Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    615 Five Mile Dr Ithaca, NY 14850
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    615 Five Mile Dr Ithaca, NY 14850

    View on Map
    • Warehouses
    • 3,650 SF
    • 0.44 lot acres
    For Sale
    $425,000
    View Listing →
    COMMERCIAL - Ithaca, NY For Sale
    $425,000
    8,374 SF

    COMMERCIAL - Ithaca, NY

    Multi-building commercial property with income and redevelopment potential in Ithaca.

    615 Five Mile Dr, Ithaca, NY 14850
    View Listing
    Property ID
    US63-2425164
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Ithaca Dispatch / Courier Service
    • University Taxi / Courier Service

    Property Details for 615 Five Mile Dr

    Year built
    1975
    Lot size
    0.44 lot acres
    Property size
    3,650 SF
    Property type
    Warehouses
    APN
    503089 31.-2-30
    APU
    50308931230

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.5235
    Latitude
    42.427
    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
    2019
    $5,287
    $48,000
    $402,000
    $450,000
    -
    $48,000
    $402,000
    $450,000

    Comparable in this City

    • Value Estimation by Request
      1,975 SF

      203 Pier Rd

      WAREHOUSE, STORAGE • 1,975 SF
      203 Pier Rd, Ithaca, NY 14850
      View Details
    • Value Estimation
      $750,000
      19,020 SF

      478 Lowr Crk Rd

      BULK STORAGE, TANKS • 19,020 SF
      478 Lowr Crk Rd, Ithaca, NY 14850-9188
      View Details
    • Value Estimation by Request
      11,718 SF

      509 Esty St, Unit 11

      WAREHOUSE, STORAGE • 11,718 SF
      509 Esty St, Ithaca, NY 14850-3218
      View Details
    • Value Estimation by Request
      5,960 SF

      114 Brewery Ln

      WAREHOUSE, STORAGE • 5,960 SF
      114 Brewery Ln, Ithaca, NY 14850-8814
      View Details
    • Value Estimation by Request
      16,980 SF

      4 Hall Rd

      WAREHOUSE, STORAGE • 16,980 SF
      4 Hall Rd, Ithaca, NY 14850-8733
      View Details
    • Value Estimation by Request
      8,200 SF

      134 Ithaca Beer Dr

      WAREHOUSE, STORAGE • 8,200 SF
      134 Ithaca Beer Dr, Ithaca, NY 14850-8813
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,392 SF

      West End Redevelopment Opportunity

      Mixed-use property in Ithaca's Business District, redevelopment or investment potential.
      413 W State St, Ithaca, NY 14850
      View Details
    • $425,000
      8,374 SF

      Versatile Multi-Building Commercial Property

      Multi-building commercial property with income and redevelopment potential in Ithaca.
      615 Five Mile Dr, Ithaca, NY 14850
      View Details
    • $6,599,000
      73,825 SF

      Ithaca Industrial Facility For Sale

      73,825 SF industrial facility in Ithaca, NY, fully leased.
      20 Bomax Dr, Ithaca, NY 14850
      View Details
    • Contact for pricing
      275,100 SF

      Ithaca Manufacturing and Office Buildings

      Manufacturing and office buildings on 48-acre campus in Ithaca.
      770-780 Warren Rd, Ithaca, NY 14850
      View Details

    Similar Nearby for Lease

    • $9 SF/Yr
      43,020 SF

      Ithaca Warehouse Space For Rent

      Warehouse space with dock and drive-in access in Ithaca.
      478 Lower Crk 1-C Rd, Ithaca, NY 14850
      View Details
    • $10,368 /Mo
      10,368 SF

      Ithaca Warehouse Space For Lease

      Versatile commercial warehouse space in Ithaca, NY, for lease.
      23 Cinema Dr, Ithaca, NY 14850
      View Details
    • $9 SF/Yr
      42,000 SF

      Ithaca Office and Warehouse Space

      Corner lot office and warehouse space available for lease.
      478 Lower Creek Rd, Ithaca, NY 14850
      View Details
    • Sponsored
      Contact for pricing

      NY, Ithaca - East State St

      Discover many ways to work your way in CA, Novato - Bel Marin Keys Blvd
      125 State St, Ithaca, NY 14850
      View Details
    • $26 SF/Yr
      Pending

      Ithaca Office Space Available

      Office space for rent in Ithaca, New York.
      308 E Seneca St, Ithaca, NY 14850
      View Details
    • Contact for pricing

      Prime Ithaca Commons Commercial Space

      Commercial space with gym access and rooftop terrace overlooking Ithaca.
      125 E State St, Ithaca, NY 14850
      View Details
    View Listing
    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.
    615 Five Mile Dr
    Ithaca, NY 14850
    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.
    Sign Up Successful!
    You now have access to more from Realmo!