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    Downtown Ithaca Office Space Available Title is generated by Realmo AI

    418 E State Street, Ithaca, NY 14850

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    Claim this Listing
    For Lease
    $650/Mo $0.90 SF/Yr (calc)

    COMMERCIAL - Ithaca, NY

    Type:Office
    Property size:
    8,704 SF
    Lot size:
    0.30 Acres
    Added:
    Mar 7, 2025
    Days on Market:
    435
    Last Refresh:
    May 16 at 9:06 pm

    Property Features for 418 E State Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Rooms
    Basement
    Parking
    1
    Parking features
    Paved or Surfaced
    Standard status
    Active
    APN
    500700-069-000-0002-018-000-0000
    Size
    8,704 SF
    Lot size
    0.30 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1975
    Floors in Building
    2
    Number of units
    1
    Flooring type
    Linoleum, Vinyl
    Roof type
    Rubber, Membrane

    We can help!

    Listing Contact
    Elizabeth Thompson

    Listing agent Elizabeth Thompson License #10401354854

    Listing office Warren Real Estate of Ithaca Inc. 830 Hanshaw Rd, Ithaca, NY

    Listing date Mar 7, 2025

    MLS# R1591894

    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

    • Immediate Move‑In: Vacant and ready for occupancy.
    • Flexible Lease: Month‑to‑month lease terms available.
    • Prime Location: Situated downtown in the sought‑after Argos Warehouse / Foundry building.
    • Bright Workspace: Great natural light creates a welcoming and productive environment.
    • Private Entrance: Features a private side entrance.
    • Creative Hub: Located within a dynamic community of professionals, creatives, and entrepreneurs.

    Overview

    This 715 sq. ft. private office suite is located in the Argos Warehouse / Foundry building in downtown Ithaca. The ground floor space features a private side entrance and natural light. The office is vacant and available for immediate move-in under a flexible month-to-month lease. The location is within a creative hub that includes Argos Warehouse, Foundry Co-Working, and artist studios. The property is suitable for professionals, creatives, and entrepreneurs seeking an energizing workspace. The building size is 8704 square feet and the lot size is 0.3 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Orkin Dental Lab Dental Office

    Suggested Use

    Real Estate Agency Law Firm Dental Office Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness 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
    -76.492604
    Latitude
    42.439497

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    FAQs

    What type of property is this?
    Office units - Private 715 sq ft office suite in downtown Ithaca.
    Where is this office units located?
    The property is located at 418 E State Street Ithaca, NY.
    What is the lease rate?
    The lease rate is $650 /Mo.
    What are key features of this property?
    This property features: Immediate Move‑In: Vacant and ready for occupancy.; Flexible Lease: Month‑to‑month lease terms available.; Prime Location: Situated downtown in the sought‑after Argos Warehouse / Foundry building.
    (484) 433-7996
    We can help!
    Listing Contact
    Elizabeth Thompson
    Real Estate License ID: 10401354854
    Learn More
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    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.

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