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Property profile & analytics
OFF-MARKET
Estimated value
$515,000
Office buildings
233 Albany St Ithaca, NY 14850-5403
Individually Owned
2-yr Hold
Free & Clear
Property ID
US63-2795354
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1890
Total area
2,200 SF
Lot
0.18 ac (7,725 SF)
Zoning code
R-3A
APN
500700 80.-9-8
UPID
US63-2795354
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
-
Dr. Anna H. Matusiewicz, MD Physician
-
Elizabeth A. Hales, NP Physician
-
Sirlin-Rand Joyce Medical Clinic
-
Linda Hopkins LCSW-R Foster Care Service Social Service Agency
-
Barbara Wood Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$515k
CAP Approach
CAP
$600k
Comparable Approach
Comparable
$411k
Blend (final)
Blend
$515k
Owner & transaction history
Neha Khanna · 2 yrs held
Neha Khanna
since 2024
Last sale
$512,500
4 recorded transactions
Zoning & alternative use
R-3A · Ithaca, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$350,000
+7.4%
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
$515,000
ML approach
$515,000
CAP Approach
CAP Return
Estimation
6%
$650,000
6.5%
$600,000
7%
$555,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$325,000
Current use
COMMERCIAL (GENERAL)
$350,000
Change: +7% · Conversion: Easy
Blend value · Realmo final
$515k
Range $464k – $567k · ±10% · vs last sale $513k (May 28 2024)
Last sale anchor
$513k
May 28 2024
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
$234 / 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
$350,000
Assessed 2023
Previous assessed
$350,000
+0.0% YoY
Assessed land
$50,000
Assessed improvement
$300,000
Land market value
$50,000
Improvement market value
$300,000
Total market value
$350,000
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
Office buildings
Use group
PROFESSIONAL BUILDING
Status
Off-Market
Year built
1890
Heating
CENTRAL
Buildings
1
Stories
1
Bathrooms
2
Total area
2,200 SF
Lot
0.18 ac (7,725 SF)
Zoning code
R-3A
APN
500700 80.-9-8
UPID
US63-2795354
Jurisdiction
TOMPKINS
Zoning & alternative use
R-3A · Ithaca, NY
Zoning R-3A · permitted uses
R-3A · 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
OFFICE BUILDING Current
Est. value
$325,000
COMMERCIAL (GENERAL)
Est. value
$350,000
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
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
1890
Heating
CENTRAL
Stories
1
Buildings
1
Bathrooms
2
Lot
0.18 ac
Current owner
From public records · entity-resolved
Neha Khanna
Individual
Free & Clear · 2 yrs held
Mailing address
228 S GENEVA ST, ITHACA, NY 14850-5416
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 28, 2024
—
Neha Khanna
Rosa Indica LLC
Quit Claim Deed
related
—
Sep 1, 2023
$512,500
Rosa Indica LLC
233 Albany LLC
Warranty Deed
—
May 14, 2018
$156,297
233 Albany LLC
Lovejoy,joan
Grant Deed
—
May 14, 2018
—
233 Albany LLC
Mack,linda T
Quit Claim Deed
related
—
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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