508 State StIthaca, NY 14850

Property Details for 508 State St

Year built

1975

Lot size

0.05 AC

Property size (Sq ft)

1,507 SF

Zone code

B-2C

Property type

Bars

Property subtype

Pubs

APN

500700 72.-3-17

APU

50070072317

Description

This mixed-use retail property, a 1,507 square foot convenience store at 508 W State St, Ithaca, NY 14850, presents a compelling investment opportunity. Currently operating under a 5-year NNN lease (commencing March 4, 2024, and expiring February 27, 2029), with a remaining term of 4.3 years and 2.5% annual rent bumps, it boasts 100% occupancy and a strong Net Operating Income (NOI) of $28,266, yielding a 7.34% cap rate. The asking price is $385,000, translating to $255.47 per square foot. The property features a single unit on one story, situated on a 2,145 square foot lot zoned B-2C. Improvements include a freshly painted interior, updated heating and air conditioning, and a 200 AMP electrical service upgrade. Two bathrooms and a large open space (currently used for storage) are included. Its prime location, a half block from the $18M Iron Works Ithaca development and adjacent to several popular eateries, ensures high foot traffic. This is a fantastic opportunity for investors seeking immediate income and future redevelopment potential in a thriving Ithaca neighborhood. The sale is structured for a 1031 exchange.

• CAP approach

  CAP return

  Valuation

  6%

  $357,732

  6.5%

  $330,214

  7%

  $306,628

• Comparable approach

  Method

  Valuation

  Relative Method

  $346,946

  Geo Method

  $496,200

• Alternative Use

  Use

  Valuation

  Residential

  $278,548

  Hospitality

  $255,149

  Educational

  $212,281

  Medical

  $219,581

  Retail

  $330,214

Location Insight

City

Ithaca

County

Tompkins

State

New York

Latitude

42.4395

Longitude

-76.5066

CBSA code

27060

CBSA name

ITHACA, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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