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Property profile & analytics
OFF-MARKET
Estimated value
$625,000
Sports & entertainment properties
241 Cherry St Ithaca, NY 14850
Entity Owned
13-yr Hold
Free & Clear
Property ID
US63-2375742
Property profile
Verified
Property type
Sports & entertainment properties
Use group
RECREATIONAL, ENTERTAINMENT
Year built
2014
Total area
10,384 SF
Lot
1 ac (43,560 SF)
Zoning code
I-1
APN
500700 96.-2-1.22
UPID
US63-2375742
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
-
Pallas Fitness Gym & Fitness Center
-
PERFORMANCE-RX Gym & Fitness Center
-
Urban Physical Therapy Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$625k
Owner & transaction history
Evaporated Metal Films Corp · 13 yrs held
Evaporated Metal Films Corp
since 2012
2 recorded transactions
Zoning & alternative use
I-1 · 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RECREATIONAL/ENTERTAINMENT (GENERAL)
$985,000
Current use
COMMERCIAL (GENERAL)
$980,000
Change: -1% · Conversion: Difficult
AUTO REPAIR, GARAGE
$880,000
Change: -10% · Conversion: Difficult
Blend value · Realmo final
$625k
Range $563k – $688k · ±10%
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
$60 / 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
$800,000
Assessed 2023
Previous assessed
$800,000
+0.0% YoY
Assessed land
$180,000
Assessed improvement
$620,000
Land market value
$180,000
Improvement market value
$620,000
Total market value
$800,000
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
Sports & entertainment properties
Use group
RECREATIONAL, ENTERTAINMENT
Status
Off-Market
Year built
2014
Heating
NONE
Cooling
CENTRAL
Buildings
1
Stories
1
Total area
10,384 SF
Lot
1 ac (43,560 SF)
Zoning code
I-1
APN
500700 96.-2-1.22
UPID
US63-2375742
Jurisdiction
TOMPKINS
Zoning & alternative use
I-1 · Ithaca, NY
Zoning I-1 · permitted uses
I-1 · 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
RECREATIONAL/ENTERTAINMENT (GENERAL) Current
Est. value
$985,000
COMMERCIAL (GENERAL)
Est. value
$980,000
AUTO REPAIR, GARAGE
Est. value
$880,000
RECREATIONAL/ENTERTAINMENT (GENERAL) Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
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
2014
Heating
NONE
Cooling
Yes
Stories
1
Buildings
1
Lot
1 ac
Current owner
From public records · entity-resolved
Evaporated Metal Films Corp
Entity
Free & Clear · 13 yrs held
Mailing address
179 GRAHAM RD STE A, ITHACA, NY 14850-1141
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 7, 2012
$34,000
Evaporated Metal Films Corp
Ithaca Urban Renewal Agcy
Grant Deed
—
Dec 7, 2012
$122,500
Mad4cherry LLC
Evaporated Metal Films Co
Grant 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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