Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    402 Albany St Ithaca, NY 14850-5408

    • Investment properties
    • 4,216 SF
    • 0.11 lot acres
    OFF-MARKET
    Last Sale
    Apr 28, 2023
    $575,000
    Value Estimations
    $660,000
    Show details
    Cap Rate Potential
    7.5%
    Investment properties
    Location Intelligence
    Property ID
    US63-0017873
    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

    • Lake View Mental Health Services / Mental Health Service

    Property Details for 402 Albany St

    Year built
    1980
    Lot size
    0.11 lot acres
    Property size
    4,216 SF
    Zone code
    R-3A
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    500700 93.-1-10
    APU
    50070093110

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $580,000
      ML approach
      $560,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $725,000
      6.5%
      $670,000
      7%
      $625,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $877,000
      Market price range: $377k - $1.10M
      AI Estimate
      $519,000
      Market price range: $203k - $602k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $670,000
      Current use
      OFFICE BUILDING
      $625,000
      Change: -7% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.5018
    Latitude
    42.4354
    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
    2023
    $0.00
    $15,200
    $499,800
    $515,000
    -
    $15,200
    $499,800
    $515,000

    Comparable in this City

    • Value Estimation
      $340,000
      19,986 SF

      108 State St, Unit 14

      OFFICE/RESIDENTIAL (MIXED USE) • 19,986 SF
      108 State St, Ithaca, NY 14850-5542
      View Details
    • Value Estimation
      $435,000
      14,150 SF

      115 Cayuga St, Unit 21

      OFFICE/RESIDENTIAL (MIXED USE) • 14,150 SF
      115 Cayuga St, Ithaca, NY 14850-5507
      View Details
    • Value Estimation
      $400,000
      8,784 SF

      123 Cayuga St

      OFFICE/RESIDENTIAL (MIXED USE) • 8,784 SF
      123 Cayuga St, Ithaca, NY 14850-5582
      View Details
    • Value Estimation
      $300,000
      5,336 SF

      158 State St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,336 SF
      158 State St, Ithaca, NY 14850-5542
      View Details
    • Value Estimation
      $345,000
      2,608 SF

      526 State St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,608 SF
      526 State St, Ithaca, NY 14850-5222
      View Details
    • Value Estimation
      $365,000
      11,922 SF

      123 State St, Unit 25

      OFFICE/RESIDENTIAL (MIXED USE) • 11,922 SF
      123 State St, Ithaca, NY 14850-5427
      View Details

    Similar Nearby for Sale

    • $1,350,000
      6,400 SF

      Commercial Buildings in Ithaca, NY

      Two commercial buildings with redevelopment potential in Ithaca's Downtown Business District.
      105 E Clinton St, Ithaca, NY 14850
      View Details
    • $795,000
      9,752 SF

      Downtown Ithaca Mixed-Use Opportunity

      Prime Ithaca location, 9,752 SF, redevelopment potential.
      420 State St, Ithaca, NY 14850
      View Details
    • $385,000
      1,507 SF

      Ithaca Investment Opportunity For Sale

      Commercial property with a 5-year NNN lease in Ithaca, NY.
      508 W State St, Ithaca, NY 14850
      View Details
    • $975,000
      Pending

      Three Houses in Downtown Ithaca

      Three single-family homes near The Commons, ideal for multi-generational living.
      S Aurora St, Ithaca, NY 14850
      View Details
    • $385,000
      1,507 SF

      Uptown Ithaca Convenience Store

      Prime Ithaca location, strong NOI, redevelopment potential.
      508 State St, Ithaca, NY 14850
      View Details
    • $465,000
      3,108 SF

      Ithaca Mixed-Use Commercial Building

      Prime West End Location, 3108 SF, $465,000
      416 State St, Ithaca, NY 14850
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      4,400 SF

      Prime Commercial Space For Lease

      4400 SF commercial space in Ithaca's North End Business District.
      15 Catherwood Rd, Ithaca, NY 14850
      View Details
    • $975 /Mo
      8,704 SF

      Downtown Ithaca Office Space Available

      Private 715 SF office suite in a creative hub.
      418 E State St, Ithaca, NY 14850
      View Details
    • Contact for pricing
      220,305 SF

      Cayuga Shopping Center: Retail Opportunity

      Prime Retail Space, Tompkins County, NY
      2301 Triphammer Rd, Ithaca, NY 14850
      View Details
    • $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
    • Contact for pricing
      46,800 SF

      Ithaca Industrial Space with Cranes

      Industrial space featuring cranes, high ceilings, and multiple overhead doors.
      226 Cecil Malone Dr, Ithaca, NY 14850
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    402 Albany St
    Ithaca, NY 14850-5408
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.