Triplex with Eight Off-Street Parking
For Sale
$1,000,000
505 Dryden Road, Ithaca, NY 14850
MULTI_FAMILY - Other - Ithaca, NY
Property Size4,318 SF
Lot Size0.02 Acres
Price / SF$231.59
Days on Market136
Property Features for 505 Dryden Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential Multi Use
Bedrooms
11
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 7, Bedroom 9, Bedroom 11, Bathroom 3, Bedroom 5, Basement, Bathroom 1, Bedroom 4, Bedroom 8, Bedroom 10, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 6
Interior features
NaturalWoodwork
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school
Belle Sherman
Middle school
Dewitt Middle
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
500700-064-000-0006-003-000-0000
Size
4,318 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
23836
Utilities
Heating system
Zoned, Natural Gas, Hot Water(Heating), Baseboard
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 3
Changed: Aug 4
Last Checked: Aug 16 at 12:06PM
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.
505 Dryden Road is a triplex featuring multiple rental units and a wood-sided exterior. The property sits on a 0.02-acre lot and has 4,318 square feet of interior space. The home includes natural woodwork, vinyl and varied flooring, and laminate and hardwood finishes. Heating and cooling are zoned, with hot water heating noted, and a gas water heater is included. The roof is asphalt.
The property provides eight off-street parking spaces. It is described as operating at consistent 100% occupancy. Public water is on the property.
Built in 1900, this Collegetown-area triplex is presented as positioned for student and professional tenants, with convenient access to Cornell University, local amenities, and public transit.
The property provides eight off-street parking spaces. It is described as operating at consistent 100% occupancy. Public water is on the property.
Built in 1900, this Collegetown-area triplex is presented as positioned for student and professional tenants, with convenient access to Cornell University, local amenities, and public transit.
Key Highlights
- Triplex with 4,318 square feet
- 0.02‑acre lot
- Eight off‑street parking spaces
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
$57,154
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
5.72%
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%
$1,143,080
$1.1M
Cap Rate 7%
$816,486
$816.5K
Cap Rate 9%
$635,044
$635.0K
Market Conditions
NOI Build-Up for 4,318 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
$85.5K $19.80/SF
− Vacancy
−$3.8K −$0.89/SF
EGI
$81.6K $18.91/SF
− OpEx
−$24.5K −$5.67/SF
NOI
$57.2K $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%
$1,143,080
Cap Rate 7%
$816,486
Cap Rate 9%
$635,044
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
871
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Triplex on a small lot with eight off-street parking spaces, public water, zoned heating and cooling, and an asphalt roof.
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: Triplex with 4,318 square feet; 0.02‑acre lot; Eight off‑street parking spaces
