508 W State St Ithaca, NY 14850
- Bars
- 1,507 SF
- 0.05 lot acres
Current Use by Public Records
- Bars
Property Details for 508 W State St
- Year built
- 1975
- Lot size
- 0.05 lot acres
- Property size
- 1,507 SF
- Zone code
- B-2C
- Property type
- Bars
- Property subtype
- Pubs
- APN
- 500700 72.-3-17
- APU
- 50070072317
Description
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.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $265,000
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Location Insight
- Map
- Local Demand
- City
- Ithaca
- County
- Tompkins
- State
- New York
- Longitude
- -76.5066
- Latitude
- 42.4395
- CBSA code
- 27060
- CBSA name
- ITHACA, NY METROPOLITAN STATISTICAL AREA
