600 Fulton StIthaca, NY 14850

Property Details for 600 Fulton St

Year built

2001

Lot size

1.15 AC

Property size (Sq ft)

3,318 SF

Zone code

I-1

Property type

Gas stations

APN

500700 43.-2-8

APU

5007004328

Description

This exceptional investment opportunity presents a thriving 3,318 square foot convenience store, gas station, and quick-service restaurant (QSR) located at 600 N Fulton St, Ithaca, NY 14850. The property sits on a 1.15-acre lot and enjoys excellent visibility and accessibility at the entrance to Ithaca on NY State Route 13, boasting high barriers to entry and limited competition. Currently operating under a single-tenant, triple-net (NNN) lease with Mirabito Holdings, the property offers a remaining lease term of 8.5 years with 100% occupancy. The asking price is $3,495,000, translating to a price per square foot of $1,053.35. This prime location near Ithaca's waterfront district benefits from numerous ongoing and planned development projects, ensuring continued growth and strong future prospects. The property's strategic positioning and established tenant make it an attractive investment for discerning buyers seeking a stable, high-return asset in a dynamic market. This turnkey operation requires minimal management, offering a compelling opportunity for passive income generation. The property's size, location, and tenant history combine to create a rare and valuable investment opportunity in the thriving Ithaca market.

• CAP approach

  CAP return

  Valuation

  6%

  $631,555

  6.5%

  $582,974

  7%

  $541,333

• Comparable approach

  Method

  Valuation

  Relative Method

  $315,252

  Geo Method

  $450,871

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,157,420

  Mixed-Use / Specialty

  $572,587

  Hospitality / Lodging

  $409,271

  Office

  $560,531

  Institutional / Educational

  $592,290

  Residential Income

  $692,979

  Multifamily

  $877,185

  Automotive / Energy

  $507,677

  Parking / Income-Based Land

  $183,402

  Restaurant / Food Service

  $280,074

  Healthcare / Senior Housing

  $595,698

Location Insight

City

Ithaca

County

Tompkins

State

New York

Latitude

42.445

Longitude

-76.5096

CBSA code

27060

CBSA name

ITHACA, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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