Three-Unit Multifamily
New
For Sale
$489,000
703 Ridge Rd, Lansing, NY 14882
Each residence includes finished lower-level space, laundry hookups, private outdoor decking, and off-street parking.
Property Size3,224 SF
Price / SF$151.67
Days on Market6
Property Features for 703 Ridge Rd
General Information
Standard status
Active
Size
3,224 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/2BA
Multifamily Units
3
Amenities
laundry hookups
full finished basement
outdoor deck areas
off-street parking
large lawn
Building Details
Year Built
2000
Listing Agency:
Berkshire Hathaway HomeServices Heritage Realty
Listed By:
Melissa Skodzinsky · License #30SK0987831
(607) 227-2863
Source:
Skinnercnyrealty
Added: Sep 15
Changed: Sep 18
Last Checked: Sep 20 at 12:20PM
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 Berkshire Hathaway HomeServices Heritage Realty
Investment Insights
Based on property information with market context.
Built in 2000, this 3,224-square-foot triplex contains three residences with consistent layouts. Each unit includes two bedrooms, two full bathrooms, laundry hookups, and a full finished basement that can support additional living, recreation, office, or storage use. Interior features include well-proportioned rooms and plentiful natural light, while individual decks extend the usable space outdoors.
The property also provides a large lawn and ample paved off-street parking. Located at 703 Ridge Rd in Lansing, the setting offers a country-oriented environment with access to Lansing, Ithaca, and surrounding amenities.
The property also provides a large lawn and ample paved off-street parking. Located at 703 Ridge Rd in Lansing, the setting offers a country-oriented environment with access to Lansing, Ithaca, and surrounding amenities.
Key Highlights
- Three‑unit property totaling 3,224 square feet
- Each unit has 2 bedrooms and 2 full baths
- Full finished basement included with every unit
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
$42,674
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
8.73%
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%
$853,480
$853.5K
Cap Rate 7%
$609,629
$609.6K
Cap Rate 9%
$474,156
$474.2K
Market Conditions
NOI Build-Up for 3,224 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
$63.8K $19.80/SF
− Vacancy
−$2.9K −$0.89/SF
EGI
$61.0K $18.91/SF
− OpEx
−$18.3K −$5.67/SF
NOI
$42.7K $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%
$853,480
Cap Rate 7%
$609,629
Cap Rate 9%
$474,156
Alternative Uses
Best Use
Multifamily LT 5
$609.6K
$533.4K – $711.2K
NOI $42,674 @ 7.0% cap · market cap 8.73%
Second Best
Apartment 5plus
$564.9K
$494.3K – $659.1K
NOI $39,546 @ 7.0% cap · market cap 8.09%
Theoretical Best
Office A
$1.01M
$880.3K – $1.17M
NOI $70,422 @ 7.0% cap · market cap 14.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
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Business Placement
Demographics for 14882, NY
3,890
Population
1,619
Households
2.4
Avg Household Size
43
Median Age
49%
College-Educated
98%
High-School Grad
32.5 sq mi
ZIP Area
120
Density / Sq Mi
$94,886
Median Household Income
$42,288
Median Earnings
$1,348
Median Rent
$274,800
Median Home Value
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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 - Each residence includes finished lower-level space, laundry hookups, private outdoor decking, and off-street parking.
Where is this triplex located?
The property is located at 703 Ridge Rd Lansing, NY.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Three‑unit property totaling 3,224 square feet; Each unit has 2 bedrooms and 2 full baths; Full finished basement included with every unit
