Four-Story Mixed-Use
For Sale
$2,150,000
120-122 E State, Ithaca, NY 14850
Ground-floor retail is paired with renovated office space and two residential apartments.
Property Size14,053 SF
Lot Size0.16 Acres
Price / SF$152.99
Days on Market153
Property Features for 120-122 E State
General Information
Standard status
Active
Size
14,053 SF
Total Parking Spaces
3
Lot size
0.16 Acres
Property subtype
Commercial
Zoning
CBD-60, Commercial
Taxes and HOA fees
Annual Taxes
$23,557
Building Details
Building Size
14,053 SF
Year Built
1975
Buildings
2
Stories
3
Tenancy
Multi
Listing Agency:
Pyramid Brokerage Company - Co
(607) 227-7558
Listed By:
David Huckle · License #10401231043
(607) 227-7558
Source:
Wcirealty
Added: Apr 2
Changed: Aug 31
Last Checked: Aug 3 at 11:19AM
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 Pyramid Brokerage Company - Co
Investment Insights
Based on property information with market context.
Built in 1975, this four-story mixed-use property contains 14,053 SF on a 0.16-acre parcel. The configuration includes a ground-floor retail component, recently renovated office space on the second level, and two two-bedroom apartments occupying the third and fourth floors. Additional flex area provides space within the existing building for expansion or reconfiguration.
The property is located at 120-122 E State on the City of Ithaca Commons in Ithaca’s Downtown Business District. Zoning is CBD-60, Commercial. The listing identifies potential for vertical redevelopment to as many as 6 stories and notes the possibility of acquiring the neighboring property to enlarge the development footprint.
The property is located at 120-122 E State on the City of Ithaca Commons in Ithaca’s Downtown Business District. Zoning is CBD-60, Commercial. The listing identifies potential for vertical redevelopment to as many as 6 stories and notes the possibility of acquiring the neighboring property to enlarge the development footprint.
Key Highlights
- 14,053 SF mixed‑use building on a 0.16‑acre parcel
- Four‑story configuration with retail, office, apartments, and additional flex space
- Two 2‑bedroom apartments occupy 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
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,607
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 - Ground-floor retail is paired with renovated office space and two residential apartments.
Where is this mixed-use property located?
The property is located at 120-122 E State 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, apartments, and additional flex space; Two 2‑bedroom apartments occupy the 3rd and 4th floors
