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    2303 Mecklenburg Rd Ithaca, NY 14850

    Sponsored
    For Sale
    $295,000

    Spacious commercial building, 1.63 acres, $295,000.

    Property size:
    6,250 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    347
    This exceptional commercial property, located at 2303 Mecklenburg Road in Ithaca, New York, presents a significant opportunity for investors and business owners alike. Boasting a substantial 6,250 square feet of space, this general commercial building sits on a generous 1.63-acre lot, offering ample room for expansion, outdoor activities, or additional development. The property's strategic location in Ithaca provides excellent visibility and accessibility, making it ideal for a wide range of commercial uses. The asking price of $295,000 represents a compelling value for a property of this size and potential in a thriving market. The building's interior layout is adaptable and can be customized to suit various business needs. The expansive lot offers significant parking possibilities, a crucial asset for any commercial enterprise. Given its size and location, this property is well-suited for a variety of businesses, from retail and office spaces to light industrial uses. Serious inquiries are encouraged to explore the possibilities this property offers. The property is ready for immediate occupancy, allowing for a swift transition and commencement of operations. Don't miss this chance to acquire a prime commercial property in a desirable location. Further details and viewing arrangements can be made upon request.

    Property Features for 2303 Mecklenburg Rd

    General Information

    Property type
    Other commercial real estate
    Square Feet
    6,250 SF
    Lot Size
    71,003 SF

    Building Details

    Year Built
    1976
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Building Supply Auto Repair Shop Food Market Grocery Store Smoke and Vape Shop Travel Agency Catering Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.65023
    Latitude
    42.45

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    FAQs

    What type of property is this?
    Commercial real estate - Spacious commercial building, 1.63 acres, $295,000.
    Where is this commercial real estate located?
    The property is located at 2303 Mecklenburg Rd Ithaca, NY.
    What is the asking price?
    The asking price for this property is $295,000.
    (607) 257-0800
    Request Owner's contact information
    2303 Mecklenburg Rd 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.

    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
    2303 Mecklenburg Rd Ithaca, NY 14850
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