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    420 State St Ithaca, NY 14850

    Sponsored
    For Sale
    $795,000

    Prime Ithaca location, 9,752 SF, redevelopment potential.

    Property size:
    9,752 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional mixed-use investment opportunity encompasses two commercial buildings totaling 9,752 square feet on a 0.30-acre lot in Ithaca, New York's vibrant West End Business District. Located at 420-424 W. State Street, this Class B property currently boasts 100% occupancy with a lease expiring May 31, 2024. The asking price is $795,000, translating to $81.52 per square foot. The property features two two-story buildings and benefits from Commercial Mixed-Use zoning, permitting development up to five stories. This presents a significant redevelopment opportunity, especially considering the potential to acquire the adjacent property at 416 W. State Street to expand the developable footprint. The property's prime location is a short walk from Ithaca Commons and near Ironworks Ithaca, a recently completed five-story mixed-use building with residential and retail space. Tax Map numbers are 71-1-18 & 71-1-19.2. This is an ideal investment for those seeking to capitalize on Ithaca's thriving downtown area and its potential for future growth.

    Property Features for 420 State St

    General Information

    Property type
    Individual retail properties
    Square Feet
    9,752 SF
    Class
    B

    Building Details

    Buildings
    2
    Stories
    2
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Realty agency Law Firm Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Building Supply Clothing Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.504876
    Latitude
    42.439631

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    FAQs

    What type of property is this?
    Individual retail property - Prime Ithaca location, 9,752 SF, redevelopment potential.
    Where is this individual retail property located?
    The property is located at 420 State St Ithaca, NY.
    What is the asking price?
    The asking price for this property is $795,000.
    Request Owner's contact information
    420 State St Ithaca, NY 14850
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    Ithaca, NY 14850
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    420 State St Ithaca, NY 14850
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