Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Restaurant Space Near Cornell University Title is generated by Realmo AI

    409 College Avenue, Ithaca, NY 14850

    View on Map
    Claim this Listing
    New
    For Lease
    $45 SF/Yr $14,925/Mo (calc)

    COMMERCIAL - Ithaca, NY

    Type:Office
    Property size:
    3,980 SF
    Added:
    May 11, 2026
    Days on Market:
    2
    Last Refresh:
    May 12 at 7:06 pm

    Property Features for 409 College Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Zoning
    MU-2
    Standard status
    Active
    APN
    500700-062-000-0005-014-000-0000
    Size
    3,980 SF

    Utilities

    Heating system
    Central, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1985
    Floors in Building
    1
    Roof type
    Flat

    We can help!

    Listing Contact
    Connor Colbert
    Connor Colbert

    Listing agent Connor Colbert License #10401293112

    Listing office Warren Real Estate of Ithaca Inc. (Downtown) 140 Seneca Way Suite 200, Ithaca, NY

    Listing date May 11, 2026

    MLS# R1681001

    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

    • Turnkey, fully built‑out restaurant space of 5,880 s.f. including a 1,900 s.f. patio.
    • Prime location in the heart of Cornell University's Collegetown district.
    • High‑traffic area supported by Cornell's 26,000 students and 14,000 faculty/staff.
    • Patio seating for over 300 guests.
    • Former location of Collegetown Bagels.
    • Positioned within a growing regional economy and vibrant mix of residents and businesses.

    Overview

    This is a restaurant leasing opportunity at 409 College Avenue in Ithaca, NY, situated in the Collegetown district near Cornell University. The turnkey, fully built-out restaurant space totals approximately 5,880 square feet. This includes a 3,980 square feet dining, bar, and kitchen area, along with a 1,900 square feet patio that can accommodate over 300 guests. Previously occupied by Collegetown Bagels, the location benefits from high foot traffic due to its proximity to Cornell's 26,000 students, nearly 14,000 faculty and staff, and a strong local population. The site is positioned within a dense, high-traffic area and benefits from a growing regional economy and a vibrant mix of residents and businesses. The property is zoned MU-2 and is suitable for a restaurant. The location is an attractive opportunity for a high-quality restaurant tenant.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Student Agencies Building Apartment Building Big Red Shipping ... Moving Company Student Agencies Tutoring Tutoring Service Pre Arrival Freight Service eHub Collegetown Academic Department

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.485006
    Latitude
    42.442112

    Nearby Similar for Lease

    • $10,368/Mo

      Ithaca Warehouse Space For Lease

      Versatile commercial warehouse space in Ithaca, NY, for lease.
      23 Cinema Drive, Ithaca, NY 14850
      View Details
    • $3,400/Mo

      Ithaca Office and Warehouse Space

      Corner lot office and warehouse space available for rent.
      478 Lower Creek Road, Ithaca, NY 14850
      View Details
    • $900/Mo

      Ithaca Office Space For Rent

      Ground-level office space in Ithaca's West End with parking.
      538 W State Street, Ithaca, NY 14850
      View Details
    • $1,500/Mo

      Downtown Ithaca Professional Office Suite

      Three-room office suite in a Colonial Revival building.
      122 W Court St - Unit 109, Ithaca, NY 14850
      View Details
    • $3,400/Mo

      Ithaca Office Space For Rent

      Corner office space with multiple private offices available for rent.
      478 Lower Creek, 1-B Road, Ithaca, NY 14850
      View Details
    • $650/Mo

      Downtown Ithaca Office Space Available

      Private 715 sq ft office suite in downtown Ithaca.
      418 E State Street, Ithaca, NY 14850
      View Details
    • $3,400/Mo

      Ithaca Warehouse Space For Rent

      Warehouse space with dock and drive-in access in Ithaca.
      478 Lower Creek, 1-C Road, Ithaca, NY 14850
      View Details
    • Contact for pricing

      Ithaca Retail Space For Lease

      Retail space available in Ithaca's West End commercial corridor.
      420 & 424 West State Street, Ithaca, NY 14850
      View Details
    • Sponsored
      Contact for pricing

      NY, Ithaca - East State St

      125 State St, Ithaca, NY 14850
      View Details
    • $23 SF/Yr

      Ithaca Commons Commercial Space Available

      Commercial space with dedicated entrance and modern amenities available for rent.
      125 East State Street, Ithaca, NY 14850
      View Details
    • $21 SF/Yr

      Renovated Office Space in Ithaca

      Recently renovated 1955 sq ft office space for lease.
      2415 N Triphammer Rd, Ithaca, NY 14850
      View Details
    • Contact for pricing

      Restaurant Space on Ithaca Commons

      Restaurant space with dedicated entrance and equipped kitchen.
      125 East State Street | Ithaca, NY 14850
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Turnkey restaurant space in Ithaca's Collegetown, near Cornell University.
    Where is this conventional restaurant located?
    The property is located at 409 College Avenue Ithaca, NY.
    What is the lease rate?
    The lease rate is $45 SF/Yr.
    What are key features of this property?
    This property features: Turnkey, fully built‑out restaurant space of 5,880 s.f. including a 1,900 s.f. patio.; Prime location in the heart of Cornell University's Collegetown district.; High‑traffic area supported by Cornell's 26,000 students and 14,000 faculty/staff.
    (607) 351-9027
    We can help!
    Listing Contact
    Connor Colbert
    Connor Colbert
    Real Estate License ID: 10401293112
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    409 College Avenue, Ithaca, NY 14850
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!