Bank Branch Building with
For Sale
Contact for pricing
602 W State St, Ithaca, NY 14850
Built out as a bank branch and office space with drive-thru service and on-site parking at a downtown corner location.
Property Size5,628 SF
Price / SF$266.52
Days on Market149
Property Features for 602 W State St
General Information
Standard status
Active
Size
5,628 SF
Property subtype
RETAIL
Additional Details
Road Access
Yes
Building Details
Buildings
1
Building Size
5,628 SF
Listing Agency:
CBRE | Rochester
(585) 240-8080
Listed By:
Andrew Gearhart · License #NY10401306048
(315) 569-2254
Source:
Moodyscre
Added: Apr 20
Changed: Sep 13
Last Checked: Sep 15 at 7:20AM
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 CBRE | Rochester
Investment Insights
Based on property information with market context.
This 5,628 square foot commercial property is currently built out for use as a bank branch and office space. The building is arranged to support both customer-facing activity and office use, with a drive-thru feature to serve vehicles directly on-site.
Located in Downtown Ithaca at the corner of W State Street and N Meadows Street, the property provides strong street-front exposure. There is an on-site parking lot available for employees and customers, and the location is described as high traffic. The address is also within walking distance to The Ithaca Commons and numerous restaurants and services.
For tenants or buyers seeking a downtown banking-oriented facility, the combination of street-front presence, drive-thru functionality, and on-site parking supports a range of customer service and office configurations.
Located in Downtown Ithaca at the corner of W State Street and N Meadows Street, the property provides strong street-front exposure. There is an on-site parking lot available for employees and customers, and the location is described as high traffic. The address is also within walking distance to The Ithaca Commons and numerous restaurants and services.
For tenants or buyers seeking a downtown banking-oriented facility, the combination of street-front presence, drive-thru functionality, and on-site parking supports a range of customer service and office configurations.
Key Highlights
- 5,628 square foot commercial property built out for a bank branch and office space
- Drive‑thru service feature
- Excellent street‑front exposure at the corner of W State Street and N Meadows Street
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
$72,787
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
4.85%
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%
$1,455,740
$1.5M
Cap Rate 7%
$1,039,814
$1.0M
Cap Rate 9%
$808,744
$808.7K
Market Conditions
NOI Build-Up for 5,628 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
$101.3K $18.00/SF
− Vacancy
−$4.3K −$0.76/SF
EGI
$97.0K $17.24/SF
− OpEx
−$24.3K −$4.31/SF
NOI
$72.8K $12.93/SF
Area
Tompkins County, NY
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,455,740
Cap Rate 7%
$1,039,814
Cap Rate 9%
$808,744
Alternative Uses
Best Use
Specialty Retail
$1.04M
$909.8K – $1.21M
NOI $72,787 @ 7.0% cap · market cap 4.85%
Second Best
Retail
$1.02M
$894.5K – $1.19M
NOI $71,558 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $122,933 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,189
Businesses Nearby
154k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 52%
Dining 24%
Shops & Services 20%
Home Improvements & Furnishings 4%
Wegmans
Groceries
79,838 visits/mo
0.3 miles
Chili's Grill & Bar
Dining
17,497 visits/mo
0.5 miles
Dunkin' Donuts
Dining
16,965 visits/mo
0.1 miles
Sunoco
Shops & Services
9,537 visits/mo
0.5 miles
Citgo
Shops & Services
9,481 visits/mo
0.2 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Bank - Built out as a bank branch and office space with drive-thru service and on-site parking at a downtown corner location.
Where is this bank located?
The property is located at 602 W State St Ithaca, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 5,628 square foot commercial property built out for a bank branch and office space; Drive‑thru service feature; Excellent street‑front exposure at the corner of W State Street and N Meadows Street
