Restaurant with Commercial
New
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 Market5
Property Features for 202 E Falls Street
General Information
Standard status
Active
Size
2,214 SF
Property subtype
CommercialSale
Additional Details
Patio
Yes
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(585) 802-7827
Listed By:
Andrew Schreck · License #10401361299
(585) 802-7827
Source:
Nicholcityrealty
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 6:01PM
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 = 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
$28,634
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
4.81%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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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
