:

2,644 Sq. Ft.

Year Built:

1900


Lot

Lot Size (Sq. Ft):

77,972


Finances & Disclosures

Finances

Price:

$399,000

Price per Sq. Ft:

$150 per Sq. Ft.

Source:NY GENRIS
The information being provided by New York State Alliance is for the consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The information is deemed reliable but not guaranteed and should therefore be independently verified. © 2025 New York State Alliance All rights reserved.

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By clicking Contact I agree a Coldwell Banker Agent may contact me by phone or text message including by automated means and prerecorded messages about real estate services, and that I can access real estate services without providing my phone number. I acknowledge that I have read and agree to the Terms of Use and Privacy Notice.