218 State StIthaca, NY 14850

Property Details for 218 State St

Year built

1975

Lot size

0.02 AC

Property size (Sq ft)

2,574 SF

Zone code

CBD-60

Property type

Investment properties

Property subtype

Live-work space

APN

500700 70.-3-10

APU

50070070310

Description

This exceptional investment opportunity presents a rare assemblage of three contiguous lots located at 218, 220, and 222 East State Street, situated at the top of Ithaca Commons. The property boasts a combined lot size of 3,070 square feet (0.07 acres) and is zoned CBD 60, allowing for a variety of commercial and residential uses within the vibrant Ithaca business district. The buildings currently feature a mix of retail and multifamily uses, including three retail spaces and a total of seven apartments, with two additional apartment spaces currently offline. The individual building square footage ranges from 858 to 1,121 square feet. This unique property offers significant potential for redevelopment or continued operation as a mixed-use asset in a highly desirable location. The asking price for this exceptional assemblage is $2,200,000. This is a truly unique opportunity to acquire a significant piece of Ithaca's thriving downtown core. The property's prime location and flexible zoning make it an ideal investment for both seasoned developers and astute investors seeking a high-return opportunity in a dynamic market. Don't miss this chance to own a piece of Ithaca's history and future.

• CAP approach

  CAP return

  Valuation

  6%

  $415,658

  6.5%

  $383,684

  7%

  $356,278

• Comparable approach

  Method

  Valuation

  Relative Method

  $235,156

  Geo Method

  $336,319

• Alternative Use

  Use

  Valuation

  Residential

  $475,768

  Hospitality

  $435,801

  Educational

  $362,582

  Medical

  $375,051

  Retail

  $564,016

Location Insight

City

Ithaca

County

Tompkins

State

New York

Latitude

42.4398

Longitude

-76.496

CBSA code

27060

CBSA name

ITHACA, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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