Mixed-Use Property with Restaurant
235 S Cayuga Street, Ithaca, NY 14850
For Sale
Contact for pricing
Multiple commercial spaces accommodate restaurant, kitchen, classroom, retail, and office functions.
Property Size22,000 SF
Price / SF$0.00
Days on Market48
Property Features for 235 S Cayuga Street
General Information
Standard status
Size
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Connor Colbert · License NY #10401293112
(607) 351-9027
Source:
Nicholcityrealty
Added: Sep 26
Changed: Nov 9
Last Checked: Nov 12 at 6:54AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Warren Real Estate of Ithaca Inc. (Downtown)
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Investment Insights
Based on property information with market context.
The 22,000-SF mixed-use property offers seven available spaces in a range of configurations. Options include a 4,300-SF restaurant, a 1,880-SF catering and commercial kitchen, classroom spaces of 1,950 SF and 2,000 SF, and retail space offered at 1,300 or 2,600 SF. Office options include 5,600 SF of Class A space and individual 100-SF offices. The restaurant is built out, and the office space formerly housed Merrill Lynch. Lease structures are NNN.
Key Highlights
- 4,300‑SF built‑out restaurant space
- 1,880‑SF catering and commercial kitchen
- Classroom spaces measure 1,950 SF and 2,000 SF
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$136,065
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,721,300
$2.7M
Cap Rate 7%
$1,943,786
$1.9M
Cap Rate 9%
$1,511,833
$1.5M
Market Conditions
NOI Build-Up for 22,000 SF
Gross rent
$208.6K $9.48/SF
− Vacancy
−$14.2K −$0.64/SF
EGI
$194.4K $8.84/SF
− OpEx
−$58.3K −$2.65/SF
NOI
$136.1K $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%
$2,721,300
Cap Rate 7%
$1,943,786
Cap Rate 9%
$1,511,833
Alternative Uses
Best Use
Specialty Retail
$4.06M
$3.56M – $4.74M
NOI $284,526 @ 7.0% cap
Second Best
Retail
$4.00M
$3.50M – $4.66M
NOI $279,721 @ 7.0% cap
Theoretical Best
Office A
$6.86M
$6.01M – $8.01M
NOI $480,548 @ 7.0% cap
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,588
Businesses Nearby
35k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 54%
Shops & Services 31%
Hotels & Casinos 11%
Apparel 4%
Dunkin' Donuts
Dining
16,965 visits/mo
0.5 miles
Sunoco
Shops & Services
9,537 visits/mo
0.1 miles
Ithaca Marriott Downtown on the Commons
Hotels & Casinos
3,958 visits/mo
0.2 miles
Franco's Pizza
Dining
2,113 visits/mo
0.4 miles
Signarama
Shops & Services
1,462 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Multiple commercial spaces accommodate restaurant, kitchen, classroom, retail, and office functions.
Where is this mixed-use property located?
The property is located at 235 S Cayuga Street Ithaca, NY.
What are key features of this property?
This property features: 4,300‑SF built‑out restaurant space; 1,880‑SF catering and commercial kitchen; Classroom spaces measure 1,950 SF and 2,000 SF
