Four-Story Mixed-Use
For Sale
$1,845,000
158 STATE ST, Ithaca, NY 14850
Four-story mixed-use building with fully leased retail, business service, and apartment floors.
Property Size6,670 SF
Price / SF$276.61
Days on Market386
Property Features for 158 STATE ST
General Information
Standard status
Active
Size
6,670 SF
Property subtype
General Commercial
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$17,767
Amenities
Gas
3
Hardwood, Carpet
Membrane, Rubber
Rectangular
23X59
Rectangular.
Building Details
Year Built
1862
Stories
4
Listing Agency:
Co
(607) 227-7558
Listed By:
Pyramid Brokerage Company
(607) 227-7558
Source:
Xome
Added: Jul 18, 2025
Changed: Aug 7
Last Checked: Aug 7 at 1:52AM
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 Co
Investment Insights
Based on property information with market context.
This four-story, five-level mixed-use building offers approximately 6,670 square feet and is fully leased. The ground floor is configured for retail across two levels, the second floor is designated for business service use, and the third and fourth floors contain apartments.
The property is described as being in the center of the Ithaca Commons. The listing materials include an offering memorandum and video, along with floor plans and a summary of restoration and renovations.
Additional financial information is provided upon signing an NDA. See accompanying floor plans and the restoration and renovation summary for more detail on the property’s improvements and configuration.
The property is described as being in the center of the Ithaca Commons. The listing materials include an offering memorandum and video, along with floor plans and a summary of restoration and renovations.
Additional financial information is provided upon signing an NDA. See accompanying floor plans and the restoration and renovation summary for more detail on the property’s improvements and configuration.
Key Highlights
- Iconic 4‑story American Crafts mixed‑use building (5 levels) with 6,670 SF in the center of the Ithaca Commons
- Mixed‑use tenant setup: ground‑floor retail (2 levels), 2nd‑floor business service use, and 3rd & 4th‑floor apartments
- Building is fully leased
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
$110,503
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
5.99%
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%
$2,210,060
$2.2M
Cap Rate 7%
$1,578,614
$1.6M
Cap Rate 9%
$1,227,811
$1.2M
Market Conditions
NOI Build-Up for 6,670 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
$188.9K $28.32/SF
− Vacancy
−$41.6K −$6.23/SF
EGI
$147.3K $22.09/SF
− OpEx
−$36.8K −$5.52/SF
NOI
$110.5K $16.57/SF
Area
Tompkins County, NY
Vacancy
22.00%
Lease Rate
$28.32 /SF/Yr
Expense Ratio
25.00%
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%
$2,210,060
Cap Rate 7%
$1,578,614
Cap Rate 9%
$1,227,811
Alternative Uses
Best Use
Office B
$1.58M
$1.38M – $1.84M
NOI $110,503 @ 7.0% cap · market cap 5.99%
Second Best
Retail
$1.21M
$1.06M – $1.41M
NOI $84,806 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,693 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,632
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 - Four-story mixed-use building with fully leased retail, business service, and apartment floors.
Where is this mixed-use property located?
The property is located at 158 STATE ST Ithaca, NY.
What is the asking price?
The asking price for this property is $1,845,000.
What are key features of this property?
This property features: Iconic 4‑story American Crafts mixed‑use building (5 levels) with 6,670 SF in the center of the Ithaca Commons; Mixed‑use tenant setup: ground‑floor retail (2 levels), 2nd‑floor business service use, and 3rd & 4th‑floor apartments; Building is fully leased
