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Property profile & analytics
OFF-MARKET
Estimated value
$635,000
Investment properties
121 Buffalo St Ithaca, NY 14850-4094
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US63-2115511
Property summary
AI-generated overview
This exceptional 2,573-square-foot executive office space is located at 121 E Buffalo St in Ithaca, NY, within Tompkins County's vibrant Central Business District (CBD). The single-tenant building, constructed in 1975, offers three floors and encompasses a formal entryway, five spacious offices, two meeting rooms, and three bathrooms. The flexible layout allows for customization to meet diverse business needs. Ample storage is available throughout the building. Two off-street parking spaces are included. The property sits on a 0.09-acre lot and is zoned CBD-60. Its convenient location provides easy access to a variety of amenities, including restaurants, cafes, and shops. The building's APN is 500700-061-000-0005-004-000-0000. This property presents a unique opportunity for a business seeking a prestigious and well-appointed office space in a thriving downtown setting. The entire 2,573 square feet is currently vacant.
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1975
Total area
2,554 SF
Lot
0.09 ac (4,012 SF)
Zoning code
CBD-60
APN
500700 61.-5-4
UPID
US63-2115511
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Patte Jr George D Law Firm
-
Consumer Marketing Services Title Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$610k
CAP Approach
CAP
$405k
Comparable Approach
Comparable
$664k
Blend (final)
Blend
$635k
Owner & transaction history
121 E Buffalo LLC · 3 yrs held
121 E Buffalo LLC
since 2023
Last sale
$630,000
3 recorded transactions
Zoning & alternative use
CBD-60 · Ithaca, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Ithaca submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ithaca submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$635,000
ML approach
$610,000
CAP Approach
CAP Return
Estimation
6%
$440,000
6.5%
$405,000
7%
$380,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$405,000
Current use
Blend value · Realmo final
$635k
Range $572k – $699k · ±10% · vs last sale $630k (Mar 16 2023)
Last sale anchor
$630k
Mar 16 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$249 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Assessed value
$480,000
Assessed 2023
Previous assessed
$480,000
+0.0% YoY
Assessed land
$60,000
Assessed improvement
$420,000
Land market value
$60,000
Improvement market value
$420,000
Total market value
$480,000
Applied tax rate
500,700.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
1975
Heating
NONE
Buildings
1
Stories
2
Total area
2,554 SF
Lot
0.09 ac (4,012 SF)
Zoning code
CBD-60
APN
500700 61.-5-4
UPID
US63-2115511
Jurisdiction
TOMPKINS
Zoning & alternative use
CBD-60 · Ithaca, NY
Zoning CBD-60 · permitted uses
CBD-60 · Ithaca, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Ithaca. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$405,000
COMMERCIAL (GENERAL) Current
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1975
Heating
NONE
Stories
2
Buildings
1
Lot
0.09 ac
Current owner
From public records · entity-resolved
121 E Buffalo LLC
Entity
Mailing address
222 GERMAN CROSS RD, ITHACA, NY 14850-6032
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 16, 2023
$630,000
121 E Buffalo LLC
Cornerstone Prop Itha LLC
Warranty Deed
$598,500 · Corstone Properties O
Sep 24, 2020
—
Kirsten B L Miller
Gundula D Lee
Quit Claim Deed
related
—
Jan 7, 2015
$482,500
Cornerstone Properties Of
Patte,george
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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