Character-Rich Flex
New
For Sale
$999,000
815-817 Taber Street, Ithaca, NY 14850
Adaptable commercial property with production areas, finished rooms, and a private courtyard in Ithaca’s West End.
Property Size3,636 SF
Price / SF$274.75
Days on Market3
Property Features for 815-817 Taber Street
General Information
Standard status
Active
Size
3,636 SF
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 280-3339
Listed By:
Kathleen (Kate) Seaman · License #30SE0908346
(607) 280-3339
Source:
Nicholcityrealty
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 4:55PM
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 Warren Real Estate of Ithaca Inc.
Investment Insights
Based on property information with market context.
This 3,636-square-foot flex property at 815-817 Taber Street combines production and workshop areas with multiple finished commercial spaces. Two public-facing rooms, additional display space, and a private courtyard support a range of commercial configurations. The building was constructed with regional architectural salvage and has received preservation awards from Historic Ithaca and the City of Ithaca.
The property is positioned along the Waterfront Trail in Ithaca’s West End, with access to the Ithaca Commons, Cayuga Lake, the Farmers Market, and surrounding restaurants, shops, and businesses. Potential applications identified for the space include restaurant, brewery, distillery, retail, office, gallery, event, wellness, and specialty food uses.
The sale covers the commercial real estate. The winery business, brand, equipment, inventory, licenses, and intellectual property are excluded, though they may be available separately.
The property is positioned along the Waterfront Trail in Ithaca’s West End, with access to the Ithaca Commons, Cayuga Lake, the Farmers Market, and surrounding restaurants, shops, and businesses. Potential applications identified for the space include restaurant, brewery, distillery, retail, office, gallery, event, wellness, and specialty food uses.
The sale covers the commercial real estate. The winery business, brand, equipment, inventory, licenses, and intellectual property are excluded, though they may be available separately.
Key Highlights
- 3,636 SF flex property at 815‑817 Taber Street
- Production and workshop areas plus multiple finished commercial spaces
- Two public‑facing rooms, additional display space, and a private courtyard
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
$47,578
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
4.76%
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%
$951,560
$951.6K
Cap Rate 7%
$679,686
$679.7K
Cap Rate 9%
$528,644
$528.6K
Market Conditions
NOI Build-Up for 3,636 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
$78.5K $21.60/SF
− Vacancy
−$5.3K −$1.47/SF
EGI
$73.2K $20.13/SF
− OpEx
−$25.6K −$7.05/SF
NOI
$47.6K $13.09/SF
Area
Tompkins County, NY
Vacancy
6.80%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
35.00%
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%
$951,560
Cap Rate 7%
$679,686
Cap Rate 9%
$528,644
Alternative Uses
Best Use
Flex RnD
$679.7K
$594.7K – $793.0K
NOI $47,578 @ 7.0% cap · market cap 4.76%
Second Best
Industrial
$321.3K
$281.1K – $374.8K
NOI $22,488 @ 7.0% cap · market cap 2.25%
Theoretical Best
Office A
$1.13M
$992.8K – $1.32M
NOI $79,421 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,041
Businesses Nearby
Balanced
Demand for This Use
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 Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial property with production areas, finished rooms, and a private courtyard in Ithaca’s West End.
Where is this flex space located?
The property is located at 815-817 Taber Street Ithaca, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 3,636 SF flex property at 815‑817 Taber Street; Production and workshop areas plus multiple finished commercial spaces; Two public‑facing rooms, additional display space, and a private courtyard
