Four-Story Mixed-Use
For Sale
$2,150,000
1113 STATE ST, Ithaca, NY 14850
Ground-floor retail, renovated offices, apartments, and additional flex space occupy a substantial downtown commercial property.
Property Size14,053 SF
Lot Size0.16 Acres
Price / SF$152.99
Days on Market308
Property Features for 1113 STATE ST
General Information
Standard status
Active
Size
14,053 SF
Lot size
0.16 Acres
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$23,557
Amenities
Gas, A/C - Zone, A/C - Other
3
Other
Asphalt, Membrane, Rubber
CBD-60
3 Parking Spaces.
Rectangular
48X136
Rectangular.
Building Details
Year Built
1975
Buildings
1
Stories
4
Building Size
14,053 SF
Tenancy
Multi
Listing Agency:
Co
(607) 277-2327
Listed By:
Pyramid Brokerage Company
(607) 227-7558
Source:
Xome
Added: Nov 1, 2025
Changed: Sep 2
Last Checked: Sep 2 at 4:27PM
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 Co
Investment Insights
Based on property information with market context.
This four-story mixed-use building contains 14,053 SF on a 0.16-acre parcel. The existing layout includes a long-standing retail presence at street level, renovated office space on the second floor, and two 2-bedroom apartments occupying the third and fourth floors. Additional flex space is available within the building, and the property includes gas service and air-conditioning systems.
Located in Downtown Ithaca’s Business District on the City of Ithaca Commons, the property has CBD-60 zoning and a rectangular 48X136 configuration. The site includes 3 parking spaces. Constructed in 1975, the building combines retail, office, residential, and flexible commercial areas within one multi-level structure.
Located in Downtown Ithaca’s Business District on the City of Ithaca Commons, the property has CBD-60 zoning and a rectangular 48X136 configuration. The site includes 3 parking spaces. Constructed in 1975, the building combines retail, office, residential, and flexible commercial areas within one multi-level structure.
Key Highlights
- 14,053 SF mixed‑use building on a 0.16‑acre parcel
- Four‑story configuration with retail, office, apartment, and flex areas
- Two 2‑bedroom apartments on the 3rd and 4th floors
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
$178,678
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
8.31%
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%
$3,573,560
$3.6M
Cap Rate 7%
$2,552,543
$2.6M
Cap Rate 9%
$1,985,311
$2.0M
Market Conditions
NOI Build-Up for 14,053 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
$266.4K $18.96/SF
− Vacancy
−$11.2K −$0.80/SF
EGI
$255.3K $18.16/SF
− OpEx
−$76.6K −$5.45/SF
NOI
$178.7K $12.71/SF
Area
Tompkins County, NY
Vacancy
4.20%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
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%
$3,573,560
Cap Rate 7%
$2,552,543
Cap Rate 9%
$1,985,311
Alternative Uses
Best Use
Office B
$3.33M
$2.91M – $3.88M
NOI $232,819 @ 7.0% cap · market cap 10.83%
Second Best
Retail
$2.55M
$2.23M – $2.98M
NOI $178,678 @ 7.0% cap · market cap 8.31%
Theoretical Best
Office A
$4.39M
$3.84M – $5.12M
NOI $306,961 @ 7.0% cap · market cap 14.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
181
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?
Mixed-use property - Ground-floor retail, renovated offices, apartments, and additional flex space occupy a substantial downtown commercial property.
Where is this mixed-use property located?
The property is located at 1113 STATE ST Ithaca, NY.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: 14,053 SF mixed‑use building on a 0.16‑acre parcel; Four‑story configuration with retail, office, apartment, and flex areas; Two 2‑bedroom apartments on the 3rd and 4th floors
