Three-Unit Multifamily
For Sale
$489,000
707 Ridge Road, Lansing, NY 14882
Finished basements, laundry hookups, decks, and paved parking support flexible residential use.
Property Size3,224 SF
Days on Market56
Property Features for 707 Ridge Road
General Information
Standard status
Active
Size
3,224 SF
Property subtype
Multi Family
Units
Unit Mix
3 x 2BR/2BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$11,610
Amenities
laundry hookups
finished basement
deck
yard
Building Details
Building Size
3,224 SF
Year Built
2000
Listing Agency:
Berkshire Hathaway HomeServices Heritage Realty
Listed By:
Melissa Skodzinsky · License #30SK0987831
(607) 227-2863
Source:
Griffith-realty
Added: Aug 29
Changed: Oct 11
Last Checked: Oct 21 at 6:27AM
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
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Investment Insights
Based on property information with market context.
Built in 2000, this multifamily property contains three residential units, each arranged with two bedrooms and two full bathrooms. Every unit also includes laundry hookups and a full finished basement that can accommodate additional living, recreation, office, or storage space. Interior layouts feature well-sized rooms and abundant natural light, while separate outdoor decks extend the usable living area.
The property includes a large lawn and paved off-street parking. Located at 707 Ridge Road in Lansing, NY, it offers a residential setting within the Lansing area, with Ithaca and surrounding amenities identified nearby. The combination of three similar units, finished lower-level space, outdoor areas, and on-site parking provides a clear, functional multifamily configuration.
The property includes a large lawn and paved off-street parking. Located at 707 Ridge Road in Lansing, NY, it offers a residential setting within the Lansing area, with Ithaca and surrounding amenities identified nearby. The combination of three similar units, finished lower-level space, outdoor areas, and on-site parking provides a clear, functional multifamily configuration.
Key Highlights
- Three residential units, each with 2 bedrooms and 2 full bathrooms
- Full finished basement included with every unit
- Laundry hookups in each residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,674
Cap Rate
8.73%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
8
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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Finished basements, laundry hookups, decks, and paved parking support flexible residential use.
Where is this triplex located?
The property is located at 707 Ridge Road 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 residential units, each with 2 bedrooms and 2 full bathrooms; Full finished basement included with every unit; Laundry hookups in each residence
