Ithaca Industrial Facility For
For Sale
$6,450,000
20 Bomax Dr, Ithaca, NY 14850
Fully leased industrial facility with long-term tenant in Ithaca.
Property Size73,825 SF
Price / SF$87.37
Days on Market168
Property Features for 20 Bomax Dr
General Information
Standard status
Active
Size
73,825 SF
Property subtype
Industrial
Building Details
Building Size
73,825 SF
Year Built
1987
Listing Agency:
SVN Innovative Commercial Advisors
(607) 621-0439
Listed By:
Scott Warren, CCIM, CIREC · License #NY #10491212432
(607) 621-0439
Source:
Svn
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 8 at 2:09PM
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 SVN Innovative Commercial Advisors
Investment Insights
Based on property information with market context.
This 73,825 square foot industrial facility in Ithaca is offered for sale. The property is fully leased to TransAct Technologies, Inc., a publicly traded company on the NASDAQ, which has occupied the property since 1989. The building features 18,066 square feet of Class A office space, 48,259 square feet of light manufacturing space, and a 7,500 square foot high-bay warehouse. It includes 4 elevated loading docks, 3-phase power, a full sprinkler system, and municipal water and sewer services. There are 102 parking spaces available. The property also features a cafeteria and a 30-foot atrium ceiling. The location is just off the entrance to Cornell Business and Technology Park and adjacent to Ithaca Tompkins International Airport, providing convenient regional and national travel options. It is also located minutes from Cornell University and Ithaca College. The lease is a true NNN lease with scheduled increases.
Key Highlights
- Fully leased to TransAct Technologies, Inc. (NASDAQ‑listed tenant), providing stable income and a strong credit profile.
- Long‑term occupancy with the tenant in place since 1989, demonstrating commitment and stability.
- Premier location within one of Ithaca’s strongest industrial markets and adjacent to Ithaca Tompkins International Airport.
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
$456,589
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
7.08%
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%
$9,131,780
$9.1M
Cap Rate 7%
$6,522,700
$6.5M
Cap Rate 9%
$5,073,211
$5.1M
Market Conditions
NOI Build-Up for 73,825 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
$699.9K $9.48/SF
− Vacancy
−$47.6K −$0.64/SF
EGI
$652.3K $8.84/SF
− OpEx
−$195.7K −$2.65/SF
NOI
$456.6K $6.18/SF
Area
Tompkins County, NY
Vacancy
6.80%
Lease Rate
$9.48 /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%
$9,131,780
Cap Rate 7%
$6,522,700
Cap Rate 9%
$5,073,211
Alternative Uses
Best Use
Office B
$17.47M
$15.29M – $20.38M
NOI $1,223,074 @ 7.0% cap · market cap 18.96%
Second Best
Warehouse
$12.88M
$11.27M – $15.03M
NOI $901,735 @ 7.0% cap · market cap 13.98%
Theoretical Best
Office A
$23.04M
$20.16M – $26.88M
NOI $1,612,565 @ 7.0% cap · market cap 25.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
324
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?
Manufacturing property - Fully leased industrial facility with long-term tenant in Ithaca.
Where is this manufacturing property located?
The property is located at 20 Bomax Dr Ithaca, NY.
What is the asking price?
The asking price for this property is $6,450,000.
What are key features of this property?
This property features: Fully leased to TransAct Technologies, Inc. (NASDAQ‑listed tenant), providing stable income and a strong credit profile.; Long‑term occupancy with the tenant in place since 1989, demonstrating commitment and stability.; Premier location within one of Ithaca’s strongest industrial markets and adjacent to Ithaca Tompkins International Airport.
