Ithaca Mixed-Use Commercial
For Sale
Contact for pricing
528 W Seneca St, Ithaca, NY 14850
Two-story, three-unit mixed-use building in Ithaca's West End.
Property Size3,552 SF
Price / SF$122.47
Days on Market183
Property Features for 528 W Seneca St
General Information
Standard status
Active
Size
3,552 SF
Property subtype
Multifamily, Mixed Use
Zoning
WEDZ-1B
Building Details
Stories
2
Units
3
Listing Agency:
Pyramid Brokerage Company, Inc
(607) 227-7558
Listed By:
David Huckle · License #NY 10401231043
Source:
Crexi
Added: Feb 11
Changed: Aug 11
Last Checked: Aug 12 at 12:31PM
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 Pyramid Brokerage Company, Inc
Investment Insights
Based on property information with market context.
This is a mixed-use, two-story commercial building featuring three units, situated in the West End of Ithaca, just off the Commercial Corridor. The property includes office or retail space on the ground floor, complemented by two apartments located on the second floor. It is offered as part of a package with two adjacent commercial properties: a newly constructed two-story duplex and a five-unit apartment building. The property has a size of 3552 square feet.
Key Highlights
- Mixed‑use commercial building with retail/office space and two apartments.
- Located in Ithaca's West End, near the Commercial Corridor.
- Part of a package deal with two adjacent commercial properties.
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
$36,763
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
8.45%
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%
$735,260
$735.3K
Cap Rate 7%
$525,186
$525.2K
Cap Rate 9%
$408,478
$408.5K
Market Conditions
NOI Build-Up for 3,552 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
$63.9K $18.00/SF
− Vacancy
−$5.1K −$1.44/SF
EGI
$58.8K $16.56/SF
− OpEx
−$22.1K −$6.21/SF
NOI
$36.8K $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%
$735,260
Cap Rate 7%
$525,186
Cap Rate 9%
$408,478
Alternative Uses
Best Use
Office B
$840.7K
$735.6K – $980.8K
NOI $58,847 @ 7.0% cap · market cap 13.53%
Second Best
Retail
$645.2K
$564.5K – $752.7K
NOI $45,162 @ 7.0% cap · market cap 10.38%
Theoretical Best
Office A
$1.11M
$969.8K – $1.29M
NOI $77,587 @ 7.0% cap · market cap 17.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,189
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?
Mixed-use property - Two-story, three-unit mixed-use building in Ithaca's West End.
Where is this mixed-use property located?
The property is located at 528 W Seneca St Ithaca, NY.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Mixed‑use commercial building with retail/office space and two apartments.; Located in Ithaca's West End, near the Commercial Corridor.; Part of a package deal with two adjacent commercial properties.
