Finished Two-Bay Auto
For Sale
Under Contract
$155,000
1683 Mecklenburg Road, Ithaca, NY 14850
CommercialSale, Ithaca, NY
Property Size1,136 SF
Lot Size0.29 Acres
Price / SF$136.44
Days on Market145
Property Features for 1683 Mecklenburg Road
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
10
Lot features
Irregular Lot
Elementary school
Enfield
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Directions
From Ithaca, take State Route 79/Hector Street, go approximately 5 miles, look for property on your left.
Subdivision
Enfield-502600
Standard status
Active Under Contract
APN
502600-009-000-0002-003-000-0000
Size
1,136 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Annual Amount
1600
Utilities
Heating system
Electric (Heating), Propane (Heating), Forced Air
Water source
Well
Amenities
freestanding office
billboard
digital sign
Building Details
Year built
2012
Floors in Building
1
Flooring type
Plywood, Concrete
Roof type
Metal
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Hilda Moleski · License #30MO1012648
(607) 220-3369
Added: Apr 24
Changed: Sep 12
Last Checked: Sep 15 at 11:06AM
MLS# R1676254
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.
Investment Insights
Based on property information with market context.
This 1,136-square-foot automotive property includes a two-bay garage with auto repair equipment, a separate freestanding office, and parking. Built in 2012, the improvements feature concrete and plywood flooring, a metal roof, and heating provided by propane, electric, and forced air systems.
The property occupies 0.29 acres at 1683 Mecklenburg Road in Ithaca, NY 14850. A well is present, but water has not been installed and the site has no septic system. Billboard and digital sign improvements are also located on the property, adding established advertising components to the site.
The property occupies 0.29 acres at 1683 Mecklenburg Road in Ithaca, NY 14850. A well is present, but water has not been installed and the site has no septic system. Billboard and digital sign improvements are also located on the property, adding established advertising components to the site.
Key Highlights
- Two‑bay garage with auto repair equipment included
- 1,136 SF property on 0.29 acres
- Separate freestanding office for administrative use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$7,026
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.53%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$140,520
$140.5K
Cap Rate 7%
$100,371
$100.4K
Cap Rate 9%
$78,067
$78.1K
Market Conditions
NOI Build-Up for 1,136 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$10.8K $9.48/SF
− Vacancy
−$732 −$0.64/SF
EGI
$10.0K $8.84/SF
− OpEx
−$3.0K −$2.65/SF
NOI
$7.0K $6.18/SF
Area
Tompkins County, NY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$140,520
Cap Rate 7%
$100,371
Cap Rate 9%
$78,067
Alternative Uses
Best Use
Retail
$206.3K
$180.6K – $240.7K
NOI $14,444 @ 7.0% cap · market cap 9.32%
Second Best
Industrial
$100.4K
$87.8K – $117.1K
NOI $7,026 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$354.5K
$310.2K – $413.6K
NOI $24,814 @ 7.0% cap · market cap 16.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Service bays
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14850, NY
69,271
Population
31,772
Households
2.2
Avg Household Size
29
Median Age
72%
College-Educated
96%
High-School Grad
124.8 sq mi
ZIP Area
555
Density / Sq Mi
$69,689
Median Household Income
$36,115
Median Earnings
$1,446
Median Rent
$334,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Includes a separate office, repair equipment, parking, and an on-site well.
Where is this auto shop located?
The property is located at 1683 Mecklenburg Road Ithaca, NY.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Two‑bay garage with auto repair equipment included; 1,136 SF property on 0.29 acres; Separate freestanding office for administrative use
