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163 Ridge Rd - Beautiful Finger Lakes STR 3 Unit Apartment Building Offered at $660,000 at a 8.57% Cap Rate Lansing, NY 14882
Investment Highlights
- Phenomenal location 5-minute drive from Cayuga Lake
- 12 minutes from downtown Ithaca
- Located in close proximity to two universities
- Gross income $101,542/year
- Highly desirable vacation destination
- Renovated from top to bottom in 2023
Executive Summary
This charming Lansing triplex has been fully renovated an optimized for short and midterm rental. Guests love the proximity to Myer's Park alongside the convenience of shopping and restaurants. The main unit has a fireplace, bright and airy layout, a fully updated kitchen with bar seating and open dining area, and covered raised deck. The lower unit has a second luxurious fireplace, a walkout covered patio, truly open kitchen and living space, and cozy bedrooms. Both units are fully furnished in mid-century-modern style, and have custom lighting and fixtures. This property is a legal three-unit, but is currently utilizing two; buyer may have ability to add an ADU.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $660,000 | Property Type | Multifamily |
| Price Per Unit | $220,000 | Building Size | 2,832 SF |
| Sale Type | Investment | No. Stories | 2 |
| Cap Rate | 8.57% | Year Built/Renovated | 1966/2023 |
| No. Units | 3 | ||
| Zoning | R2 | ||
| Price | $660,000 |
| Price Per Unit | $220,000 |
| Sale Type | Investment |
| Cap Rate | 8.57% |
| No. Units | 3 |
| Property Type | Multifamily |
| Building Size | 2,832 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1966/2023 |
| Zoning | R2 |
Amenities
Unit Amenities
- Balcony
- Cable Ready
- Fireplace
- Microwave
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Oven
- Range
- Yard
- Deck
- Patio
Site Amenities
- Sauna
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 2 | $4,231 | - |
1 1
Property Taxes
| Parcel Number | 503289-035-000-0001-002-000-0000 | Total Assessment | $325,000 |
| Land Assessment | $38,200 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $286,800 | Tax Year | 2024 |
Property Taxes
Parcel Number
503289-035-000-0001-002-000-0000
Land Assessment
$38,200
Improvements Assessment
$286,800
Total Assessment
$325,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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163 Ridge Rd - Beautiful Finger Lakes STR
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