101 State StIthaca, NY 14850

Property Details for 101 State St

Year built

1923

Lot size

0.27 AC

Property size (Sq ft)

45,246 SF

Zone code

CBD-60

Property type

Investment properties

Property subtype

Live-work space

APN

500700 70.-5-1

APU

5007007051

Description

This exceptional commercial property at 101 W State St, Ithaca, NY, presents a unique investment opportunity. The 4,500 square foot building sits on a 0.03-acre corner lot at the intersection of State and Cayuga Streets, offering unparalleled visibility and high foot traffic. For over 75 years, the ground floor has housed the renowned Chanticleer, a beloved family-owned bar, adding significant historical value and established clientele. The second floor, previously a thriving bar area, is perfectly suited for private events or expansion of the existing business. The expansive third floor provides versatile space, adaptable for residential conversion into an apartment or as additional office space. The property's prime location next to the State Theater further enhances its appeal and potential. The asking price of $1,100,000 includes both the building and the established business, offering a turnkey operation with immediate revenue potential. This is a chance to own a piece of Ithaca's vibrant history and capitalize on a highly desirable location in the heart of the city's bustling commons. The three-way stop at the corner ensures maximum exposure to potential customers and passersby. Don't miss this rare opportunity to acquire a landmark property with significant upside.

• CAP approach

  CAP return

  Valuation

  6%

  $7,306,471

  6.5%

  $6,744,435

  7%

  $6,262,690

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,133,592

  Geo Method

  $5,911,842

• Alternative Use

  Use

  Valuation

  Residential

  $8,363,100

  Hospitality

  $7,660,554

  Educational

  $6,373,491

  Medical

  $6,592,685

  Retail

  $9,914,319

Location Insight

City

Ithaca

County

Tompkins

State

New York

Latitude

42.4392

Longitude

-76.4988

CBSA code

27060

CBSA name

ITHACA, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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