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    224 State St Ithaca, NY 14850

    Sponsored
    For Sale
    $2,500,000

    Iconic 4-story building, 12,000 sq ft, high-demand location.

    Property size:
    12,090 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    338
    This exceptional investment opportunity presents a four-story building totaling over 12,000 square feet, situated on a 0.05-acre lot at 224 E State St in Ithaca, New York. Located in the heart of the Finger Lakes region, this property enjoys a prime position on "Restaurant Row," a prominent commercial corridor leading to the Ithaca Commons. The building underwent comprehensive renovations in 2016, redesigned by architect Jason Demarest. The property boasts elevator service and features five bright, spacious apartments, each with one bedroom and one featuring an additional den. All apartments showcase high-quality finishes. A significant aspect of this investment is the presence of Simeons Restaurant, a long-term, quality tenant, occupying a substantial portion of the building's space. This property offers a unique blend of commercial and residential income streams, capitalizing on the consistently high demand driven by the proximity to Cornell University and Ithaca College. The building's location within a thriving commercial area ensures strong rental income and significant potential for future growth, making it an ideal investment for those seeking a stable and lucrative return in Ithaca's vibrant market. The asking price for this iconic building is $2,500,000.

    Property Features for 224 State St

    General Information

    Property type
    Residential income properties
    Square Feet
    12,090 SF
    Lot Size
    2,178 SF

    Building Details

    Year Built
    1904
    Property Profile Location Intelligence

    Current Use by Public Records

    Simeon's American Bistro Bistro

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.49582
    Latitude
    42.43975

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    FAQs

    What type of property is this?
    Residential income property - Iconic 4-story building, 12,000 sq ft, high-demand location.
    Where is this residential income property located?
    The property is located at 224 State St Ithaca, NY.
    What is the asking price?
    The asking price for this property is $2,500,000.
    (607) 257-0666
    Request Owner's contact information
    224 State St Ithaca, NY 14850
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    Ithaca, NY 14850
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    Realmo Value Estimation

    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.

    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
    224 State St Ithaca, NY 14850
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