Triplex with Off-Street
New
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 Market1
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 4, Bedroom 1, Bedroom 8, Bedroom 9, Bathroom 2, Bedroom 5, Bedroom 7, Bedroom 2, Bedroom 11, Bedroom 10, Bathroom 1, Bedroom 6, Basement, Bedroom 3, Bathroom 3
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
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Annual Amount
23836
Utilities
Heating system
Natural Gas, Zoned, Baseboard, Hot Water(Heating)
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
Buildings
1
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
David Wahl · License #10371201153
(607) 227-3132
Added: Nov 3
Last Checked: Nov 3 at 10:06PM
MLS# R1726831
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.
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Investment Insights
Based on property information with market context.
This triplex at 505 Dryden Road contains 4,318 square feet across a 0.02-acre lot. Built in 1900, the building has natural woodwork, varied flooring that includes laminate, vinyl, and hardwood, and three bathrooms. Heating is provided by natural-gas baseboard and hot-water systems, with zoned heating and cooling. The property also has a gas water heater, public water, wood siding, and an asphalt roof.
Eight off-street parking spaces serve the property. Cornell University, local amenities, and public transit are accessible from the Collegetown location. The property has reported 100% occupancy.
Eight off-street parking spaces serve the property. Cornell University, local amenities, and public transit are accessible from the Collegetown location. The property has reported 100% occupancy.
Key Highlights
- Triplex with 4,318 square feet on a 0.02‑acre lot
- Eight off‑street parking spaces
- Reported 100% occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,154
Cap Rate
5.72%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
871
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - The property includes eight off-street parking spaces and is near Cornell University, local services, and public transit.
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 on a 0.02‑acre lot; Eight off‑street parking spaces; Reported 100% occupancy
