228 Dryden RdIthaca, NY 14850

Property Details for 228 Dryden Rd

Year built

1985

Lot size

0.19 AC

Property size (Sq ft)

4,104 SF

Zone code

R-3A

Property type

Commercial land

APN

500700 64.-2-19

APU

50070064219

Description

This exceptional investment opportunity is located in the heart of Ithaca's Collegetown, just blocks from Cornell University's campus. The property, situated on a 0.19-acre lot, offers a fully entitled and shovel-ready development project. Plans are in place for a five-story building totaling 21,717 square feet. This multi-unit development will feature 35 individual units, each with its own bedroom, providing a significant rental income potential. The property's prime location within Collegetown ensures high occupancy rates and strong rental demand, making it an attractive investment for those seeking to capitalize on the vibrant student and faculty population. The project's fully entitled status eliminates lengthy permitting processes, allowing for a swift commencement of construction. This turnkey development opportunity presents a rare chance to acquire a high-yield investment property in a highly sought-after location. The existing entitlements and shovel-ready status significantly reduce development risk and accelerate the path to profitability. This is an exceptional opportunity for investors seeking a high-return, low-risk investment in a thriving college town market. The 35-unit configuration is designed to maximize rental income and provide a strong return on investment. The property's size and location make it ideal for a variety of development scenarios, offering flexibility and potential for future expansion or adaptation.

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,431,600

  Retail / Commercial

  $721,075

  Mixed-Use / Specialty

  $708,227

  Hospitality / Lodging

  $506,223

  Office

  $693,315

  Institutional / Educational

  $732,597

  Residential Income

  $857,139

  Multifamily

  $1,084,980

  Automotive / Energy

  $627,940

  Parking / Income-Based Land

  $226,848

  Restaurant / Food Service

  $346,420

  Healthcare / Senior Housing

  $736,812

Location Insight

City

Ithaca

County

Tompkins

State

New York

Latitude

42.4418

Longitude

-76.4836

CBSA code

27060

CBSA name

ITHACA, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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