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    Property profile & analytics

    40 Catherwood Rd Ithaca, NY 14850

    • Community centers
    • 124,650 SF
    • 10.35 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0457774
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Spencers / T-Shirt Store / Clothing Store
    • Shoe Dept. / Fashion Accessories Store / Shoe Store
    • Subway / Sandwich Shop / Caterer
    • Shops at Ithaca / Shopping Mall
    • Photo Booths / Wedding Photographer

    Property Details for 40 Catherwood Rd

    Year built
    2002
    Lot size
    10.35 lot acres
    Property size
    124,650 SF
    Property type
    Community centers
    APN
    503201 47.1-1-24
    APU
    503201471124

    Description

    The Shops at Ithaca offers a unique opportunity to lease retail or industrial space in a thriving Tompkins County location. This multi-tenant property, built in 1976, boasts a total of 622,920 square feet, with 313,318 square feet currently available. Units range from a minimum of 10,974 square feet to a maximum contiguous space of 130,680 square feet, providing flexibility for various business needs. The property features attractive 16-foot clear ceiling heights, ample parking, and convenient access to at-grade overhead doors and loading bays, ideal for efficient operations. Situated at 40 Catherwood Rd, Ithaca, NY 14850, this property benefits from its strategic location within a major retail corridor, anchored by prominent national brands such as Target, Regal Cinemas, Best Buy, Planet Fitness, and Old Navy. The Shops at Ithaca is also adjacent to a significant medical facility redevelopment project by Cayuga Health, further enhancing the area's vibrancy. The surrounding area offers a robust mix of retail, restaurants, and other amenities, including Cayuga Mall and several popular dining establishments. This prime location in the heart of North Ithaca, near the intersection of State Route 13 and North Triphammer Road, provides excellent visibility and accessibility for businesses seeking a strong presence in this dynamic market. The property's five suites offer a variety of options for businesses of all sizes.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $785,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,823,000
      Market price range: $904k - $2.78M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $2,080,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.4903
    Latitude
    42.4852
    CBSA code
    27060
    CBSA name
    ITHACA, NY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2019
    $73,151
    $1,354,000
    $6,346,000
    $7,700,000
    -
    $1,354,000
    $6,346,000
    $7,700,000

    Comparable in this City

    • Value Estimation
      $1,030,000
      97,230 SF

      410 Elmira Rd

      MINI-MALL • 97,230 SF
      410 Elmira Rd, Ithaca, NY 14850-8760
      View Details
    • Value Estimation
      $1,280,000
      134,574 SF

      130 Fairgrounds Memorial Pkwy

      MINI-MALL • 134,574 SF
      130 Fairgrounds Memorial Pkwy, Ithaca, NY 14850-5363
      View Details
    • Value Estimation by Request
      13,476 SF

      720 Mdw St

      MINI-MALL • 13,476 SF
      720 Mdw St, Ithaca, NY 14850-5361
      View Details
    • Value Estimation
      $1,745,000
      191,292 SF

      135 Fairgrounds Memorial Pkwy

      MINI-MALL • 191,292 SF
      135 Fairgrounds Memorial Pkwy, Ithaca, NY 14850-5362
      View Details
    • Value Estimation
      $1,110,000
      89,664 SF

      40 Graham W Rd

      MINI-MALL • 89,664 SF
      40 Graham W Rd, Ithaca, NY 14850-1055
      View Details
    • Value Estimation by Request
      13,869 SF

      903 Hanshaw Rd

      SHOPPING CENTER, STRIP CENTER • 13,869 SF
      903 Hanshaw Rd, Ithaca, NY 14850-1530
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Ithaca Flower Shop Business

      Established Florist, Prime Location
      903 Hanshaw Rd, Ithaca, NY 14850
      View Details
    • $2,000,000
      10,193 SF

      Prime Ithaca Commercial Corner Property

      Fully leased commercial property in Ithaca's desirable Fall Creek neighborhood.
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      622,920 SF

      Ithaca Retail Space For Sale

      Large retail spaces with parking, loading bays, and easy access.
      40 Catherwood Rd, Ithaca, NY 14850
      View Details
    • $3,495,000
      3,318 SF

      Ithaca Retail Investment Opportunity

      High-Traffic Convenience Store & Gas Station
      600 Fulton St, Ithaca, NY 14850
      View Details
    • Contact for pricing
      11,000 SF

      Ithaca Retail Redevelopment Opportunity

      Big box spaces, prime Ithaca location.
      40 Catherwood Rd, Ithaca, NY 14850
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    • $995,000
      6,488 SF

      Ithaca Event Center - $995K

      Prime Event Venue, 6,488 SF, 12 Acres
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    Similar Nearby for Lease

    • $15 SF/Yr
      158,959 SF

      Community Shopping Center Retail Space

      Community shopping center with retail, restaurant, and office spaces.
      2255 Triphammer Rd North, Ithaca, NY 14850
      View Details
    • $15 SF/Yr
      158,959 SF

      Community Shopping Center Retail Space

      Community shopping center with retail, restaurants, services, and medical offices.
      2255 Triphammer Rd North, Ithaca, NY 14850
      View Details
    • $15 SF/Yr
      158,959 SF

      Community Shopping Center Retail Space

      Retail space in a community shopping center with ample parking.
      2255 Triphammer Rd North, Ithaca, NY 14850
      View Details
    • Contact for pricing
      4,900 SF

      Retail Space in Ithaca Plaza

      Retail space available in a busy Ithaca shopping center.
      722 S Meadow St, Ithaca, NY 14850
      View Details
    • Contact for pricing
      3,155 SF

      Retail Space in Cayuga Center

      Available retail spaces in a large shopping center.
      2309 N Triphammer Rd, Ithaca, NY 14850
      View Details
    • Contact for pricing
      622,187 SF

      Ithaca Mall Retail Space Available

      Prime Ithaca retail space, multiple units.
      40 Catherwood Rd, Ithaca, NY 14850
      View Details
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    40 Catherwood Rd
    Ithaca, NY 14850
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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