Mixed-Use Building with Bar
For Sale
$435,000
632 W Seneca Street, Ithaca, NY 14850
Fully leased building combines a ground-floor bar with an upstairs residential apartment.
Property Size3,144 SF
Price / SF$138.36
Days on Market38
Property Features for 632 W Seneca Street
General Information
Standard status
Active
Size
3,144 SF
Property subtype
CommercialSale
Zoning
WEDZ-1A
Occupancy
100%
Additional Details
Multifamily Units
1
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Howard Hanna S Tier Inc
(607) 382-1343
Listed By:
Kelly Ann Skeval
(607) 382-1343
Source:
Nicholcityrealty
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 29 at 9:43PM
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 Howard Hanna S Tier Inc
Investment Insights
Based on property information with market context.
Located at 632 W Seneca Street in Ithaca, this 3,144-square-foot mixed-use building is fully leased with two distinct components. A bar tenant occupies the ground floor, while the upper level contains a residential apartment, creating a combination of commercial and residential occupancy within one property.
The property is positioned in Ithaca’s West End commercial corridor, where the source information reports more than 15,000 cars passing daily. It is zoned WEDZ-1A, or West End District Zone, with development provisions allowing up to five stories. The existing configuration provides an operating mixed-use asset while the zoning supports consideration of future vertical expansion.
The property is positioned in Ithaca’s West End commercial corridor, where the source information reports more than 15,000 cars passing daily. It is zoned WEDZ-1A, or West End District Zone, with development provisions allowing up to five stories. The existing configuration provides an operating mixed-use asset while the zoning supports consideration of future vertical expansion.
Key Highlights
- 3,144‑square‑foot mixed‑use building at 632 W Seneca Street
- Fully leased with a ground‑floor bar tenant and upstairs residential apartment
- Located in Ithaca’s West End commercial corridor
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
$38,565
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
8.87%
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%
$771,300
$771.3K
Cap Rate 7%
$550,929
$550.9K
Cap Rate 9%
$428,500
$428.5K
Market Conditions
NOI Build-Up for 3,144 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
$73.2K $23.28/SF
− Vacancy
−$3.1K −$0.98/SF
EGI
$70.1K $22.30/SF
− OpEx
−$31.6K −$10.04/SF
NOI
$38.6K $12.27/SF
Area
Tompkins County, NY
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$771,300
Cap Rate 7%
$550,929
Cap Rate 9%
$428,500
Alternative Uses
Best Use
Specialty Retail
$580.9K
$508.3K – $677.7K
NOI $40,661 @ 7.0% cap · market cap 9.35%
Second Best
Apartment 5plus
$550.9K
$482.1K – $642.8K
NOI $38,565 @ 7.0% cap · market cap 8.87%
Theoretical Best
Office A
$981.1K
$858.4K – $1.14M
NOI $68,675 @ 7.0% cap · market cap 15.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,358
Businesses Nearby
126k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 63%
Shops & Services 16%
Dining 15%
Home Improvements & Furnishings 5%
Wegmans
Groceries
79,838 visits/mo
0.3 miles
Dunkin' Donuts
Dining
16,965 visits/mo
0.2 miles
Citgo
Shops & Services
9,481 visits/mo
0.1 miles
Ithaca Agway & Ace Hardware
Home Improvements & Furnishings
5,967 visits/mo
0.2 miles
Mobil
Shops & Services
3,721 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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased building combines a ground-floor bar with an upstairs residential apartment.
Where is this mixed-use property located?
The property is located at 632 W Seneca Street 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: 3,144‑square‑foot mixed‑use building at 632 W Seneca Street; Fully leased with a ground‑floor bar tenant and upstairs residential apartment; Located in Ithaca’s West End commercial corridor
