Multi-Tenant Business
For Sale
Contact for pricing
950 Danby Rd, Ithaca, NY 14850
Large, 95.5% occupied campus with surface parking, shared docks, and a tenant mix of office and light industrial spaces.
Property Size284,591 SF
Lot Size56.00 Acres
Price / SF$72.91
Days on Market172
Property Features for 950 Danby Rd
General Information
Standard status
Active
Size
284,591 SF
Net Rentable
212,192 SF
Total Parking Spaces
1200
Lot size
56.00 Acres
Property subtype
INDUSTRIAL
Occupancy
96%
Additional Details
Public Transit
Yes
Dock-High Doors
10
Amenities
TCAT bus stop
Building Details
Buildings
1
Building Size
284,591 SF
Tenancy
Multi
Listing Agency:
CBRE | Syracuse
(315) 380-7322
Listed By:
Mark Rupprecht · License #30RU1016227
(315) 380-7322
Source:
Moodyscre
Added: Feb 25
Changed: Aug 10
Last Checked: Aug 10 at 3:07AM
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 CBRE | Syracuse
Investment Insights
Based on property information with market context.
This large-scale, multi-tenant commercial campus is a highly stabilized asset offering a mix of office, light industrial, laboratory, creative, and service-oriented spaces. The property includes a 284,591-square-foot building (including butler building and monitor storage) with suites sized from small studios to large floor plates, providing flexibility for different operational layouts. As of the offering date, the campus is 95.5% occupied and includes provisions for shared shipping and receiving with 10 shared docks and forklift availability.
On-site access is supported by surface parking lots with 1,200 spaces. A Tompkins City Area Transit (TCAT) bus stop is also located on site, supporting convenient transit access for tenants and visitors.
The asset currently features 154 tenants across the campus, and interested parties may schedule tours with the CBRE Upstate NY listing team with a minimum of 48 hours advance notice, subject to availability.
On-site access is supported by surface parking lots with 1,200 spaces. A Tompkins City Area Transit (TCAT) bus stop is also located on site, supporting convenient transit access for tenants and visitors.
The asset currently features 154 tenants across the campus, and interested parties may schedule tours with the CBRE Upstate NY listing team with a minimum of 48 hours advance notice, subject to availability.
Key Highlights
- 154 tenants in a 212,192 rentable SF multi‑tenant commercial campus known as South Hill Business Campus (SHBC).
- 95.5% occupied as of the offering date with a diversified mix of office, light industrial, laboratory, creative, and service‑oriented spaces.
- ±284,591 SF building on 156 acres, including butler building and monitor storage.
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
$1,760,125
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
8.48%
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%
$35,202,500
$35.2M
Cap Rate 7%
$25,144,643
$25.1M
Cap Rate 9%
$19,556,944
$19.6M
Market Conditions
NOI Build-Up for 284,591 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
$2.70M $9.48/SF
− Vacancy
−$183.5K −$0.64/SF
EGI
$2.51M $8.84/SF
− OpEx
−$754.3K −$2.65/SF
NOI
$1.76M $6.18/SF
Area
Tompkins County, NY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
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%
$35,202,500
Cap Rate 7%
$25,144,643
Cap Rate 9%
$19,556,944
Alternative Uses
Best Use
Office B
$67.36M
$58.94M – $78.58M
NOI $4,714,876 @ 7.0% cap · market cap 22.72%
Second Best
Flex RnD
$53.20M
$46.55M – $62.07M
NOI $3,723,953 @ 7.0% cap · market cap 17.95%
Theoretical Best
Office A
$88.80M
$77.70M – $103.61M
NOI $6,216,342 @ 7.0% cap · market cap 29.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Dock-high doors
95.5%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
507
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Large, 95.5% occupied campus with surface parking, shared docks, and a tenant mix of office and light industrial spaces.
Where is this flex space located?
The property is located at 950 Danby Rd Ithaca, NY.
What is the asking price?
The asking price for this property is $20,750,000.
What are key features of this property?
This property features: 154 tenants in a 212,192 rentable SF multi‑tenant commercial campus known as South Hill Business Campus (SHBC).; 95.5% occupied as of the offering date with a diversified mix of office, light industrial, laboratory, creative, and service‑oriented spaces.; ±284,591 SF building on 156 acres, including butler building and monitor storage.
