Two-Bay Auto Repair
For Sale
$155,000
1683 MECKLENBURG RD, Ithaca, NY 14850
Finished automotive facility with a separate administrative office, included repair equipment, and on-site parking.
Property Size1,136 SF
Price / SF$136.44
Days on Market132
Property Features for 1683 MECKLENBURG RD
General Information
Standard status
Active
Size
1,136 SF
Property subtype
General Commercial
Additional Details
Utilities to Site
No
Service Bays
2
Taxes and HOA fees
Annual Taxes
$1,600
Amenities
freestanding office
billboard
digital sign
well
Electric
3
Concrete
Metal
10 Parking Spaces.
1470X1430
Other Road Type.
Building Details
Year Built
2012
Buildings
2
Stories
1
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 220-3369
Listed By:
Hilda Moleski · License #30MO1012648
(607) 220-3369
Source:
Xome
Added: Apr 21
Changed: Aug 29
Last Checked: Aug 29 at 11:18AM
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 Warren Real Estate of Ithaca Inc. (Downtown)
Investment Insights
Based on property information with market context.
Built in 2012, this 1,136-square-foot automotive property includes a fully finished commercial garage with two service bays and auto repair equipment. A separate freestanding office provides dedicated administrative space, while the building features electric service, concrete construction, and a metal exterior. The property includes 10 parking spaces.
Located at 1683 Mecklenburg Rd in Ithaca, NY, the site also includes a well, although no water system or septic system is installed. Billboard and digital sign structures are present on the property, with existing advertising arrangements described in the listing information.
Located at 1683 Mecklenburg Rd in Ithaca, NY, the site also includes a well, although no water system or septic system is installed. Billboard and digital sign structures are present on the property, with existing advertising arrangements described in the listing information.
Key Highlights
- Two‑bay fully finished commercial garage
- Auto repair equipment included
- Separate freestanding administrative office
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
$7,026
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
4.53%
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%
$140,520
$140.5K
Cap Rate 7%
$100,371
$100.4K
Cap Rate 9%
$78,067
$78.1K
Market Conditions
NOI Build-Up for 1,136 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
$10.8K $9.48/SF
− Vacancy
−$732 −$0.64/SF
EGI
$10.0K $8.84/SF
− OpEx
−$3.0K −$2.65/SF
NOI
$7.0K $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%
$140,520
Cap Rate 7%
$100,371
Cap Rate 9%
$78,067
Alternative Uses
Best Use
Office B
$268.9K
$235.3K – $313.7K
NOI $18,820 @ 7.0% cap · market cap 12.14%
Second Best
Retail
$206.3K
$180.6K – $240.7K
NOI $14,444 @ 7.0% cap · market cap 9.32%
Theoretical Best
Office A
$354.5K
$310.2K – $413.6K
NOI $24,814 @ 7.0% cap · market cap 16.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Well-served
Demand for This Use
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?
Auto shop - Finished automotive facility with a separate administrative office, included repair equipment, and on-site parking.
Where is this auto shop located?
The property is located at 1683 MECKLENBURG RD Ithaca, NY.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Two‑bay fully finished commercial garage; Auto repair equipment included; Separate freestanding administrative office
