Class A Net-Leased Office
798 Cascadilla St Ithaca, NY 14850
798 Cascadilla St, Ithaca, NY, 14850
$3,600,000
For Sale
$3,600,000
Fully leased, net-leased Class A office building with NNN tenants including legal, engineering, and fitness.
Property Size18,271 SF
Price / SF$197.03
Days on Market110
Property Features for 798 Cascadilla St
General Information
- Standard status
- Active
- Size
- 18,271 SF
Listing agency
Howard Hanna S Tier Inc
(607) 342-2148
Listed by
Kyle Steele
(607) 342-2148
Source
Exprealty
Added: Apr 3 Updated: Jul 20 at 7:08PM Checked: Jul 20 at 7:08PM
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.
798 Cascadilla Street is a Class A professional office asset that is 100% occupied and operated under net lease (NNN) structures. The tenant mix includes a legal practice, an established engineering firm, and a high-end fitness studio. The building is described as meticulously maintained and in impeccable condition.
The property is positioned adjacent to the Cayuga Inlet and offers direct access to the Cayuga Waterfront Trail. Nearby context includes Cayuga Medical Center’s new specialist office facility and a recently completed 141-unit multifamily development. 798 Cascadilla Street also sits within the Carpenter Business Park corridor. Access and visibility are supported by connectivity to State Route 13, which the remarks note carries an excess of 20,000 vehicles per day based on NYS DOT traffic counts near Cascadilla Street.
The property is positioned adjacent to the Cayuga Inlet and offers direct access to the Cayuga Waterfront Trail. Nearby context includes Cayuga Medical Center’s new specialist office facility and a recently completed 141-unit multifamily development. 798 Cascadilla Street also sits within the Carpenter Business Park corridor. Access and visibility are supported by connectivity to State Route 13, which the remarks note carries an excess of 20,000 vehicles per day based on NYS DOT traffic counts near Cascadilla Street.
Key Highlights
- 100% occupied, fully leased net‑leased Class A professional office building
- NNN tenant mix includes a legal practice, an established engineering firm, and a high‑end fitness studio
- Building is maintained in impeccable condition, reflecting institutional‑grade ownership and care
Local 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 | $517.4k | $28.32 |
| − Vacancy | −$113.8k | −$6.23 |
| EGI | $403.6k | $22.09 |
| − OpEx | −$100.9k | −$5.52 |
| NOI | $302.7k | $16.57 |
18,271 SF · lease $28.32/SF/yr · vacancy 22.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$4.32M
$3.78M – $5.04M
NOI $302,699 @ 7.0% cap · market cap 8.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.70M
$4.99M – $6.65M
NOI $399,095 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
FLX Fitclub
Gym & Fitness Center
BCA Architects & Engineers
Architecture Firm
Coughlin & Gerhart, LLP
Law Firm
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Fully leased, net-leased Class A office building with NNN tenants including legal, engineering, and fitness.
Where is this office building located?
The property is located at 798 Cascadilla St Ithaca, NY.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: 100% occupied, fully leased net‑leased Class A professional office building; NNN tenant mix includes a legal practice, an established engineering firm, and a high‑end fitness studio; Building is maintained in impeccable condition, reflecting institutional‑grade ownership and care
