228 Dryden Rd, Ithaca, NY 14850-4745
- Commercial land
- 4,104 SF
- 0.19 lot acres
Current Use by Public Records
- Commercial land
Property Details for 228 Dryden Rd
- Year built
- 1985
- Lot size
- 0.19 lot acres
- Zone code
- R-3A
- Property type
- Commercial land
- APN
- 500700 64.-2-19
- APU
- 50070064219
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Feb 22, 2021 | $1,250,000 | 228 Dryden Rd LLC | Cascadilla School | Warranty Deed | — |
Description
This exceptional investment opportunity is located in the heart of Ithaca's Collegetown, just blocks from Cornell University's campus. The property, situated on a 0.19-acre lot, offers a fully entitled and shovel-ready development project. Plans are in place for a five-story building totaling 21,717 square feet. This multi-unit development will feature 35 individual units, each with its own bedroom, providing a significant rental income potential. The property's prime location within Collegetown ensures high occupancy rates and strong rental demand, making it an attractive investment for those seeking to capitalize on the vibrant student and faculty population. The project's fully entitled status eliminates lengthy permitting processes, allowing for a swift commencement of construction. This turnkey development opportunity presents a rare chance to acquire a high-yield investment property in a highly sought-after location. The existing entitlements and shovel-ready status significantly reduce development risk and accelerate the path to profitability. This is an exceptional opportunity for investors seeking a high-return, low-risk investment in a thriving college town market. The 35-unit configuration is designed to maximize rental income and provide a strong return on investment. The property's size and location make it ideal for a variety of development scenarios, offering flexibility and potential for future expansion or adaptation.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,285,000
- ML approach
- $1,270,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,066,000
Market price range: $367k - $1.07M
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Ithaca
- County
- Tompkins
- State
- New York
- Longitude
- -76.4836
- Latitude
- 42.4418
- CBSA code
- 27060
- CBSA name
- ITHACA, NY METROPOLITAN STATISTICAL AREA
