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    Ithaca Warehouse Space For Lease Title is generated by Realmo AI

    23 Cinema Drive, Ithaca, NY 14850

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    For Lease
    $10,368/Mo $12 SF/Yr (calc)

    COMMERCIAL - Ithaca, NY

    Property size:
    10,368 SF
    Lot size:
    3.20 Acres
    Added:
    Dec 31, 2025
    Days on Market:
    136
    Last Refresh:
    May 16 at 10:06 pm

    Property Features for 23 Cinema Drive

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    Com 1
    Parking
    15
    Standard status
    Active
    APN
    503201-046-001-0006-005-006-0000
    Size
    10,368 SF
    Lot size
    3.20 Acres

    Taxes and HOA fees

    Tax Annual Amount
    26150

    Utilities

    Heating system
    Natural Gas, Zoned
    Cooling system
    Zoned
    Water source
    Public

    Building Details

    Year built
    1985
    Floors in Building
    1
    Flooring type
    Concrete
    Roof type
    Metal

    We can help!

    Listing Contact
    Garrett Venuto
    Garrett Venuto

    Listing agent Garrett Venuto License #10401360100

    Listing office Warren Real Estate of Ithaca Inc. 830 Hanshaw Rd, Ithaca, NY

    Listing date Dec 31, 2025

    MLS# R1655993

    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

    • 10,368 SF versatile commercial warehouse space suitable for various uses
    • High ceilings and open, clear‑span layout for efficient operations and customization
    • Loading dock for convenient deliveries and logistics
    • Ample on‑site parking for employees and customers
    • Located in an established commercial area with easy access to major roadways
    • Zoned heating and cooling for climate control

    Overview

    This 10,368 square foot commercial warehouse space is available for lease at 23 Cinema Drive in Ithaca, NY. The flexible layout is suitable for a wide range of uses including warehouse, storage, distribution, light manufacturing, retail showroom, church, community use, or service-oriented businesses. The property features high ceilings and an open, clear-span layout that allows for efficient operations and easy customization. A loading dock provides convenient access for deliveries and logistics, while ample on-site parking supports both employees and customers. Located in an established commercial area with easy access to major roadways, the property offers strong connectivity throughout Ithaca and the greater Finger Lakes region. The property, zoned Com 1, sits on a 3.2 acre lot. Its size, flexibility, and functional features make it well-suited for businesses seeking adaptable space in a prime commercial corridor.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    ATM Machine at The Laundry ... Atm Vineyard Church of Ithaca Church Cindy's Chinese Class ... Training Center Ithaca Tofu (Bike/Boat/Book/etc) Store Autopart International Auto Parts Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.477219
    Latitude
    42.479731

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    FAQs

    What type of property is this?
    Warehouse - Versatile commercial warehouse space in Ithaca, NY, for lease.
    Where is this warehouse located?
    The property is located at 23 Cinema Drive Ithaca, NY.
    What is the lease rate?
    The lease rate is $10,368 /Mo.
    What are key features of this property?
    This property features: 10,368 SF versatile commercial warehouse space suitable for various uses; High ceilings and open, clear‑span layout for efficient operations and customization; Loading dock for convenient deliveries and logistics
    (607) 592-1762
    We can help!
    Listing Contact
    Garrett Venuto
    Garrett Venuto
    Real Estate License ID: 10401360100
    Learn More
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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.

    More about this property
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