Listing Agency: Warren Real Estate of Ithaca Inc. (Downtown) Show Phone

Listed By: Connor Colbert · License #10401293112 Show Phone

Source: Nicholcityrealty

Added: Sep 6 Changed: Oct 4 Last Checked: Oct 20 at 8:13PM

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Investment Insights

Based on property information with market context.

Located at 23 Cinema Drive in Lansing, New York, this 10,368-square-foot flex property offers an open, clear-span configuration that can be arranged for warehouse, storage, distribution, light manufacturing, showroom, community, or service-oriented uses. High ceilings add functional volume, while the layout supports customization for different operating requirements.

A loading dock provides direct access for receiving and delivery activity. On-site parking accommodates employees and visitors, and the property is positioned in an established commercial area with connections to major roadways serving Ithaca and the greater Finger Lakes region.

Key Highlights

• 10,368 SF flex space at 23 Cinema Drive, Lansing, NY 14850
• Open clear‑span layout supports flexible configuration
• High ceilings provide additional functional volume

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$64,124

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,282,480 $1.3M

Cap Rate 7%

$916,057 $916.1K

Cap Rate 9%

$712,489 $712.5K

What to ask about pricing

Market Conditions

NOI Build-Up for 10,368 SF

Gross rent

$98.3K $9.48/SF

− Vacancy

−$6.7K −$0.64/SF

EGI

$91.6K $8.84/SF

− OpEx

−$27.5K −$2.65/SF

NOI

$64.1K $6.18/SF

Area

Tompkins County, NY

Vacancy

6.80%

Lease Rate

$9.48 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,282,480

Cap Rate 7%

$916,057

Cap Rate 9%

$712,489

Alternative Uses

Best Use

Flex RnD

$1.94M

$1.70M – $2.26M (±1% cap)

NOI $135,668 @ 7.0% cap · market cap 1,507,422.22%

Second Best

Warehouse

$1.81M

$1.58M – $2.11M (±1% cap)

NOI $126,640 @ 7.0% cap · market cap 1,407,111.11%

Theoretical Best

Office A

$3.24M

$2.83M – $3.77M (±1% cap)

NOI $226,469 @ 7.0% cap · market cap 2,516,322.22%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

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

Top Pick Building Supply Parking Lot & Garage Law Firm Kitchen & Bath Showroom (Bike/Boat/Book/etc) Store Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

444

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

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 Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Similar Off Market Nearby

• Hope's Events & Catering — 903 Hanshaw Rd, Ithaca, NY 14850
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Frequently Asked Questions

What type of property is this?

Flex space - Adaptable commercial space with high ceilings, a loading dock, and on-site parking for varied business operations.

Where is this flex space located?

The property is located at 23 Cinema Drive Lansing, NY.

What are key features of this property?

This property features: 10,368 SF flex space at 23 Cinema Drive, Lansing, NY 14850; Open clear‑span layout supports flexible configuration; High ceilings provide additional functional volume