Collegetown Multi-Family
505 Dryden Road Ithaca, NY 14850
For Sale
$1,000,000
MULTI_FAMILY - Other - Ithaca, NY
Property Size4,318 SF
Lot Size0.02 Acres
Price / SF$231.59
Days on Market112
Property Features for 505 Dryden Road
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 11
- Bathrooms
- 3
- Rooms
- Bedroom 1, Bathroom 1, Bedroom 11, Bedroom 9, Bedroom 6, Bedroom 5, Bedroom 7, Bathroom 3, Basement, Bedroom 2, Bedroom 4, Bedroom 3, Bathroom 2, Bedroom 8, Bedroom 10
- Interior features
- NaturalWoodwork
- Appliances
- GasWaterHeater
- Standard status
- Active
- APN
- 500700-064-000-0006-003-000-0000
- Size
- 4,318 SF
- Lot size
- 0.02 Acres
Taxes and HOA fees
- Tax Annual Amount
- 23836
Utilities
- Heating system
- Hot Water(Heating), Baseboard, Natural Gas, Zoned
- Cooling system
- Zoned
- Water source
- Public
Building Details
- Year built
- 1900
- Floors in Building
- 4
- Number of units
- 3
- Flooring type
- Vinyl, Laminate, Varies, Hardwood
- Building materials
- WoodSiding
- Roof type
- Asphalt
- Architectural style
- Other
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
David Wahl · License #10371201153
(607) 227-3132
Added: Apr 3
Changed: Jul 13
Last Checked: Jul 23 at 10:06PM
MLS# R1670708
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located in the heart of Collegetown, the multi-family residence at 505 Dryden Road is ideally positioned for students and professionals. This high-performing asset features multiple rental units and sits on a generous lot with eight off-street parking spaces. The property has a consistent 100% occupancy rate and steadily increasing gross revenues. Its prime location offers tenants access to the Cornell University campus, local amenities, and public transit. The property size is 4318 square feet and the lot size is 0.02 acres.
Key Highlights
- Multi‑family residence located in Collegetown on 505 Dryden Road
- Eight off‑street parking spaces
- Consistent 100% occupancy with steadily increasing gross revenues, per remarks
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $85.5k | $19.80 |
| − Vacancy | −$3.8k | −$0.89 |
| EGI | $81.6k | $18.91 |
| − OpEx | −$24.5k | −$5.67 |
| NOI | $57.2k | $13.24 |
4,318 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$816.5K
$714.4K – $952.6K
NOI $57,154 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$756.7K
$662.1K – $882.8K
NOI $52,966 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,318 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Premier multi-family residence in Collegetown, near Cornell University.
Where is this triplex located?
The property is located at 505 Dryden Road Ithaca, NY.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Multi‑family residence located in Collegetown on 505 Dryden Road; Eight off‑street parking spaces; Consistent 100% occupancy with steadily increasing gross revenues, per remarks
