511 Cayuga St 13, Ithaca, NY 14850-3670

This exceptional 8,432-square-foot mixed-use property, located at 511 N Cayuga St in Ithaca, NY, presents a unique investment opportunity. Situated on a 0.27-acre lot in the heart of downtown Ithaca, the building currently generates substantial income from a thriving ground-floor pharmacy and four occupied one-bedroom apartments. The eleven-car parking lot adds significant value. The property's B-2a zoning allows for considerable flexibility, enabling redevelopment into a variety of uses, including additional apartments, a hotel, a daycare center, or a mixed-use development up to four stories high. This prime location benefits from Ithaca's vibrant urban core, known for its diverse culinary scene, retail options, cultural attractions, and proximity to Cornell University and Ithaca College, ensuring a consistent stream of residents, tourists, and students. The existing commercial and residential tenants provide immediate cash flow, making this an ideal asset for investors and developers seeking to capitalize on the growth of Upstate New York's dynamic Ithaca market. The substantial size and versatile zoning offer significant upside potential for future development and increased profitability. This is a rare chance to acquire a well-established, income-producing property with substantial redevelopment possibilities in a thriving college town.