Three-Unit Mixed-Use
New
For Sale
$415,000
528 W Seneca Street, Ithaca, NY 14850
The ground level contains an adaptable retail area, while two one-bedroom apartments occupy the upper floor.
Property Size2,232 SF
Days on Market6
Property Features for 528 W Seneca Street
General Information
Standard status
Active
Size
2,232 SF
Property subtype
Mixed Use
Additional Details
Mixed-Use Components
retail, residential
Taxes and HOA fees
Annual Taxes
$12,103
Amenities
handicap-accessible lift
covered front porch
hardwood floors
built-in shelving
Building Details
Building Size
2,232 SF
Year Built
1975
Buildings
1
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Heritage Realty
Listed By:
Melissa Skodzinsky · License #30SK0987831
(607) 227-2863
Source:
Griffith-realty
Added: Oct 28
Changed: Nov 1
Last Checked: Nov 1 at 3:29PM
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 Berkshire Hathaway HomeServices Heritage Realty
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Investment Insights
Based on property information with market context.
This 1975 mixed-use property contains three units: a ground-floor commercial space and two one-bedroom apartments above. The retail area has an open plan, built-in shelving, and a lift designed for accessibility. Hardwood flooring and a covered porch are additional building features.
At 528 W Seneca Street in Ithaca, the property is near downtown shopping, dining, and other amenities. The ground-floor space may be considered for residential conversion, subject to municipal approvals.
At 528 W Seneca Street in Ithaca, the property is near downtown shopping, dining, and other amenities. The ground-floor space may be considered for residential conversion, subject to municipal approvals.
Key Highlights
- Three‑unit configuration with ground‑floor commercial space and two one‑bedroom apartments upstairs
- Open retail layout with built‑in shelving
- Accessibility lift in the commercial area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,379
Cap Rate
6.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$567,580
$567.6K
Cap Rate 7%
$405,414
$405.4K
Cap Rate 9%
$315,322
$315.3K
Market Conditions
NOI Build-Up for 2,232 SF
Gross rent
$42.3K $18.96/SF
− Vacancy
−$1.8K −$0.80/SF
EGI
$40.5K $18.16/SF
− OpEx
−$12.2K −$5.45/SF
NOI
$28.4K $12.71/SF
Area
Tompkins County, NY
Vacancy
4.20%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$567,580
Cap Rate 7%
$405,414
Cap Rate 9%
$315,322
Alternative Uses
Best Use
Retail
$405.4K
$354.7K – $473.0K
NOI $28,379 @ 7.0% cap · market cap 6.84%
Second Best
Apartment 5plus
$391.1K
$342.2K – $456.3K
NOI $27,378 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$696.5K
$609.4K – $812.6K
NOI $48,754 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The ground level contains an adaptable retail area, while two one-bedroom apartments occupy the upper floor.
Where is this mixed-use property located?
The property is located at 528 W Seneca Street Ithaca, NY.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Three‑unit configuration with ground‑floor commercial space and two one‑bedroom apartments upstairs; Open retail layout with built‑in shelving; Accessibility lift in the commercial area
