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    Established Restaurant Property in Ithaca Title is generated by Realmo AI

    202 E Falls Street, Ithaca, NY 14850

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    Claim this Listing
    New
    For Sale
    $595,000

    COMMERCIAL - Ithaca, NY

    Property size:
    2,214 SF
    Price / SF:
    $268/SF
    Added:
    May 28, 2026
    Days on Market:
    3
    Last Refresh:
    May 30 at 6:06 am

    Property Features for 202 E Falls Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    R2
    Parking
    20
    Parking features
    Paved or Surfaced
    Standard status
    Active
    APN
    500700-012-000-0002-002-000-0000
    Size
    2,214 SF

    Taxes and HOA fees

    Tax Annual Amount
    11764

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air, Heat Pump (Heating)
    Cooling system
    Heat Pump
    Water source
    Public

    Building Details

    Year built
    1985
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Concrete
    Building materials
    Block, Concrete, WoodSiding
    Roof type
    Rubber, Membrane, Flat

    We can help!

    Listing Contact
    Andrew Schreck

    Listing agent Andrew Schreck License #10401361299

    Listing office Warren Real Estate of Ithaca Inc. (Downtown) 140 Seneca Way Suite 200, Ithaca, NY

    Listing date May 28, 2026

    MLS# R1685918

    Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime location in Ithaca's desirable Fall Creek neighborhood
    • Fully equipped commercial kitchen and full‑service bar
    • Abundant outdoor seating options, including a front patio and spacious rear dining area
    • Rare off‑street parking, providing convenient access
    • Inviting restaurant space with character and natural light, featuring expansive windows
    • Versatile layout suitable for both casual and upscale dining

    Overview

    This established restaurant property is located in the Fall Creek neighborhood of Ithaca. The location benefits from local traffic and proximity to downtown Ithaca, Cornell University, Ithaca Falls, and residential communities. The restaurant space features natural light and expansive windows. The layout accommodates both casual dining and upscale service concepts, making it suitable for culinary and hospitality uses. It includes a fully equipped commercial kitchen with prep and cooking space, along with a full-service bar area. Outdoor seating options include front patio seating and a rear outdoor dining area suitable for private gatherings, seasonal events, live music, or al fresco dining. The property also features off-street parking. The location offers signage opportunities and benefits from pedestrian and vehicle traffic. The property size is 2214 square feet and is zoned R2.
    Property Profile Location Intelligence

    Current Use by Public Records

    Backyard Flea (Bike/Boat/Book/etc) Store Babe's Burger Restaurant Northstar Public House Restaurant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.497273
    Latitude
    42.452941

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    FAQs

    What type of property is this?
    Conventional restaurant - Restaurant property in Ithaca's Fall Creek neighborhood with outdoor seating.
    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: Prime location in Ithaca's desirable Fall Creek neighborhood; **Fully equipped commercial kitchen and full‑service bar**; Abundant outdoor seating options, including a front patio and spacious rear dining area
    (585) 802-7827
    We can help!
    Listing Contact
    Andrew Schreck
    Real Estate License ID: 10401361299
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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