Medical Office Building For
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2432 N Triphammer Rd, Ithaca, NY
8,005 SF medical office building with high visibility location.
Property Size8,005 SF
Lot Size0.96 Acres
Price / SF$199.88
Days on Market466
Property Features for 2432 N Triphammer Rd
General Information
Standard status
Active
Size
8,005 SF
Lot size
0.96 Acres
Property subtype
OFFICE
Properties For Sale
at 2432 N Triphammer Rd Contact us- Floor
- Bldg
- Size
- 8,005 SF
- Type
- OFFICE
- Availability
- AVAILABLE, Now
- Sublease
- No
2432 N Triphammer Rd
- 8,005 SF medical office building
- High visibility location near the signalized...
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Listing Agency:
CBRE | Syracuse
(315) 784-2524
Listed By:
Lawrence Papaleo · License #30RU1016227
(315) 784-2524
Source:
Moodyscre
Added: May 8, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:21AM
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 CBRE | Syracuse
Investment Insights
Based on property information with market context.
This is an 8,005 square foot medical office building constructed in 2006. It is located near the signalized intersection of North Triphammer Road and Craft Road, offering high visibility. The location is 0.7 miles from Route 13, 2.5 miles from Cornell University, and 7 miles from Cayuga Medical Center. Nearby healthcare practices include Cayuga Pet Hospital, Smith Allergy & Asthma Specialists of Central New York, Cayuga Health Outpatient Laboratory, and Dermatology Associates of Ithaca. The average annual daily traffic (AADT) near the property is 8,167. Ample parking is available.
Key Highlights
- 8,005 SF medical office building
- High visibility location near signalized intersection of N. Triphammer Road and Craft Road
- Ample parking available
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
$132,620
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
8.29%
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%
$2,652,400
$2.7M
Cap Rate 7%
$1,894,571
$1.9M
Cap Rate 9%
$1,473,556
$1.5M
Market Conditions
NOI Build-Up for 8,005 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
$226.7K $28.32/SF
− Vacancy
−$49.9K −$6.23/SF
EGI
$176.8K $22.09/SF
− OpEx
−$44.2K −$5.52/SF
NOI
$132.6K $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%
$2,652,400
Cap Rate 7%
$1,894,571
Cap Rate 9%
$1,473,556
Alternative Uses
Best Use
Office B
$1.89M
$1.66M – $2.21M
NOI $132,620 @ 7.0% cap · market cap 8.29%
Second Best
Healthcare Medical
$1.71M
$1.50M – $2.00M
NOI $119,955 @ 7.0% cap · market cap 7.50%
Theoretical Best
Office A
$2.50M
$2.19M – $2.91M
NOI $174,854 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
466
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Cayuga Pet Hospital — 2442 N Triphammer Rd, Ithaca, NY 14850
- America Veterinary Med History — 23 Wedgewood Dr, Ithaca, NY 14850
Frequently Asked Questions
What type of property is this?
Medical Office Space - 8,005 SF medical office building with high visibility location.
Where is this medical office space located?
The property is located at 2432 N Triphammer Rd Ithaca, NY.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 8,005 SF medical office building; High visibility location near signalized intersection of N. Triphammer Road and Craft Road; Ample parking available
