Income-Generating Triplex
316 W SENECA ST Ithaca, NY 14850
For Sale
$499,900
Three occupied units are generating rental income with a certificate of occupancy valid through Sept 2026.
Property Size2,747 SF
Price / SF$181.98
Days on Market316
Property Features for 316 W SENECA ST
General Information
- Standard status
- Active
- Size
- 2,747 SF
- Property subtype
- Triplex
Building Details
- Year Built
- 1860
Listing Agency:
Howard Hanna S Tier Inc
(607) 259-0021
Listed By:
Kevin Duffey
(607) 259-0021
Source:
Xome
Added: Sep 12, 2025
Changed: Jul 23
Last Checked: Jul 23 at 8:31AM
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 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 | $54.4k | $19.80 |
| − Vacancy | −$2.4k | −$0.89 |
| EGI | $51.9k | $18.91 |
| − OpEx | −$15.6k | −$5.67 |
| NOI | $36.4k | $13.24 |
2,747 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$519.4K
$454.5K – $606.0K
NOI $36,360 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$481.4K
$421.2K – $561.6K
NOI $33,695 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$857.2K
$750.0K – $1.00M
NOI $60,003 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
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 W SENECA ST Ithaca, NY.
What is the asking price?
The asking price for this property is $499,900.
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
