Restaurant with Commercial
For Sale
$595,000
202 E Falls Street, Ithaca, NY 14850
Bright dining space includes a full-service bar, outdoor seating, and off-street parking.
Property Size2,214 SF
Price / SF$268.74
Days on Market51
Property Features for 202 E Falls Street
General Information
Standard status
Active
Size
2,214 SF
Additional Details
Patio
Yes
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Andrew Schreck · License #10401361299
(585) 802-7827
Source:
Nicholcityrealty
Added: Aug 26
Changed: Oct 5
Last Checked: Oct 14 at 10:56PM
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.
This 2,214-square-foot restaurant property at 202 E Falls Street in Ithaca includes a commercial kitchen with prep and cooking areas, a full-service bar, and a dining layout suited to both casual and more formal service. Expansive windows bring natural light into the interior, while front patio seating and a rear outdoor dining area extend the guest experience beyond the main room.
The property offers off-street parking for customers, employees, deliveries, and catering activity. Its Fall Creek setting is near downtown Ithaca, Cornell University, Ithaca Falls, and surrounding residential communities, with pedestrian and vehicle activity during daytime and evening hours. Signage opportunities are also identified for the highly visible site.
The property offers off-street parking for customers, employees, deliveries, and catering activity. Its Fall Creek setting is near downtown Ithaca, Cornell University, Ithaca Falls, and surrounding residential communities, with pedestrian and vehicle activity during daytime and evening hours. Signage opportunities are also identified for the highly visible site.
Key Highlights
- 2,214‑square‑foot restaurant property at 202 E Falls Street, Ithaca City, NY 14850
- Commercial kitchen with dedicated prep and cooking areas
- Full‑service bar supports cocktails, wine, and craft beverages
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,634
Cap Rate
4.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$572,680
$572.7K
Cap Rate 7%
$409,057
$409.1K
Cap Rate 9%
$318,156
$318.2K
Market Conditions
NOI Build-Up for 2,214 SF
Gross rent
$39.9K $18.00/SF
− Vacancy
−$1.7K −$0.76/SF
EGI
$38.2K $17.24/SF
− OpEx
−$9.5K −$4.31/SF
NOI
$28.6K $12.93/SF
Area
Tompkins County, NY
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$572,680
Cap Rate 7%
$409,057
Cap Rate 9%
$318,156
Alternative Uses
Best Use
Specialty Retail
$409.1K
$357.9K – $477.2K
NOI $28,634 @ 7.0% cap · market cap 4.81%
Second Best
Industrial
$195.6K
$171.2K – $228.2K
NOI $13,693 @ 7.0% cap · market cap 2.30%
Theoretical Best
Office A
$690.9K
$604.5K – $806.0K
NOI $48,361 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
654
Businesses Nearby
24k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 70%
Dining 30%
Aldi
Groceries
16,787 visits/mo
0.5 miles
Papa John's Pizza
Dining
7,133 visits/mo
0.5 miles
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?
Conventional restaurant - Bright dining space includes a full-service bar, outdoor seating, and off-street parking.
Where is this conventional restaurant located?
The property is located at 202 E Falls Street Ithaca, NY.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 2,214‑square‑foot restaurant property at 202 E Falls Street, Ithaca City, NY 14850; Commercial kitchen with dedicated prep and cooking areas; Full‑service bar supports cocktails, wine, and craft beverages
