Restaurant with Outdoor
202 E Falls Street Ithaca, NY 14850
202 E Falls Street, Ithaca, NY, 14850
$595,000
For Sale
$595,000
COMMERCIAL - Ithaca, NY
Property Size2,214 SF
Price / SF$268.74
Days on Market52
Property Features for 202 E Falls Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- R2
- Parking
- 20
- Parking features
- Paved or Surfaced
- Standard status
- Active
- APN
- 500700-012-000-0002-002-000-0000
- Size
- 2,214 SF
Taxes and HOA fees
- Tax Annual Amount
- 11764
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas, Forced Air, Heat Pump (Heating)
- Cooling system
- Heat Pump
- Water source
- Public
Building Details
- Year built
- 1985
- Floors in Building
- 1
- Number of units
- 1
- Flooring type
- Concrete
- Building materials
- Block, Concrete, WoodSiding
- Roof type
- Rubber, Flat, Membrane
Listing Agency
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
140 Seneca Way Suite 200, Ithaca, NY
Listed by
Andrew Schreck · License #10401361299
(585) 802-7827
Added: May 28 Checked: Jul 18 at 2:06 pm
MLS# R1685918
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 restaurant property features a designed dining layout with expansive window frontage for natural light. The space includes a fully equipped commercial kitchen with ample prep and cooking areas, along with a full-service bar area. Outdoor seating is a key component, with front patio seating for street presence and a spacious rear outdoor dining area for seasonal use.
Located at 202 E Falls Street in Ithaca’s Fall Creek area, the property is positioned for access to local destinations including downtown Ithaca and Cornell University, as well as Ithaca Falls and surrounding residential communities. The listing also notes off-street parking to support customers, staff, deliveries, and catering operations. The property is zoned R2.
For continuity or change, the existing restaurant infrastructure is described as already in place for a smooth transition, whether continuing an existing operation or launching a new concept.
Located at 202 E Falls Street in Ithaca’s Fall Creek area, the property is positioned for access to local destinations including downtown Ithaca and Cornell University, as well as Ithaca Falls and surrounding residential communities. The listing also notes off-street parking to support customers, staff, deliveries, and catering operations. The property is zoned R2.
For continuity or change, the existing restaurant infrastructure is described as already in place for a smooth transition, whether continuing an existing operation or launching a new concept.
Key Highlights
- Restaurant property built in 1985 with block, concrete, and wood siding construction materials
- Fully equipped commercial kitchen with ample prep and cooking space
- Full‑service bar area for cocktails, wine service, and craft beverages
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $39.9k | $18.00 |
| − Vacancy | −$1.7k | −$0.76 |
| EGI | $38.2k | $17.24 |
| − OpEx | −$9.5k | −$4.31 |
| NOI | $28.6k | $12.93 |
2,214 SF · lease $18.00/SF/yr · vacancy 4.20% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$409.1K
$357.9K – $477.2K
NOI $28,634 @ 7.0% cap · market cap 4.81%
Second Best
Industrial
$195.6K
$171.2K – $228.2K
NOI $13,693 @ 7.0% cap · market cap 2.30%
Theoretical Best
Office A
$690.9K
$604.5K – $806.0K
NOI $48,361 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Backyard Flea
(Bike/Boat/Book/etc) Store
Babe's Burger
Restaurant
Northstar Public House
Restaurant
Similar For Sale Nearby
FAQs
What type of property is this?
Conventional restaurant - Restaurant property includes a fully equipped commercial kitchen, full-service bar, patio seating, and off-street parking.
Where is this conventional restaurant located?
The property is located at 202 E Falls Street Ithaca, NY.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Restaurant property built in 1985 with block, concrete, and wood siding construction materials; Fully equipped commercial kitchen with ample prep and cooking space; Full‑service bar area for cocktails, wine service, and craft beverages
