Property profile

158 State St Ithaca, NY 14850

FOR SALE
Investment properties
Property ID
US63-2834508
5,336 SF 0.03 ac lot Built 1980
Entity Owned 4-yr Hold Free & Clear
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For Sale
$1,845,000 5,336 SF
158 State St, Ithaca, NY 14850
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Property summary

AI-generated overview

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.

Property profile

Verified
Property type Investment properties
Use group OFFICE/RESIDENTIAL (MIXED USE)
Year built 1980
Total area 5,336 SF
Lot 0.03 ac (1,357 SF)
Zoning code CBD-60
APN 500700 70.-2-14
UPID US63-2834508

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • (Bike/Boat/Book/etc) Store

Location

158 State St Ithaca, NY 14850
Ithaca metro Census 100 ITHACA, NY METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
$850k
Comparable Approach Comparable
$681k
Blend (final) Blend
$745k

Owner & transaction history

since 2022
1 recorded transaction
2022
Price N/A

Zoning & alternative use

CBD-60 · Ithaca, NY
Zoning description

The purpose of this zoning district is to provide one family detached dwelling, two family dwelling, multi family, church and related building, funeral home or mortuary, business or professional office, retail store or s…

General category COMMERCIAL

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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