900 State StIthaca, NY 14850

Property Details for 900 State St

Year built

1970

Lot size

0.10 AC

Property size (Sq ft)

1,538 SF

Zone code

WF-1D

Property type

Investment properties

Property subtype

Retail residential properties

APN

500700 73.-3-3

APU

5007007333

Description

This exceptional 8,000 square foot development opportunity is situated on Ithaca's vibrant Inlet Island, a natural extension of the West End, adjacent to the new Chamber of Commerce on Cherry Street. The property, encompassing parcels 900[73.-3-3], 910[73.-3-2], and 912[73.-3-1] W State/MLK, must be purchased together and offers a unique chance to create a significant mixed-use, commercial/residential, or residential-over-parking development. Preliminary architectural plans (available to qualified buyers) envision a 35,000 square foot project, potentially shovel-ready in 2024. The 0.17-acre site boasts a highly desirable WF-1d zoning designation, permitting five stories, 100% lot coverage, zero required parking, and no step-backs on upper floors. This location offers unparalleled access to recreational amenities, including the Black Diamond Trail, the Waterfront Trail, and Cass Park's entrance. Its central location is further enhanced by proximity to public transportation (bus stops within half a block) and convenient access to Ithaca's Farmers Market via a new walking/biking trail. The property's surroundings include iconic buildings such as the Airplane Factory, Lehigh Valley House, the Signworks Building, and the Chemung Canal. Environmental reports, zoning information, and tax abatement guidelines are available. Priced at $1,100,000.

• CAP approach

  CAP return

  Valuation

  6%

  $307,968

  6.5%

  $284,278

  7%

  $263,973

• Comparable approach

  Method

  Valuation

  Relative Method

  $217,789

  Geo Method

  $311,480

• Alternative Use

  Use

  Valuation

  Residential

  $284,278

  Hospitality

  $260,397

  Educational

  $216,647

  Medical

  $224,098

  Retail

  $337,007

Location Insight

City

Ithaca

County

Tompkins

State

New York

Latitude

42.4398

Longitude

-76.5124

CBSA code

27060

CBSA name

ITHACA, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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