Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Ithaca Retail Space For Lease Title is generated by Realmo AI

    420 & 424 West State Street, Ithaca, NY 14850

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $14 SF/Yr $7,715/Mo (calc)

    Retail space available in Ithaca's West End commercial corridor.

    Type:Retail
    Property size:
    6,385 SF
    Added:
    Mar 6, 2026
    Days on Market:
    71
    Last Refresh:
    Apr 6 at 12:28 am

    Property Features for 420 & 424 West State Street

    General Information

    Standard status
    Active
    Size
    6,385 SF
    Property subtype
    Retail

    Spaces For Lease

    at 420 & 424 West State Street Contact us

    We can help!

    Listing Contact
    Lisberto Calvo

    Listing agent Lisberto Calvo

    Listing office

    Listing date Mar 6, 2026

    Source Svn

    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 Lisberto Calvo

    HighLights

    • ±6,385 SF retail space available.
    • Flexible layout suitable for retail, service, medical, or food concepts.
    • High traffic location on State Street.
    • Located in Ithaca’s West End, a main commercial corridor.
    • Space can be configured to meet tenant needs.
    • Lease rate of $14.50/SF on a triple net basis.

    Overview

    Approximately 6,385 square feet of retail space is available for lease at 420–424 West State Street at a rate of $14.50 per square foot, on a triple net basis. The space features a flexible layout that can be configured to meet tenant needs, making it suitable for a range of retail, service, medical, or food concepts. The property is situated in Ithaca’s West End, a main commercial corridor and the primary western entrance into Downtown and the Ithaca Commons. This section of State Street experiences consistent daily traffic from Route 79, Taughannock Boulevard, and surrounding neighborhoods heading directly into the downtown core.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office 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
    -76.4925
    Latitude
    42.4395

    Nearby Similar for Lease

    • $45 SF/Yr
      3,980 SF

      Restaurant Space Near Cornell University

      Turnkey restaurant space in Ithaca's Collegetown, near Cornell University.
      409 College Avenue, Ithaca, NY 14850
      View Details
    • $1,200/Mo
      800 SF

      Inviting Commercial Space in Ithaca

      Versatile 800 SF commercial space in vibrant Ithaca Commons.
      148 E State Street, Ithaca, NY 14850
      View Details
    • $10,368/Mo
      10,368 SF

      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
      42,000 SF

      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
      800 SF

      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
      7,137 SF

      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
      43,020 SF

      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
    • Sponsored
      Contact for pricing

      NY, Ithaca - East State St

      125 State St, Ithaca, NY 14850
      View Details
    • $650/Mo
      8,704 SF

      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
      43,020 SF

      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
    • $21 SF/Yr
      1,955-1,955 SF

      Renovated Office Space in Ithaca

      Recently renovated 1955 sq ft office space for lease.
      2415 N Triphammer Rd, 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

    FAQs

    What type of property is this?
    Retail space - Retail space available in Ithaca's West End commercial corridor.
    Where is this retail space located?
    The property is located at 420 & 424 West State Street Ithaca, NY.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: ±6,385 SF retail space available.; Flexible layout suitable for retail, service, medical, or food concepts.; High traffic location on State Street.
    (607) 725-2246
    We can help!
    Listing Contact
    Lisberto Calvo
    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
    420 & 424 West State Street, 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!