Three-Unit Multifamily
New
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 Market3
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
(607) 227-2863
Listed By:
Melissa Skodzinsky · License #30SK0987831
(607) 227-2863
Source:
Griffith-realty
Added: Aug 29
Changed: Aug 31
Last Checked: Aug 31 at 8:51AM
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 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 = 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 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
