Income-Generating Triplex
For Sale
$469,900
316 SENECA ST, Ithaca, NY 14850
Three occupied units are generating rental income with a certificate of occupancy valid through Sept 2026.
Property Size2,747 SF
Price / SF$171.06
Days on Market349
Property Features for 316 SENECA ST
General Information
Standard status
Active
Size
2,747 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$11,734
Amenities
Gas
Full
3
Hardwood, Vinyl, Carpet
Furnished, Window Drapes-curtains
Flat, Asphalt, Shingle, Membrane, Rubber
Shared Driveway, Garage.
Stone
Rectangular
55X132
Garage. Rectangular.
Building Details
Year Built
1860
Stories
2
Listing Agency:
Howard Hanna S Tier Inc
(607) 259-0021
Listed By:
Kevin Duffey
(607) 259-0021
Source:
Xome
Added: Sep 6, 2025
Changed: Aug 12
Last Checked: Aug 20 at 4:21AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Howard Hanna S Tier Inc
Investment Insights
Based on property information with market context.
This dynamic triplex features three occupied rental units: an occupied studio downstairs, an occupied 1BR downstairs, and an occupied 3BR upstairs. The upstairs 3-bedroom apartment includes window air conditioning units provided for each bedroom and the living room. The 3-bedroom and studio units come furnished.
Located in the heart of downtown Ithaca, the property is within a short walk of restaurants, boutiques, and Cornell University, with Wegmans and additional retail shopping also nearby.
Leasing is in place through July 31, and utilities are included except for phone/cable/internet. The certificate of occupancy is valid until Sept 2026, and one tenant has been there seven years. Recent improvements include a new boiler installed 3 years ago, a new hot water heater installed last year, the main roof replaced/redone in April 2014, porch roofs replaced 2 years ago, and a furnished setup for the studio and 3-bedroom units.
Located in the heart of downtown Ithaca, the property is within a short walk of restaurants, boutiques, and Cornell University, with Wegmans and additional retail shopping also nearby.
Leasing is in place through July 31, and utilities are included except for phone/cable/internet. The certificate of occupancy is valid until Sept 2026, and one tenant has been there seven years. Recent improvements include a new boiler installed 3 years ago, a new hot water heater installed last year, the main roof replaced/redone in April 2014, porch roofs replaced 2 years ago, and a furnished setup for the studio and 3-bedroom units.
Key Highlights
- 3‑unit triplex with all three units currently occupied and rented through July 31
- Certificate of occupancy is valid through Sept 2026
- Income includes gross income of $55,920 and net operating income over $36,000
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$36,360
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.74%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$727,200
$727.2K
Cap Rate 7%
$519,429
$519.4K
Cap Rate 9%
$404,000
$404.0K
Market Conditions
NOI Build-Up for 2,747 SF
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.
Gross rent
$54.4K $19.80/SF
− Vacancy
−$2.4K −$0.89/SF
EGI
$51.9K $18.91/SF
− OpEx
−$15.6K −$5.67/SF
NOI
$36.4K $13.24/SF
Area
Tompkins County, NY
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$727,200
Cap Rate 7%
$519,429
Cap Rate 9%
$404,000
Alternative Uses
Best Use
Multifamily LT 5
$519.4K
$454.5K – $606.0K
NOI $36,360 @ 7.0% cap · market cap 7.74%
Second Best
Apartment 5plus
$481.4K
$421.2K – $561.6K
NOI $33,695 @ 7.0% cap · market cap 7.17%
Theoretical Best
Office A
$857.2K
$750.0K – $1.00M
NOI $60,003 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,632
Businesses Nearby
Explore this area
Business Placement
Demographics for 14850, NY
69,271
Population
31,772
Households
2.2
Avg Household Size
29
Median Age
72%
College-Educated
96%
High-School Grad
124.8 sq mi
ZIP Area
555
Density / Sq Mi
$69,689
Median Household Income
$36,115
Median Earnings
$1,446
Median Rent
$334,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three occupied units are generating rental income with a certificate of occupancy valid through Sept 2026.
Where is this triplex located?
The property is located at 316 SENECA ST Ithaca, NY.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: 3‑unit triplex with all three units currently occupied and rented through July 31; Certificate of occupancy is valid through Sept 2026; Income includes gross income of $55,920 and net operating income over $36,000
