509 Five Mile Drive

Ithaca, NY 14850

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 courtesy of Jamie Jensen of Howard Hanna S Tier Inc

Listing information is provided by Participants of the Ithaca Board of REALTORS®. IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed. Copyright 2025, Ithaca Board of REALTORS®
Last checked 2025-09-01 05:19 AM UTC