8-Bedroom
For Sale
$995,000
411 Dryden Road, Ithaca, NY 14850
Residential, Ithaca, NY
Property Size4,283 SF
Lot Size0.16 Acres
Price / SF$232.31
Days on Market149
Property Features for 411 Dryden Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential Multi Use
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 1, Bathroom 2, Basement, Bathroom 4, Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 3, Bedroom 5, Bedroom 4, Bedroom 7, Bedroom 8
Interior features
NaturalWoodwork
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school
Belle Sherman
High school
Ithaca Senior High
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Subdivision
Ithaca-City-500700
Standard status
Active
APN
500700-064-000-0007-005-000-0000
Size
4,283 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
21192
Utilities
Heating system
Zoned, Baseboard, Natural Gas, Hot Water(Heating)
Cooling system
Zoned
Water source
Public
Building Details
Year built
1900
Floors in Building
4
Number of units
3
Flooring type
Laminate, Vinyl, Hardwood, Varies
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 17
Changed: Sep 11
Last Checked: Sep 12 at 9:06PM
MLS# R1673787
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.
This triplex contains 4,283 square feet with eight bedrooms and four bathrooms. Built in 1900, the property features wood siding, natural woodwork, varied flooring that includes laminate, hardwood, and vinyl, plus zoned cooling. Heating is provided by natural gas through baseboard and hot water systems, with separate zoning. An asphalt roof and public water service complete the primary building systems.
The property occupies 0.16 acres at 411 Dryden Road in Ithaca’s Collegetown neighborhood. Cornell University is described as being steps away, with dining and other amenities located within the surrounding area. The residence also includes a basement, gas water heating, and four bathrooms distributed among the eight-bedroom layout.
The property occupies 0.16 acres at 411 Dryden Road in Ithaca’s Collegetown neighborhood. Cornell University is described as being steps away, with dining and other amenities located within the surrounding area. The residence also includes a basement, gas water heating, and four bathrooms distributed among the eight-bedroom layout.
Key Highlights
- 8‑bedroom, 4‑bathroom triplex with 4,283 square feet
- 0.16‑acre property at 411 Dryden Road, Ithaca, NY 14850
- Located in Ithaca’s Collegetown neighborhood near Cornell University
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
$56,691
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
5.70%
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%
$1,133,820
$1.1M
Cap Rate 7%
$809,871
$809.9K
Cap Rate 9%
$629,900
$629.9K
Market Conditions
NOI Build-Up for 4,283 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
$84.8K $19.80/SF
− Vacancy
−$3.8K −$0.89/SF
EGI
$81.0K $18.91/SF
− OpEx
−$24.3K −$5.67/SF
NOI
$56.7K $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%
$1,133,820
Cap Rate 7%
$809,871
Cap Rate 9%
$629,900
Alternative Uses
Best Use
Multifamily LT 5
$809.9K
$708.6K – $944.9K
NOI $56,691 @ 7.0% cap · market cap 5.70%
Second Best
Apartment 5plus
$750.5K
$656.7K – $875.6K
NOI $52,536 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,554 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
951
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Wood-sided triplex with natural woodwork, zoned cooling, and a gas water heater.
Where is this triplex located?
The property is located at 411 Dryden Road Ithaca, NY.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 8‑bedroom, 4‑bathroom triplex with 4,283 square feet; 0.16‑acre property at 411 Dryden Road, Ithaca, NY 14850; Located in Ithaca’s Collegetown neighborhood near Cornell University
