Mixed-Use Property with Creative
For Sale
$1,350,000
105 107 109 E Clinton Street, Ithaca, NY 14850
Two adaptable buildings with B-4 zoning, municipal utilities, and access near a signalized intersection.
Property Size6,400 SF
Price / SF$210.94
Days on Market53
Property Features for 105 107 109 E Clinton Street
General Information
Standard status
Active
Size
6,400 SF
Property subtype
CommercialSale
Zoning
B-4
Additional Details
Utilities to Site
Yes
Building Details
Buildings
2
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 351-6155
Listed By:
Laura Fiore · License #10301208660
(607) 351-6155
Source:
Nicholcityrealty
Added: Jul 11
Changed: Aug 30
Last Checked: Aug 31 at 5:13PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Warren Real Estate of Ithaca Inc.
Investment Insights
Based on property information with market context.
This mixed-use offering includes two buildings totaling 6,400 square feet. The vacant 3,600-square-foot building provides an open interior with 15-foot ceilings, while the adjacent 2,800-square-foot structure is occupied by Pyramid Sound Recording Studio. The recording studio business is excluded from the sale, but the existing improvements provide a distinctive setting for creative or commercial use.
The properties sit at the edge of Ithaca’s Downtown Business District near a signalized intersection. B-4 zoning supports multifamily, mixed-use, business, and professional office uses, along with redevelopment. Both buildings are connected to municipal utilities, and adjacent parcels are also available for a potential larger assemblage.
The properties sit at the edge of Ithaca’s Downtown Business District near a signalized intersection. B-4 zoning supports multifamily, mixed-use, business, and professional office uses, along with redevelopment. Both buildings are connected to municipal utilities, and adjacent parcels are also available for a potential larger assemblage.
Key Highlights
- Two buildings totaling 6,400 square feet
- Vacant 3,600‑square‑foot building with 15‑foot ceilings and an open interior
- Adjacent 2,800‑square‑foot building occupied by Pyramid Sound Recording Studio
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$106,030
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.85%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,120,600
$2.1M
Cap Rate 7%
$1,514,714
$1.5M
Cap Rate 9%
$1,178,111
$1.2M
Market Conditions
NOI Build-Up for 6,400 SF
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.
Gross rent
$181.2K $28.32/SF
− Vacancy
−$39.9K −$6.23/SF
EGI
$141.4K $22.09/SF
− OpEx
−$35.3K −$5.52/SF
NOI
$106.0K $16.57/SF
Area
Tompkins County, NY
Vacancy
22.00%
Lease Rate
$28.32 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,120,600
Cap Rate 7%
$1,514,714
Cap Rate 9%
$1,178,111
Alternative Uses
Best Use
Office B
$1.51M
$1.33M – $1.77M
NOI $106,030 @ 7.0% cap · market cap 7.85%
Second Best
Mixed Use
$946.3K
$828.0K – $1.10M
NOI $66,240 @ 7.0% cap · market cap 4.91%
Theoretical Best
Office A
$2.00M
$1.75M – $2.33M
NOI $139,796 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,588
Businesses Nearby
Explore this area
Business Placement
Demographics for 14850, NY
69,271
Population
31,772
Households
2.2
Avg Household Size
29
Median Age
72%
College-Educated
96%
High-School Grad
124.8 sq mi
ZIP Area
555
Density / Sq Mi
$69,689
Median Household Income
$36,115
Median Earnings
$1,446
Median Rent
$334,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two adaptable buildings with B-4 zoning, municipal utilities, and access near a signalized intersection.
Where is this mixed-use property located?
The property is located at 105 107 109 E Clinton Street Ithaca, NY.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Two buildings totaling 6,400 square feet; Vacant 3,600‑square‑foot building with 15‑foot ceilings and an open interior; Adjacent 2,800‑square‑foot building occupied by Pyramid Sound Recording Studio
