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    The Largest CRE Database in the US with Over 1 Million Listings

    615 Five Mile Dr Ithaca, NY 14850

    Sponsored
    For Sale
    Under Contract
    $425,000

    COMMERCIAL - Ithaca, NY

    Property size:
    8,374 SF
    Lot size:
    0.44 Acres
    Days on Market:
    25
    Last Refresh:
    Jan 26 at 7:06 am

    Property Features for 615 Five Mile Dr

    General Information

    Special listing conditions
    Standard
    Property type
    Commercial Sale
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active Under Contract
    Zoning
    Com/Res
    APN
    503089-031-000-0002-030-000-0000
    Parking
    25
    Size
    8,374 SF
    Lot size
    0.44 Acres

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Baseboard, Electric (Heating), Oil
    Water source
    Well
    Water front features
    Canal Access
    Water front
    1

    Building Details

    Year built
    1975
    Floors in Building
    1
    Flooring type
    Vinyl, Linoleum, Concrete
    Roof type
    Shingle, Metal

    We can help!

    Listing Contact
    Jody Saunders
    Jody Saunders

    RealtyUSA.com (607) 287-8439

    Listing agent Jody Saunders (607) 739-1444 License #10401275949

    Listing date Jan 2, 2026

    MLS# R1653936

    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.

    Learn more

    Property Insight Report

    Overview

    Versatile Multi-Building Commercial Property

    This multi-building commercial property is located in the Town of Ithaca. Situated on 0.44 acres, the site includes creek and inlet frontage, with 0.47 acres under NYS permanent easements. The property features three structures totaling approximately 8,400 sq ft: an office building, a clear-span warehouse, and a heated garage/workshop with additional office space and attic storage. The 1,524 sq ft office building contains two reception areas, three private offices, a break room, storage, and two bathrooms. The 3,650 sq ft metal-frame warehouse offers a wide-open interior suitable for trades, fabrication, storage, or logistics. The 3,200 sq ft garage/office hybrid includes three overhead doors, a heated shop with an oil-separation system, workshop and storage areas, one bathroom, an office section, and attic storage above. Parking is available for 25+ vehicles. The property is located adjacent to the new Amabel residential development within an active growth corridor, with convenient access to downtown Ithaca, Cornell, and major routes. The property is currently generating approximately $2,500 per month, with projected stabilized income of $8,000-$10,000 per month based on market rents. The property is intended for warehouse, trades bays, industrial shop space, and contractor facilities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Ithaca Dispatch Taxi Service University Taxi Taxi Service

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Building Supply Dental Office Wholesale Shop Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Alie Attic

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.523537
    Latitude
    42.427159

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    FAQs

    What type of property is this?
    Warehouse - Multi-building commercial property with income and redevelopment potential in Ithaca.
    Where is this warehouse located?
    The property is located at 615 Five Mile Dr Ithaca, NY.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: - High Value-Add Potential: Projected stabilized income of $8,000-$10,000/month.; - Versatile Multi-Building Commercial Property: Features three distinct structures totaling approximately 8,400 sq ft.; - Prime Location in Ithaca Growth Corridor: Situated adjacent to the new Amabel residential development with convenient access to downtown Ithaca, Cornell, and major routes.
    (607) 742-7301
    Request Owner's contact information
    615 Five Mile Dr Ithaca, NY 14850
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    Ithaca, NY 14850
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    615 Five Mile Dr Ithaca, NY 14850
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    We can help!
    Listing Contact
    Jody Saunders
    Jody Saunders
    Real Estate License ID: 10401275949
    (607) 742-7301
    Learn more
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