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    Approved Project Near Ithaca Title is generated by Realmo AI

    Cayuga Vista Drive, Lansing, NY 14882

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    Claim this Listing
    For Sale
    $350,000

    LAND - Lansing, NY

    Lot size:
    3.06 Acres
    Added:
    Feb 7, 2025
    Days on Market:
    470
    Last Refresh:
    May 23 at 5:06 am

    Property Features for Cayuga Vista Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Exterior features
    DirtDriveway, GravelDriveway
    Standard status
    Active
    APN
    37.1-2-53.29
    Lot size
    3.06 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1144

    We can help!

    Listing Contact
    Steven Saggese
    Steven Saggese

    Listing agent Steven Saggese License #30SA0532613

    Listing office Warren Real Estate of Ithaca Inc. (Downtown) 140 Seneca Way Suite 200, Ithaca, NY

    Listing date Feb 7, 2025

    MLS# R1587595 Listing URL

    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.

    HighLights

    • Shovel‑ready, town‑approved project for a 16‑unit, 32‑bed apartment complex.
    • Prime location: just 5 miles from Cornell University and the City of Ithaca.
    • High‑demand rental market in the rapidly growing Finger Lakes region.
    • Approved plan features well‑designed buildings with spacious apartments, each with multiple baths, a private garage, and separately metered utilities.
    • Municipal water and underground utilities available on site.
    • Commercially zoned lot allows for other uses.

    Overview

    This 3.06-acre commercially zoned lot in Lansing, NY, presents an investment opportunity with an approved project for a 16-unit, 32-bed apartment complex. The shovel-ready project is town-approved and located in a high-demand rental market near Ithaca. The site is approximately 5 miles from Cornell University and the City of Ithaca, 4 miles from Ithaca Tompkins International Airport and major shopping areas, 3 miles from Cayuga Lake, and 2 miles from Lansing Central School District. The location offers municipal water and underground utilities, and is a few hundred feet from an 11-acre town park with ballfields and a playground. The approved plan includes four buildings, each containing three two-story apartments and one single-level unit. Each residence features multiple baths, a private garage, and separately metered utilities. The property is located off the main road, offering privacy while remaining close to essential amenities. The commercially zoned lot allows for other potential uses. The seller is open to serving as General Manager.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Lansing
    County
    Tompkins
    State
    New York
    Longitude
    -76.499958
    Latitude
    42.533689

    FAQs

    What type of property is this?
    Apartment building - Approved 16-unit apartment complex project near Cornell University.
    Where is this apartment building located?
    The property is located at Cayuga Vista Drive Lansing, NY.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: Shovel‑ready, town‑approved project for a 16‑unit, 32‑bed apartment complex.; Prime location: just 5 miles from Cornell University and the City of Ithaca.; High‑demand rental market in the rapidly growing Finger Lakes region.
    (607) 280-4350
    We can help!
    Listing Contact
    Steven Saggese
    Steven Saggese
    Real Estate License ID: 30SA0532613
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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