Downtown Mixed-Use
For Sale
Contact for pricing
120-122 State Street East, Ithaca, NY 34677
Three-story mixed-use building with ground-floor retail, renovated office space, and two 2-bedroom apartments.
Property Size14,053 SF
Lot Size0.16 Acres
Price / SF$152.99
Days on Market167
Property Features for 120-122 State Street East
General Information
Standard status
Active
Size
14,053 SF
Total Parking Spaces
2
Lot size
0.16 Acres
Property subtype
Retail, Mixed Use
Zoning
CBD-60
Investment Type
Value Add
Additional Details
Multifamily Units
2
Building Details
Year Built
1973
Buildings
3
Stories
3
Units
2
Tenancy
Multi
Listing Agency:
Pyramid Brokerage Company, Inc
Listed By:
David Huckle · License #NY 10401231043
(607) 227-7558
Source:
Crexi
Added: Apr 1
Changed: Sep 11
Last Checked: Sep 14 at 6:32AM
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, Inc
Investment Insights
Based on property information with market context.
This three-story mixed-use commercial building includes ground-floor retail space with a long-standing presence, renovated office space on the second floor, and two spacious two-bedroom apartments on the third floor. In addition, the property offers ample additional flex space that may support expansion for existing or new uses.
Located in the City of Ithaca Commons within the Downtown Business District, the building sits on a 0.16-acre site. The property is described as having favorable zoning and a sizable footprint, with the opportunity to vertically redevelop up to six stories, and there is also potential to purchase adjacent property to increase the development footprint.
The offering combines multiple income-producing components and flexible interior space across retail, office, and residential units within a downtown mixed-use configuration.
Located in the City of Ithaca Commons within the Downtown Business District, the building sits on a 0.16-acre site. The property is described as having favorable zoning and a sizable footprint, with the opportunity to vertically redevelop up to six stories, and there is also potential to purchase adjacent property to increase the development footprint.
The offering combines multiple income-producing components and flexible interior space across retail, office, and residential units within a downtown mixed-use configuration.
Key Highlights
- 14,053 SF, three‑story mixed‑use commercial building in the City of Ithaca Commons (Downtown Business District).
- Ground‑floor long‑time retail presence with additional flex space for potential expansion of existing or new uses.
- Recently renovated office space on the 2nd floor.
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
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,607
Businesses Nearby
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Business Placement
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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 - Three-story mixed-use building with ground-floor retail, renovated office space, and two 2-bedroom apartments.
Where is this mixed-use property located?
The property is located at 120-122 State Street East 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, three‑story mixed‑use commercial building in the City of Ithaca Commons (Downtown Business District).; Ground‑floor long‑time retail presence with additional flex space for potential expansion of existing or new uses.; Recently renovated office space on the 2nd floor.
