Creative Space with High
For Sale
$1,350,000
105 107 109 E Clinton Street, Ithaca, NY 14850
COMMERCIAL - Ithaca, NY
Property Size6,400 SF
Price / SF$210.94
Days on Market545
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
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
1970
Floors in Building
1
Building materials
Block, FoamInsulation, Frame, Concrete, StructuralInsulatedPanels
Roof type
Rubber, Membrane
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: Aug 4
Last Checked: Aug 20 at 9:06PM
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.
Two adjacent properties offer a creative-focused footprint in Ithaca’s Downtown Business District edge. The first parcel includes a vacant commercial building with 3,600 square feet of wide-open space and soaring 15-foot ceilings, supported by natural gas, forced-air heating and central air conditioning. The second parcel is a 2,800-square-foot building currently used as the Pyramid Sound Recording Studio.
Both properties are located near a corner with a signaled light for easy access and high visibility, and they are connected to all municipal utilities. The listings note flexible B-4 zoning, which supports a range of uses including multi-family, mixed-use, business or professional offices, as well as redevelopment. Construction includes block, frame, concrete, and structural insulated panels, with membrane or rubber roofing.
Total property size is 6,400 square feet and the buildings were built in 1970. Please note the Pyramid Sound Recording Studio business is not included in the sale.
Both properties are located near a corner with a signaled light for easy access and high visibility, and they are connected to all municipal utilities. The listings note flexible B-4 zoning, which supports a range of uses including multi-family, mixed-use, business or professional offices, as well as redevelopment. Construction includes block, frame, concrete, and structural insulated panels, with membrane or rubber roofing.
Total property size is 6,400 square feet and the buildings were built in 1970. Please note the Pyramid Sound Recording Studio business is not included in the sale.
Key Highlights
- Vacant 3,600 SF building with wide‑open space and 15‑foot ceilings
- 2,800 SF building housing the Pyramid Sound Recording Studio
- B‑4 zoning allows multi‑family, mixed‑use, and business or professional office uses
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
—
—
no second resolved use
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
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Creative space - Two adjacent buildings in B-4 zoning with natural gas forced-air heating and central A/C.
Where is this creative space 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: Vacant 3,600 SF building with wide‑open space and 15‑foot ceilings; 2,800 SF building housing the Pyramid Sound Recording Studio; B‑4 zoning allows multi‑family, mixed‑use, and business or professional office uses
