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163 Ridge Rd 3 Unit Apartment Building $635,000 ($211,667/Unit) 11.87% 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 $126,708 in 2025
- Highly desirable vacation destination
- Renovated from top to bottom in 2023
Executive Summary
This charming Lansing multifamily has been fully renovated and optimized for short- and mid-term rental, and had a gross income of $126,708 in 2025. This STR operation is entirely turnkey, from listings to advertising to management and cleaning. Guests love the proximity to Myer's Park and 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 furnished down to the silverware in mid-century modern style, with custom lighting and fixtures. The house is a legal three-unit, but is currently utilizing two. Contact agent for OM and financial information- this one is performing at an actual 12% cap rate!
Financial Summary (Actual - 2025) 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 - 2025) 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 | $635,000 | Apartment Style | Low-Rise |
| Price Per Unit | $211,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.00 AC |
| Cap Rate | 11.87% | Building Size | 2,832 SF |
| No. Units | 3 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment | Parking Ratio | 2.5/1,000 SF |
| Zoning | R2 - Residential | ||
| Price | $635,000 |
| Price Per Unit | $211,667 |
| Sale Type | Investment |
| Cap Rate | 11.87% |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.00 AC |
| Building Size | 2,832 SF |
| No. Stories | 2 |
| Year Built | 1966 |
| Parking Ratio | 2.5/1,000 SF |
| Zoning | R2 - Residential |
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 | - | - |
1 1
Not walkable
10/100
Exceptionally drivable
100/100
Limited public transit
30/100
Not bikeable
10/100
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 | 2025 |
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
2025
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163 Ridge Rd
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