Triplex with Deck and
For Sale
$925,000
708 E Seneca Street, Ithaca, NY 14850
MULTI_FAMILY - Other - Ithaca, NY
Property Size3,266 SF
Price / SF$283.22
Days on Market100
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
Bedroom 2, Bedroom 9, Bedroom 4, Bathroom 3, Bedroom 8, Basement, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 10, Bedroom 1, Bedroom 7, Bedroom 6, Bedroom 5
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
Natural Gas, Hot Water(Heating), Baseboard
Water source
Public
Amenities
laundry
backyard
triple back-tier deck
front porch
Building Details
Year built
1913
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Varies, Tile
Building materials
Stucco
Roof type
Slate, Tile
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: Aug 4
Last Checked: Aug 14 at 7:06PM
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 triplex built in 1913 offers a flexible floor plan with one 4-bedroom and two 3-bedroom configurations. Interiors include hardwood flooring, tile, and a variety of floor types, with ceiling fans for added comfort. The home also features roomy kitchens and laundry, along with a basement.
Exterior features include a spacious backyard, a triple back-tier deck, and an inviting front porch. For utilities, the property has public water service and a natural gas hot water heating system with baseboard heating. A gas water heater is also included. Construction is stucco, and the roof is a combination of slate and tile.
The property has driveway parking and has been rented as a whole house over the years, while still supporting unit-by-unit flexibility.
Exterior features include a spacious backyard, a triple back-tier deck, and an inviting front porch. For utilities, the property has public water service and a natural gas hot water heating system with baseboard heating. A gas water heater is also included. Construction is stucco, and the roof is a combination of slate and tile.
The property has driveway parking and has been rented as a whole house over the years, while still supporting unit-by-unit flexibility.
Key Highlights
- 3,266 SF triplex built in 1913
- Layout includes one 4‑bedroom and two 3‑bedroom units
- Triple back‑tier deck plus inviting front porch
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
Property Profile
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
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 - Triplex built in 1913 with a spacious backyard, deck, front porch, driveway parking, and flexible 4- and 3-bedroom layout.
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 SF triplex built in 1913; Layout includes one 4‑bedroom and two 3‑bedroom units; Triple back‑tier deck plus inviting front porch
