158 State St Ithaca, NY 14850-5542
- Investment properties
- 5,336 SF
- 0.03 lot acres
Jul 19, 2022
Current Use by Public Records
- American Crafts by Robbie Dein / Gift Shop / Art Gallery
Property Details for 158 State St
- Year built
- 1980
- Lot size
- 0.03 lot acres
- Property size
- 5,336 SF
- Zone code
- CBD-60
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 500700 70.-2-14
- APU
- 50070070214
Description
This exceptional business opportunity presents the chance to acquire American Crafts by Robbie Dein, a highly respected and long-standing (52 years) gift store and gallery situated in a landmark building on the vibrant Ithaca Commons. Boasting a diverse customer base spanning local, national, and international clientele, this business offers a unique blend of physical retail and a thriving online presence. The sale includes all equipment, furnishings, and fixtures, providing a turnkey operation for the new owner. Inventory is available for separate purchase. A comprehensive financial package is available upon execution of a non-disclosure agreement (NDA). The current owner is committed to providing transitional training to ensure a smooth handover. This well-established business benefits from a long-term lease with favorable terms. Note that the building itself is also available for separate purchase. Accompanying marketing materials, including a sales flyer and video, further highlight the exceptional attributes of this opportunity. This is a rare chance to own a piece of Ithaca's rich history and a thriving, profitable business. The business's strong reputation and established customer base provide a solid foundation for continued success and growth. Don't miss this opportunity to own a piece of Ithaca's legacy. The 1,670 square foot space is ideally located for maximum visibility and foot traffic.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $920,000
- 6.5%
- $850,000
- 7%
- $790,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $680,000
Market price range: $257k - $762k -
Alternative Use
- Use
- Estimation
- COMMERCIAL (GENERAL)
- $850,000 Current use
- OFFICE BUILDING
- $790,000 Change: -7% Conversion: Easy
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Location Insight
- Map
- Local Demand
- City
- Ithaca
- County
- Tompkins
- State
- New York
- Longitude
- -76.497
- Latitude
- 42.4398
- CBSA code
- 27060
- CBSA name
- ITHACA, NY METROPOLITAN STATISTICAL AREA