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 Market213
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: Oct 26
Last Checked: Oct 30 at 1:04PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$178,678
Cap Rate
8.31%
Suggested Prices Based on Cap Rates
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
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 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.
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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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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.
