Three-Unit Multifamily
New
For Sale
$489,000
707 Ridge Road, Lansing, NY 14882
Residential, Lansing, NY
Property Size3,224 SF
Lot Size2.55 Acres
Price / SF$151.67
Days on Market2
Property Features for 707 Ridge Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Agricultural
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Bedroom 2, Bedroom 4, Bathroom 5, Bedroom 3, Basement, Bathroom 6, Bedroom 5, Bathroom 2, Bathroom 1, Bathroom 4, Bedroom 6, Bedroom 1
Window features
Drapes
Patio and Porch features
Deck
Interior features
CeilingFans, WindowTreatments
Exterior features
Deck, PropaneTankLeased
Appliances
PropaneWaterHeater
Lot features
Agricultural, Rectangular, Rectangular Lot
Elementary school district
Lansing
Middle school district
Lansing
High school district
Lansing
Directions
Ridge Rd is Route 34B
Subdivision
Lansing-503289
Standard status
Active
APN
503289-025-000-0001-007-071-0000
Size
3,224 SF
Lot size
2.55 Acres
Taxes and HOA fees
Tax Annual Amount
11610
Utilities
Sewer type
Septic Tank
Heating system
Hot Water(Heating), Baseboard, Propane (Heating)
Water source
Public
Building Details
Year built
2000
Floors in Building
2
Number of units
3
Flooring type
Vinyl, Laminate, Carpet, Linoleum, Varies
Building materials
Frame, VinylSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Berkshire Hathaway HomeServices Heritage Realty
(607) 428-0708
Listed By:
Melissa Skodzinsky · License #30SK0987831
(607) 227-2863
Added: Aug 29
Last Checked: Aug 30 at 9:06AM
MLS# S1710919
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 three-unit multifamily property contains 3,224 square feet on a 2.55-acre parcel in Lansing. Each unit includes two bedrooms, two full bathrooms, laundry hookups, and a finished basement that can support additional living, recreation, office, or storage use. Individual decks extend the usable space, while ceiling fans, window treatments, and a mix of carpet, laminate, linoleum, and vinyl flooring appear throughout the units.
Constructed in 2000, the frame building has vinyl siding, asphalt roofing, baseboard and hot-water heating, and a propane water heater. Public water and a septic tank serve the property. A large lawn and paved off-street parking provide substantial outdoor and vehicle space, with the setting offering access to Lansing, Ithaca, and surrounding amenities.
Constructed in 2000, the frame building has vinyl siding, asphalt roofing, baseboard and hot-water heating, and a propane water heater. Public water and a septic tank serve the property. A large lawn and paved off-street parking provide substantial outdoor and vehicle space, with the setting offering access to Lansing, Ithaca, and surrounding amenities.
Key Highlights
- Three‑unit property with 3,224 square feet of building area
- 2.55‑acre parcel with a large lawn and paved off‑street parking
- Each unit has 2 bedrooms, 2 full baths, laundry hookups, and a finished basement
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
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Finished lower levels and individual decks complement the two-bedroom, two-bath layouts.
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‑unit property with 3,224 square feet of building area; 2.55‑acre parcel with a large lawn and paved off‑street parking; Each unit has 2 bedrooms, 2 full baths, laundry hookups, and a finished basement
