B-4 Mixed-Use
For Sale
$1,350,000
105 107 109 E Clinton Street, Ithaca, NY 14850
CommercialSale, Ithaca, NY
Property Size6,400 SF
Price / SF$210.94
Days on Market571
Property Features for 105 107 109 E Clinton Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-4
Zoning description
Commercial
Parking
2
Lot features
Rectangular, Rectangular Lot
Elementary school
Beverly J Martin Elementary
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Subdivision
Ithaca-City-500700
Standard status
Active
APN
81.-11-4
Size
6,400 SF
Taxes and HOA fees
Tax Annual Amount
18447
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1970
Floors in Building
1
Building materials
Block, FoamInsulation, Frame, Concrete, StructuralInsulatedPanels
Roof type
Membrane, Rubber
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed By:
Laura Fiore · License #10301208660
(607) 351-6155
Added: Feb 21, 2025
Changed: Sep 12
Last Checked: Sep 15 at 11:06AM
MLS# R1589491
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.
Investment Insights
Based on property information with market context.
The offering includes two separate commercial buildings totaling 6,400 square feet at 105, 107, and 109 E Clinton Street. One building provides 3,600 square feet of vacant, open-plan space with 15-foot ceilings. The adjoining 2,800-square-foot building contains Pyramid Sound Recording Studio; the studio business is excluded from the sale. Both structures were built in 1970 and feature block, frame, concrete, foam insulation, and structural insulated panel construction, with membrane and rubber roofing. Building systems include forced-air natural gas heat and central air conditioning.
B-4 zoning supports multifamily, mixed-use, business, and professional office applications. The properties sit near a signalized corner and connect to municipal utilities. Adjacent parcels are also available, offering the possibility of assembling additional land with the purchase.
B-4 zoning supports multifamily, mixed-use, business, and professional office applications. The properties sit near a signalized corner and connect to municipal utilities. Adjacent parcels are also available, offering the possibility of assembling additional land with the purchase.
Key Highlights
- 6,400 square feet across two commercial buildings
- 3,600‑square‑foot vacant building with 15‑foot ceilings
- Adjoining 2,800‑square‑foot building includes 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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-building commercial offering with open-layout space, creative-use potential, and municipal utility connections.
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: 6,400 square feet across two commercial buildings; 3,600‑square‑foot vacant building with 15‑foot ceilings; Adjoining 2,800‑square‑foot building includes Pyramid Sound Recording Studio
