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    Ithaca Investment Opportunity For Sale Title is generated by Realmo AI

    508 W State St, Ithaca, NY 14850

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    Commercial property with a 5-year NNN lease in place.

    Type:Mixed Use, Retail
    Property size:
    1,507 SF
    Price / SF:
    $255/SF
    Added:
    Apr 19, 2024
    Days on Market:
    776
    Last Refresh:
    May 12 at 9:23 pm

    Property Features for 508 W State St

    General Information

    Standard status
    Active
    Size
    1,507 SF
    Property subtype
    Mixed Use, Retail

    We can help!

    Listing Contact
    Laura Fiore

    Listing agent Laura Fiore License #NY

    Listing office Warren Real Estate

    Listing date Apr 19, 2024

    Source Crexi

    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

    HighLights

    • 5‑year NNN lease in place, providing immediate income.
    • Prime location near the $18M Iron Works Ithaca development and established businesses (GIMMEE Coffee, Saigon Kitchen, Maru Ramen, State Diner).
    • High traffic location off Route 13 North.
    • Updated infrastructure: heating, air conditioning, 200 AMP electrical service, and plumbing.
    • Zoned B‑2C, offering redevelopment possibilities.
    • Includes land and building.

    Overview

    This commercial property, situated in Ithaca, presents an investment opportunity with a 5-year, NNN lease already in place. The property is located a half block from the Iron Works Ithaca housing and retail development project and is next door to GIMMEE Coffee, Saigon Kitchen, Maru Ramen, and the State Diner. The surrounding area is experiencing significant growth. Currently, the property operates as Dream Grab & Go convenience store, featuring two bathrooms and a storage area. The interior has been freshly painted, and the property includes updated heating and air conditioning, as well as an updated 200 AMP electrical service and plumbing. The property benefits from a high traffic count due to its location off Route 13 North. The property is zoned B-2C, offering possibilities for redevelopment. The sale includes the land and building. The property size is 1507 square feet.

    Local Financial Insights For Specialty Retail

    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 $27.1k $18.00
    − Vacancy −$1.1k −$0.76
    EGI $26.0k $17.24
    − OpEx −$6.5k −$4.31
    NOI $19.5k $12.93
    1,507 SF · lease $18.00/SF/yr · vacancy 4.20% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $278.4K
    $243.6K – $324.8K (±1% cap)
    NOI $19,490 @ 7.0% cap · market cap 5.06%
    Second Best
    Retail
    $273.7K
    $239.5K – $319.4K (±1% cap)
    NOI $19,161 @ 7.0% cap · market cap 4.98%
    Theoretical Best
    Office A
    $470.3K
    $411.5K – $548.6K (±1% cap)
    NOI $32,918 @ 7.0% cap · market cap 8.55%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Similar Places Nearby

    • GreenStar Food Co+op - Dewitt — 215 N Cayuga St, Ithaca, NY 14850
    • Wegmans — 500 S Meadow St, Ithaca, NY 14850

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.5066826
    Latitude
    42.4394921

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    FAQs

    What type of property is this?
    Grocery and convenience store - Commercial property with a 5-year NNN lease in place.
    Where is this grocery and convenience store located?
    The property is located at 508 W State St Ithaca, NY.
    What is the asking price?
    The asking price for this property is $385,000.
    What are key features of this property?
    This property features: 5‑year NNN lease in place, providing immediate income.; Prime location near the $18M Iron Works Ithaca development and established businesses (GIMMEE Coffee, Saigon Kitchen, Maru Ramen, State Diner).; High traffic location off Route 13 North.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Laura Fiore
    Real Estate License ID: NY
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

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

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