Historic Office
For Sale
$449,000
411 N Tioga Street, Ithaca, NY 14850
Flexible floor plan includes multiple offices, meeting rooms, reception, kitchenette, and full and half bathrooms.
Property Size2,938 SF
Days on Market87
Property Features for 411 N Tioga Street
General Information
Standard status
Active
Size
2,938 SF
Total Parking Spaces
8
Property subtype
Commercial
Zoning
C-SU, Business
Taxes and HOA fees
Annual Taxes
$9,358
Building Details
Building Size
2,938 SF
Buildings
1
Stories
2
Listing Agency:
Warren Real Estate of Ithaca Inc. (Downtown)
(607) 280-4350
Listed By:
Steven Saggese · License #30SA0532613
(607) 280-4350
Source:
Homeprocny
Added: Jun 5
Changed: Aug 29
Last Checked: Aug 29 at 2:11PM
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)
Investment Insights
Based on property information with market context.
Located at 411 N Tioga Street, this 19th-century office building offers nearly 3,000 square feet with a distinctive architectural presentation and adaptable interior. The current arrangement includes 5–6 offices, two conference or meeting rooms, a reception area, staff room, kitchenette, and full and half bathrooms. Hardwood floors, built-ins, pocket doors, high ceilings, detailed trim, vintage fixtures, and an original staircase add character, while central air supports year-round comfort.
Exterior features include upper and lower covered porches, shake-shingle siding, ornate detailing, and off-street parking for eight or more vehicles. The property is zoned C-SU, Business. Its downtown setting places it less than a block from the Tompkins County Courthouse, 2.5 blocks from the Ithaca Commons, three blocks from Cascadilla Gorge trails, half a block from a bus stop, and a few hundred feet from Cascadilla Creek. The layout also supports consideration of residential conversion, with space for up to four bedrooms and multiple living areas.
Exterior features include upper and lower covered porches, shake-shingle siding, ornate detailing, and off-street parking for eight or more vehicles. The property is zoned C-SU, Business. Its downtown setting places it less than a block from the Tompkins County Courthouse, 2.5 blocks from the Ithaca Commons, three blocks from Cascadilla Gorge trails, half a block from a bus stop, and a few hundred feet from Cascadilla Creek. The layout also supports consideration of residential conversion, with space for up to four bedrooms and multiple living areas.
Key Highlights
- Nearly 3,000 square feet in a 19th‑century office building
- Current layout includes 5–6 offices and two conference or meeting rooms
- Off‑street parking accommodates eight or more vehicles
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,408
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.77%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$608,160
$608.2K
Cap Rate 7%
$434,400
$434.4K
Cap Rate 9%
$337,867
$337.9K
Market Conditions
NOI Build-Up for 2,938 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$52.9K $18.00/SF
− Vacancy
−$4.2K −$1.44/SF
EGI
$48.7K $16.56/SF
− OpEx
−$18.2K −$6.21/SF
NOI
$30.4K $10.35/SF
Area
Tompkins County, NY
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$608,160
Cap Rate 7%
$434,400
Cap Rate 9%
$337,867
Alternative Uses
Best Use
Office B
$695.3K
$608.4K – $811.2K
NOI $48,674 @ 7.0% cap · market cap 10.84%
Second Best
Mixed Use
$434.4K
$380.1K – $506.8K
NOI $30,408 @ 7.0% cap · market cap 6.77%
Theoretical Best
Office A
$916.8K
$802.2K – $1.07M
NOI $64,175 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,714
Businesses Nearby
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Flexible floor plan includes multiple offices, meeting rooms, reception, kitchenette, and full and half bathrooms.
Where is this office building located?
The property is located at 411 N Tioga Street Ithaca, NY.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Nearly 3,000 square feet in a 19th‑century office building; Current layout includes 5–6 offices and two conference or meeting rooms; Off‑street parking accommodates eight or more vehicles
