Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Ithaca Office Space For Rent Title is generated by Realmo AI

    478 Lower Creek 1-B Road, Ithaca, NY 14850

    View on Map
    Claim this Listing
    For Lease
    $3,400/Mo $0.95 SF/Yr (calc)

    COMMERCIAL - Ithaca, NY

    Property size:
    43,020 SF
    Lot size:
    5.70 Acres
    Added:
    Mar 19, 2026
    Days on Market:
    51
    Last Refresh:
    May 8 at 8:06 pm

    Property Features for 478 Lower Creek 1-B Road

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    Light Indu
    Parking
    6
    Standard status
    Active
    APN
    502489-035-000-0001-035-002-0000
    Size
    43,020 SF
    Lot size
    5.70 Acres

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Forced Air, Natural Gas

    Building Details

    Year built
    1984
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Linoleum, Vinyl
    Roof type
    Metal

    We can help!

    Listing Contact
    John Burruss
    John Burruss

    Listing agent John Burruss License #10401316265

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

    Listing date Mar 19, 2026

    MLS# R1667759

    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

    • High‑visibility location on the corner of Route 13 and Lower Creek Road.
    • 1050 sq. ft. of office space.
    • Includes a large open office area with a counter.
    • Features 4 private offices (approximately 12x12).
    • Heating system: Forced Air, Natural Gas.
    • Durable Metal Roof.

    Overview

    This commercial office space is located at the corner of Route 13 and Lower Creek Road in Ithaca, NY. The available space comprises 1,050 square feet. The layout includes a large, open office area with a counter, along with four additional private offices, each approximately 12x12 in size. The property is zoned for light industrial use and is situated on a 5.7-acre lot. The overall property size is 43,020 square feet.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Map

    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.423527
    Latitude
    42.472632

    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
    • $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
    • Contact for pricing

      Medical Office Building Near Cornell

      8,005 SF medical office space for lease or purchase.
      2432 North Triphammer Road, Ithaca, NY, 14850
      View Details

    FAQs

    What type of property is this?
    Office units - Corner office space with multiple private offices available for rent.
    Where is this office units located?
    The property is located at 478 Lower Creek 1-B Road Ithaca, NY.
    What is the lease rate?
    The lease rate is $3,400 /Mo.
    What are key features of this property?
    This property features: High‑visibility location on the corner of Route 13 and Lower Creek Road.; 1050 sq. ft. of office space.; Includes a large open office area with a counter.
    (239) 887-5953
    We can help!
    Listing Contact
    John Burruss
    John Burruss
    Real Estate License ID: 10401316265
    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
    478 Lower Creek, 1-B Road, 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!