Triplex with Flexible Floor
For Sale
$925,000
708 E Seneca Street, Ithaca, NY 14850
Residential, Ithaca, NY
Property Size3,266 SF
Price / SF$283.22
Days on Market152
Property Features for 708 E Seneca Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 3, Bedroom 10, Bedroom 1, Bathroom 2, Bedroom 7, Bedroom 2, Bedroom 6, Bedroom 4, Basement, Bedroom 9, Bedroom 5, Bedroom 8, Bathroom 1
Parking features
Driveway
Patio and Porch features
Deck
Interior features
CeilingFans
Exterior features
Balcony, Deck
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot
Elementary school
Belle Sherman
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Directions
At the northwest corner of Stewart Avenue and East Seneca Street
Subdivision
Ithaca-City-500700
Standard status
Active
APN
500700-063-000-0009-003-000-0000
Size
3,266 SF
Taxes and HOA fees
Tax Annual Amount
26240
Utilities
Heating system
Baseboard, Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
laundry
backyard
deck
front porch
Building Details
Year built
1913
Floors in Building
3
Number of units
3
Flooring type
Varies, Hardwood, Tile
Building materials
Stucco
Roof type
Tile, Slate
Architectural style
Other
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed By:
Kathleen M Markowski · License #30MA0818780
(607) 342-0778
Added: May 7
Changed: Sep 16
Last Checked: Oct 5 at 3:06AM
MLS# R1679541
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 3,266-square-foot triplex, built in 1913, includes one four-bedroom layout and two three-bedroom layouts. The property features bright rooms, hardwood and tile flooring, roomy kitchens, laundry, a spacious backyard, a front porch, and a three-level rear deck. Heating is provided by natural gas hot water and baseboard systems, with public water service and a gas water heater.
Located at 708 E Seneca Street in Ithaca, the property is near the Cornell Law School entrance and within Collegetown. It has been rented as a whole house over the years, while the floor plan also supports separate-unit leasing. Exterior features include a balcony and deck, with driveway parking.
Located at 708 E Seneca Street in Ithaca, the property is near the Cornell Law School entrance and within Collegetown. It has been rented as a whole house over the years, while the floor plan also supports separate-unit leasing. Exterior features include a balcony and deck, with driveway parking.
Key Highlights
- 3,266 square feet on a 1913‑built triplex
- One 4‑bedroom layout and two 3‑bedroom layouts
- Flexible history as a whole‑house rental
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
$43,230
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
4.67%
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%
$864,600
$864.6K
Cap Rate 7%
$617,571
$617.6K
Cap Rate 9%
$480,333
$480.3K
Market Conditions
NOI Build-Up for 3,266 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
$64.7K $19.80/SF
− Vacancy
−$2.9K −$0.89/SF
EGI
$61.8K $18.91/SF
− OpEx
−$18.5K −$5.67/SF
NOI
$43.2K $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 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%
$864,600
Cap Rate 7%
$617,571
Cap Rate 9%
$480,333
Alternative Uses
Best Use
Multifamily LT 5
$617.6K
$540.4K – $720.5K
NOI $43,230 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$572.3K
$500.8K – $667.7K
NOI $40,062 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$1.02M
$891.7K – $1.19M
NOI $71,339 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,274
Businesses Nearby
Explore this area
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
Check the figures for this property
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 - Three-bedroom and four-bedroom layouts support whole-house leasing or separate-unit use.
Where is this triplex located?
The property is located at 708 E Seneca Street Ithaca, NY.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 3,266 square feet on a 1913‑built triplex; One 4‑bedroom layout and two 3‑bedroom layouts; Flexible history as a whole‑house rental
