531 Esty StIthaca, NY 14850

Property Details for 531 Esty St

Year built

1900

Lot size

0.34 AC

Property size (Sq ft)

15,600 SF

Zone code

WEDZ-1A

Property type

Office properties

Property subtype

Office buildings

APN

500700 52.-3-14

APU

50070052314

Description

This exceptional three-story, 15,000 square foot building in Ithaca, NY, presents a unique investment opportunity. Built in 1900 and renovated in 2003, this solid brick structure features post and beam construction, high ceilings, exposed brick, and a stunning glass atrium with elevator service. The flexible floor plan includes spacious conference rooms, numerous offices, a lounge, and kitchen areas, catering to diverse business needs. A key feature is a high-tech Sensitive Compartmented Information Facility (SCIF), ideal for businesses handling classified information. Located at a high-visibility corner on Esty Street, the property enjoys over 36,000 cars passing daily on Route 13 South, with easy access to both Route 13 North and South. Ample parking is provided with an 18-space lot. Situated in the WEDZ-1A Business District and Opportunity Zone, this property offers significant business incentives. The thriving Ithaca West End neighborhood boasts proximity to Ithaca Bakery, Greenstar, Purity Ice Cream, the Ithaca Farmers Market, Cayuga Medical, Cayuga Inlet, City Harbor, and offers picturesque views of Cayuga Lake and Cornell University. The asking price is $2,400,000 ($160/sq ft). The property is currently zoned for Hotel, Medical Office, and Restaurant uses, and the lease expires October 31, 2024. This is more than just a building

• CAP approach

  CAP return

  Valuation

  6%

  $2,519,139

  6.5%

  $2,325,359

  7%

  $2,159,262

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,425,188

  Geo Method

  $2,038,296

• Alternative Use

  Use

  Valuation

  Residential

  $2,883,445

  Hospitality

  $2,641,220

  Educational

  $2,197,464

  Medical

  $2,273,038

  Retail

  $3,418,278

Location Insight

City

Ithaca

County

Tompkins

State

New York

Latitude

42.443

Longitude

-76.5103

CBSA code

27060

CBSA name

ITHACA, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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