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    228 Dryden Rd Ithaca, NY 14850

    Sponsored
    For Sale
    $1,900,000

    Prime Cornell location, 23,479 SF, 35-unit potential.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    396
    This exceptional investment opportunity in Ithaca, New York, presents 23,479 square feet of vacant commercial land zoned for development. Located at 228 Dryden Road, this property enjoys a prime location in Collegetown, just blocks from the Cornell University campus. The site is fully entitled and shovel-ready for a multi-unit residential development project, with approved plans available under a non-disclosure agreement. The approved project encompasses 21,717 square feet and allows for a five-story building with a total of 35 units, each containing one bed. This presents a significant opportunity for investors seeking to capitalize on the strong rental demand in the vibrant Collegetown market. The property's size and location offer substantial potential for a high-return investment, making it an attractive prospect for developers and investors alike. The Tompkins County address and 14850 zip code further solidify its desirability. This is a rare chance to acquire a fully permitted development site in a highly sought-after area.

    Property Features for 228 Dryden Rd

    General Information

    Property type
    Land

    HighLights

    • 23,479 SF vacant commercial land in Ithaca, NY.
    • Prime Collegetown location, blocks from Cornell University.
    • Fully entitled and shovel‑ready for a 35‑unit, five‑story residential development (21,717 SF).
    • Approved plans available under NDA.
    • Located at 228 Dryden Road, Ithaca, NY 14850.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.4835842
    Latitude
    42.4417973

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    FAQs

    What type of property is this?
    Land - Prime Cornell location, 23,479 SF, 35-unit potential.
    Where is this land located?
    The property is located at 228 Dryden Rd Ithaca, NY.
    What is the asking price?
    The asking price for this property is $1,900,000.
    What are key features of this property?
    This property features: 23,479 SF vacant commercial land in Ithaca, NY.; Prime Collegetown location, blocks from Cornell University.; Fully entitled and shovel-ready for a 35-unit, five-story residential development (21,717 SF).
    Request Owner's contact information
    228 Dryden Rd Ithaca, NY 14850
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    Ithaca, NY 14850
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    228 Dryden Rd Ithaca, NY 14850
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