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    92 Genung Circle Ithaca, NY 14850

    View on Map
    For Sale
    $1,750,000

    COMMERCIAL - Ithaca, NY

    Property size:
    13,725 SF
    Lot size:
    49.57 Acres
    Added:
    Aug 23, 2024
    Days on Market:
    588
    Last Refresh:
    Apr 2 at 12:06 pm

    Property Features for 92 Genung Circle

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Rooms
    Basement
    Parking
    6
    Parking features
    Paved or Surfaced
    Interior features
    BedroomOnMainLevel
    Accessibility
    Accessible Elevator Installed
    Appliances
    Humidifier
    Standard status
    Active
    APN
    69.-1-29.2
    Size
    13,725 SF
    Lot size
    49.57 Acres

    Taxes and HOA fees

    TaxAnnualAmount
    51296

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Forced Air, Radiant, Geothermal (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    2001
    Floors in Building
    2
    Building materials
    Frame, Masonry, Concrete, WoodSiding
    Roof type
    Metal, Asphalt

    We can help!

    Listing Contact
    Linda Hirvonen
    Linda Hirvonen

    Listing agent Linda Hirvonen License #30HI0646949

    Listing office Warren Real Estate of Ithaca Inc. 830 Hanshaw Rd, Ithaca, NY

    Listing date Aug 23, 2024

    MLS# R1560763

    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.

    Overview

    Ithaca Commercial Property with Pool

    This 13,725 square foot commercial property on 49.566 acres is located in Ithaca, NY, minutes from downtown, Cornell University, Ithaca College, and Cayuga Lake. Designed for aging in place with ADA compliance, it is suitable for various uses, including a luxury retirement home, assisted living facility, boutique hotel, restaurant, upscale bed and breakfast, school, or spa. The property features a wide-open kitchen with a butler's pantry suitable for large or small groups, multiple living spaces, and an elevator servicing three floors. Additional amenities include a 19'x39' indoor Gunite pool, four en-suite bedrooms, two additional bedrooms, and four more bathrooms. The property also has geothermal heating and AC. An attached three-car garage includes space above that could be used for an office or apartment.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Assisted living facilities

    Suggested Use

    Real Estate Agency Law Firm Building Supply Spa & Massage Center Hotel & Motel Gym & Fitness Center Department Store Electrical Service Daycare Center Tech Support Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.410956
    Latitude
    42.420546

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    FAQs

    What type of property is this?
    Assisted living facility - Versatile commercial property near downtown Ithaca with unique amenities.
    Where is this assisted living facility located?
    The property is located at 92 Genung Circle Ithaca, NY.
    What is the asking price?
    The asking price for this property is $1,750,000.
    What are key features of this property?
    This property features: ADA compliant design suitable for aging in place or conversion to various commercial uses.; Prime location minutes from downtown Ithaca, Cornell University, Ithaca College, and Cayuga Lake.; Features an elevator servicing 3 floors, providing accessibility throughout the property.
    (607) 592-3665
    We can help!
    Listing Contact
    Linda Hirvonen
    Linda Hirvonen
    Real Estate License ID: 30HI0646949
    Learn More
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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
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