Retail Building on
New
For Sale
$475,000
1608 Trumansburg Road, Ithaca, NY 14850
Flexiblely zoned commercial building along NYS Route 96 with multiple potential use categories.
Property Size3,064 SF
Price / SF$155.03
Days on Market2
Property Features for 1608 Trumansburg Road
General Information
Standard status
Active
Size
3,064 SF
Property subtype
Retail
Building Details
Building Size
3,064 SF
Listing Agency:
Ithaca Office
Listed By:
Michael Barry · License #10401384688
(607) 277-2327
Source:
Pyramidbrokerage
Added: Sep 15
Last Checked: Sep 15 at 2:20PM
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 3,064-square-foot commercial building occupies 3.12 acres in the Greater Ithaca area. The property is classified as retail space and is positioned for a range of commercial applications, including retail, office, educational, wellness, community, and specialty uses.
Road frontage along NYS Route 96 and the size of the site provide room for additional development, subject to applicable approvals. The property is located at 1608 Trumansburg Road in Ithaca, New York.
Road frontage along NYS Route 96 and the size of the site provide room for additional development, subject to applicable approvals. The property is located at 1608 Trumansburg Road in Ithaca, New York.
Key Highlights
- 3,064 SF commercial building
- 3.12‑acre site in the Greater Ithaca area
- Located along NYS Route 96
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
$38,957
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
8.20%
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%
$779,140
$779.1K
Cap Rate 7%
$556,529
$556.5K
Cap Rate 9%
$432,856
$432.9K
Market Conditions
NOI Build-Up for 3,064 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
$58.1K $18.96/SF
− Vacancy
−$2.4K −$0.80/SF
EGI
$55.7K $18.16/SF
− OpEx
−$16.7K −$5.45/SF
NOI
$39.0K $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%
$779,140
Cap Rate 7%
$556,529
Cap Rate 9%
$432,856
Alternative Uses
Best Use
Retail
$556.5K
$487.0K – $649.3K
NOI $38,957 @ 7.0% cap · market cap 8.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$956.1K
$836.6K – $1.12M
NOI $66,927 @ 7.0% cap · market cap 14.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
27
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Retail space - Flexiblely zoned commercial building along NYS Route 96 with multiple potential use categories.
Where is this retail space located?
The property is located at 1608 Trumansburg Road Ithaca, NY.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 3,064 SF commercial building; 3.12‑acre site in the Greater Ithaca area; Located along NYS Route 96
