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 Market194
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: Oct 25
Last Checked: Oct 28 at 11:21AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$72,787
Cap Rate
4.85%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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
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
