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 Market102
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
(315) 569-2254
Listed By:
Andrew Gearhart
(315) 569-2254
Source:
Moodyscre
Added: Apr 20
Changed: Jul 30
Last Checked: Jul 30 at 9:08AM
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 For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $159.4k | $28.32 |
| − Vacancy | −$35.1k | −$6.23 |
| EGI | $124.3k | $22.09 |
| − OpEx | −$31.1k | −$5.52 |
| NOI | $93.2k | $16.57 |
5,628 SF · lease $28.32/SF/yr · vacancy 22.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.33M
$1.17M – $1.55M
NOI $93,240 @ 7.0% cap · market cap 6.22%
Second Best
Specialty Retail
$1.04M
$909.8K – $1.21M
NOI $72,787 @ 7.0% cap · market cap 4.85%
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
Current Use
Lease Details
Yes
Paved road access
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?
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
