Triplex With Off-Street
For Sale
$1,000,000
505 Dryden Road, Ithaca, NY 14850
Residential, Ithaca, NY
Property Size4,318 SF
Lot Size0.02 Acres
Price / SF$231.59
Days on Market182
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
Bathroom 3, Basement, Bedroom 8, Bedroom 2, Bedroom 7, Bedroom 11, Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 9, Bedroom 6, Bedroom 5, Bedroom 10, Bedroom 4
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
Hot Water(Heating), Baseboard, Natural Gas, Zoned
Cooling system
Zoned
Water source
Public
Building Details
Year built
1900
Floors in Building
4
Number of units
3
Flooring type
Varies, Laminate, Vinyl, Hardwood
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: Sep 16
Last Checked: Oct 1 at 7:06PM
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.
This 4,318-square-foot triplex, built in 1900, includes 11 bedrooms and 3 bathrooms across its residential layout. Interior details include natural woodwork, laminate, vinyl, and hardwood flooring, along with zoned heating and cooling. The property also features a gas water heater, public water service, asphalt roofing, and wood siding.
Eight off-street parking spaces support the three-unit configuration. Located at 505 Dryden Road in Ithaca’s Collegetown area, the residence provides access to the Cornell University campus, local amenities, and public transit. The property has reported 100% occupancy and sits on a 0.02-acre lot.
Eight off-street parking spaces support the three-unit configuration. Located at 505 Dryden Road in Ithaca’s Collegetown area, the residence provides access to the Cornell University campus, local amenities, and public transit. The property has reported 100% occupancy and sits on a 0.02-acre lot.
Key Highlights
- 4,318‑square‑foot triplex on a 0.02‑acre lot
- 11 bedrooms and 3 bathrooms
- 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
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Open Analytics
Current Use
Lease Details
100%
Occupancy
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
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit rental property with 11 bedrooms, three bathrooms, and natural woodwork throughout the residence.
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: 4,318‑square‑foot triplex on a 0.02‑acre lot; 11 bedrooms and 3 bathrooms; Eight off‑street parking spaces
