Restaurant Space with
For Sale
Contact for pricing
401 E State Street, Ithaca, NY 14850
Existing restaurant improvements include a hood, trap, and ancillary system within a compact commercial layout.
Property Size1,600 SF
Price / SF$0.02
Days on Market88
Property Features for 401 E State Street
General Information
Standard status
Active
Size
1,600 SF
Property subtype
CommercialLease
Restaurant
Commercial Hood
Yes
Grease Trap
Yes
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 257-0666
Listed By:
Connor Colbert · License #10401293112
(607) 351-9027
Source:
Nicholcityrealty
Added: Jul 24
Changed: Oct 6
Last Checked: Oct 16 at 8:24AM
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.
This restaurant property offers 1,600 SF of existing restaurant space at 401 E State Street in Ithaca City, NY. The improvements include a hood, trap, and ancillary system, providing core infrastructure associated with restaurant operations.
The property is identified as a conventional restaurant and is offered for sale. Its established restaurant configuration and installed equipment create a focused option for continued restaurant use.
The property is identified as a conventional restaurant and is offered for sale. Its established restaurant configuration and installed equipment create a focused option for continued restaurant use.
Key Highlights
- 1,600 SF restaurant space
- Hood and ancillary system included
- Existing trap in place
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,693
Suggested Prices Based on Cap Rates
Cap Rate 5%
$413,860
$413.9K
Cap Rate 7%
$295,614
$295.6K
Cap Rate 9%
$229,922
$229.9K
Market Conditions
NOI Build-Up for 1,600 SF
Gross rent
$28.8K $18.00/SF
− Vacancy
−$1.2K −$0.76/SF
EGI
$27.6K $17.24/SF
− OpEx
−$6.9K −$4.31/SF
NOI
$20.7K $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 Rate 5%
$413,860
Cap Rate 7%
$295,614
Cap Rate 9%
$229,922
Alternative Uses
Best Use
Specialty Retail
$295.6K
$258.7K – $344.9K
NOI $20,693 @ 7.0% cap · market cap 82,772.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$499.3K
$436.9K – $582.5K
NOI $34,949 @ 7.0% cap · market cap 139,796.00%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Commercial hood
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
2,755
Businesses Nearby
141k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 56%
Shops & Services 21%
Dining 13%
Home Improvements & Furnishings 4%
Wegmans
Groceries
79,838 visits/mo
0.4 miles
Dunkin' Donuts
Dining
16,965 visits/mo
0.2 miles
Sunoco
Shops & Services
9,537 visits/mo
0.3 miles
Citgo
Shops & Services
9,481 visits/mo
0.4 miles
Ithaca Agway & Ace Hardware
Home Improvements & Furnishings
5,967 visits/mo
0.3 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
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Existing restaurant improvements include a hood, trap, and ancillary system within a compact commercial layout.
Where is this conventional restaurant located?
The property is located at 401 E State Street Ithaca, NY.
What are key features of this property?
This property features: 1,600 SF restaurant space; Hood and ancillary system included; Existing trap in place
