202 E Falls Street Ithaca, NY 14850
COMMERCIAL - Ithaca, NY
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, Flat, Membrane
Listing agent Andrew Schreck License #10401361299 (585) 802-7827
Listing office Warren Real Estate of Ithaca Inc. (Downtown) 140 Seneca Way Suite 200, Ithaca, NY (607) 257-0666
Listing date May 28, 2026
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.
Investment Insights
Based on property information with market context.
Located at 202 E Falls Street in Ithaca’s Fall Creek area, the property is positioned for access to local destinations including downtown Ithaca and Cornell University, as well as Ithaca Falls and surrounding residential communities. The listing also notes off-street parking to support customers, staff, deliveries, and catering operations. The property is zoned R2.
For continuity or change, the existing restaurant infrastructure is described as already in place for a smooth transition, whether continuing an existing operation or launching a new concept.
Key Highlights
- Restaurant property built in 1985 with block, concrete, and wood siding construction materials
- Fully equipped commercial kitchen with ample prep and cooking space
- Full‑service bar area for cocktails, wine service, and craft beverages
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $39.9k | $18.00 |
| − Vacancy | −$1.7k | −$0.76 |
| EGI | $38.2k | $17.24 |
| − OpEx | −$9.5k | −$4.31 |
| NOI | $28.6k | $12.93 |
