Downtown Mixed-Use
120 State Street East Ithaca, NY 14850
For Sale
$2,150,000
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 Market114
Property Features for 120 State Street East
General Information
- Standard status
- Active
- Size
- 14,053 SF
- Lot size
- 0.16 Acres
- Property subtype
- Multi-Unit
Listing Agency:
Ithaca Office
(607) 277-2327
Listed By:
David Huckle, SIOR
(607) 277-2327
Source:
Pyramidbrokerage
Added: Apr 1
Changed: Jul 23
Last Checked: Jul 23 at 8:52AM
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 Ithaca Office
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 For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $266.4k | $18.96 |
| − Vacancy | −$11.2k | −$0.80 |
| EGI | $255.3k | $18.16 |
| − OpEx | −$76.6k | −$5.45 |
| NOI | $178.7k | $12.71 |
14,053 SF · lease $18.96/SF/yr · vacancy 4.20% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Benjamin Peters
Clothing & Fashion Store
Miss Kitty’s Tattoo ...
Tattoo & Piercing Shop
Ujeni Foundation
Charitable Organization
House of Wellness
Medical Clinic
FAQs
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 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.
