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Property profile & analytics
OFF-MARKET
Estimated value
$5,475,000
Office buildings
401 State St Ithaca, NY 14850-4400
Entity Owned
4-yr Hold
Free & Clear
Property ID
US63-6096426
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1995
Total area
47,285 SF
Lot
0.97 ac (42,253 SF)
Zoning code
B-4
APN
500700 69.-6-3.2
UPID
US63-6096426
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
-
Salamone Anna Foster Care Service Social Service Agency
-
Blossom YOGA Gym & Fitness Center
-
GiveGab (Bike/Boat/Book/etc) Store Corporate Office
-
FedEx Drop Box Postal Service Courier Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.57M
Blend (final)
Blend
$5.48M
Owner & transaction history
Jewels Htge Project INC · 4 yrs held
Jewels Htge Project INC
since 2022
4 recorded transactions
Zoning & alternative use
B-4 · Ithaca, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 service commercial facility, club, lodge or private social center, gasoline station, parking garages.
Zone name
Business
General category
COMMERCIAL
Zone area
14.32 ac
Source
Realmo
Top alternative use upside
Commercial (general)
$7.5M
+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
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
OFFICE BUILDING
$7,010,000
Current use
COMMERCIAL (GENERAL)
$7,530,000
Change: +7% · Conversion: Easy
Blend value · Realmo final
$5.48M
Range $4.93M – $6.02M · ±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
$116 / 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
$4,700,000
Assessed 2023
Previous assessed
$4,700,000
+0.0% YoY
Assessed land
$658,000
Assessed improvement
$4,042,000
Land market value
$658,000
Improvement market value
$4,042,000
Total market value
$4,700,000
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
OFFICE BUILDING
Status
Off-Market
Year built
1995
Heating
NONE
Cooling
CENTRAL
Stories
5
Total area
47,285 SF
Lot
0.97 ac (42,253 SF)
Zoning code
B-4
APN
500700 69.-6-3.2
UPID
US63-6096426
Jurisdiction
TOMPKINS
Zoning & alternative use
B-4 · Ithaca, NYZoning B-4 · permitted uses
B-4 · Ithaca, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
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 service commercial facility, club, lodge or private social center, gasoline station, parking garages.
Zone name
Business
General category
COMMERCIAL
Zone area
14.32 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$7.0M
COMMERCIAL (GENERAL)
Est. value
$7.5M
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
1995
Heating
NONE
Cooling
Yes
Stories
5
Lot
0.97 ac
Current owner
From public records · entity-resolved
Jewels Htge Project INC
Entity
Free & Clear · 4 yrs held
Mailing address
PO BOX 6531, ITHACA, NY 14851-6531
Ownership since
2022
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
Mar 10, 2022
—
Jewels Htge Project INC
Gpa Management LLC
Deed
—
Oct 12, 2017
—
Gpa Management LLC
Tompkins County Indl Dev Ag
Grant Deed
related
—
Jul 16, 2015
—
Gpa Management LLC
Tompkins County Indl Dev Age
Grant Deed
related
—
Oct 12, 2007
—
Gpa Management LLC
Gateway Plaza Associates
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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