Ground-Floor Private Office
For Sale
Contact for pricing
418 E State Street, Ithaca, NY 14850
Vacant office suite with a private entrance, natural light, and month-to-month lease flexibility.
Property Size8,704 SF
Price / SF$0.07
Days on Market99
Property Features for 418 E State Street
General Information
Standard status
Active
Size
8,704 SF
Property subtype
CommercialLease
Additional Details
Floor
Ground Floor
Amenities
private side entrance
great natural light
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed By:
Elizabeth Thompson · License #10401354854
(484) 433-7996
Source:
Nicholcityrealty
Added: Jul 24
Changed: Oct 25
Last Checked: Oct 30 at 2:00PM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This private office unit occupies the ground floor of the Argos Warehouse / Foundry building and includes a separate side entrance. Natural light adds to the interior environment, while the vacant condition supports immediate occupancy. The space is offered with a flexible month-to-month lease structure.
The property is positioned downtown within a creative-oriented building community that includes Argos Warehouse, Foundry Co-Working, and artist studios. Its office configuration and independent access provide a distinct setting within the larger shared environment. The suite is available for professionals, creatives, and entrepreneurs seeking office space in an active downtown building.
The property is positioned downtown within a creative-oriented building community that includes Argos Warehouse, Foundry Co-Working, and artist studios. Its office configuration and independent access provide a distinct setting within the larger shared environment. The suite is available for professionals, creatives, and entrepreneurs seeking office space in an active downtown building.
Key Highlights
- Ground‑floor private office unit in the Argos Warehouse / Foundry building
- Private side entrance provides independent access
- Natural light throughout the office suite
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$144,201
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,884,020
$2.9M
Cap Rate 7%
$2,060,014
$2.1M
Cap Rate 9%
$1,602,233
$1.6M
Market Conditions
NOI Build-Up for 8,704 SF
Gross rent
$246.5K $28.32/SF
− Vacancy
−$54.2K −$6.23/SF
EGI
$192.3K $22.09/SF
− OpEx
−$48.1K −$5.52/SF
NOI
$144.2K $16.57/SF
Area
Tompkins County, NY
Vacancy
22.00%
Lease Rate
$28.32 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,884,020
Cap Rate 7%
$2,060,014
Cap Rate 9%
$1,602,233
Alternative Uses
Best Use
Office B
$2.06M
$1.80M – $2.40M
NOI $144,201 @ 7.0% cap · market cap 22,184.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.72M
$2.38M – $3.17M
NOI $190,122 @ 7.0% cap · market cap 29,249.54%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,546
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - Vacant office suite with a private entrance, natural light, and month-to-month lease flexibility.
Where is this office unit located?
The property is located at 418 E State Street Ithaca, NY.
What are key features of this property?
This property features: Ground‑floor private office unit in the Argos Warehouse / Foundry building; Private side entrance provides independent access; Natural light throughout the office suite
