Restaurant Property with Outdoor
For Sale
$595,000
202 E Falls Street, Ithaca, NY 14850
COMMERCIAL - Ithaca, NY
Property Size2,214 SF
Price / SF$268.74
Days on Market94
Property Features for 202 E Falls Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R2
Zoning description
Commercial
Parking
20
Parking features
Paved or Surfaced
Lot features
Rectangular, Rectangular Lot
Elementary school
Fall Creek Elementary
Elementary school district
Ithaca
Middle school district
Ithaca
High school district
Ithaca
Subdivision
Ithaca-City-500700
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
Forced Air, Natural Gas, Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Amenities
full-service bar area
expansive windows
signage opportunities
Building Details
Year built
1985
Floors in Building
1
Number of units
1
Flooring type
Concrete
Building materials
Block, Concrete, WoodSiding
Roof type
Flat, Membrane, Rubber
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Andrew Schreck · License #10401361299
(585) 802-7827
Added: May 28
Changed: Aug 4
Last Checked: Aug 29 at 11:06AM
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.
Investment Insights
Based on property information with market context.
Restaurant property located at 202 E Falls Street in Ithaca’s Fall Creek neighborhood, with a layout designed for casual dining and upscale service concepts. The building includes expansive front windows, a fully equipped commercial kitchen with ample prep and cooking space, and a full-service bar area. Outdoor seating is a standout feature, with front patio seating and a spacious rear outdoor dining area that can support seasonal events and private gatherings.
The property also includes off-street parking with paved or surfaced parking areas. Utilities are in place with public water and public sewer, and the building is supported by natural gas forced air heating along with heat pump cooling. The roof is described as membrane, flat, rubber, and the construction includes block, concrete, and wood siding.
With its established restaurant infrastructure and dedicated indoor and outdoor dining spaces, the property can be suited for continuing an existing operation or transitioning to a new concept in a highly visible, walkable neighborhood setting.
The property also includes off-street parking with paved or surfaced parking areas. Utilities are in place with public water and public sewer, and the building is supported by natural gas forced air heating along with heat pump cooling. The roof is described as membrane, flat, rubber, and the construction includes block, concrete, and wood siding.
With its established restaurant infrastructure and dedicated indoor and outdoor dining spaces, the property can be suited for continuing an existing operation or transitioning to a new concept in a highly visible, walkable neighborhood setting.
Key Highlights
- Multiple outdoor seating areas including front patio seating and a spacious rear outdoor dining area
- Fully equipped commercial kitchen plus a full‑service bar area
- R2 zoning
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 - Restaurant property in R2 zoning with a fully equipped commercial kitchen, bar area, and multiple outdoor seating areas.
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: Multiple outdoor seating areas including front patio seating and a spacious rear outdoor dining area; Fully equipped commercial kitchen plus a full‑service bar area; R2 zoning
