508 State St Ithaca, NY 14850-5222

This mixed-use retail property, a 1,507 square foot convenience store at 508 W State St, Ithaca, NY 14850, presents a compelling investment opportunity. Currently operating under a 5-year NNN lease (commencing March 4, 2024, and expiring February 27, 2029), with a remaining term of 4.3 years and 2.5% annual rent bumps, it boasts 100% occupancy and a strong Net Operating Income (NOI) of $28,266, yielding a 7.34% cap rate. The asking price is $385,000, translating to $255.47 per square foot. The property features a single unit on one story, situated on a 2,145 square foot lot zoned B-2C. Improvements include a freshly painted interior, updated heating and air conditioning, and a 200 AMP electrical service upgrade. Two bathrooms and a large open space (currently used for storage) are included. Its prime location, a half block from the $18M Iron Works Ithaca development and adjacent to several popular eateries, ensures high foot traffic. This is a fantastic opportunity for investors seeking immediate income and future redevelopment potential in a thriving Ithaca neighborhood. The sale is structured for a 1031 exchange.