2432 Triphammer RdIthaca, NY 14850

Property Details for 2432 Triphammer Rd

Year built

2006

Lot size

0.96 AC

Property size (Sq ft)

8,005 SF

Property type

Office properties

Property subtype

Office buildings

APN

503201 43.1-1-43.1

APU

5032014311431

Description

This exceptional 8,005-square-foot medical office building, constructed in 2006, presents a compelling investment opportunity in Ithaca, New York. The single-story Class B building sits on a 0.96-acre lot and boasts a prime location within a thriving healthcare cluster near The Shops at Ithaca Mall. Its high-visibility position at the signalized intersection of N. Triphammer Road (8,167 AADT) and Craft Road ensures significant exposure. The property offers ample parking for staff and patients, a crucial amenity in a busy medical setting. Conveniently situated, it's only 0.7 miles from Route 13, 2.5 miles from Cornell University, and 7 miles from Cayuga Medical Center. The surrounding area includes several established healthcare practices, creating a synergistic environment. The building is zoned for Commercial Low Traffic, ensuring operational efficiency. The asking price is $1,800,000, translating to $224.86 per square foot. This represents a strong value proposition for investors seeking a well-located, established medical office building in a growing market. The property's proximity to major roadways, Cornell University, and a concentration of healthcare providers makes it an ideal location for a variety of medical practices. This is a rare opportunity to acquire a turnkey medical office building in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,292,673

  6.5%

  $1,193,237

  7%

  $1,108,006

• Comparable approach

  Method

  Valuation

  Relative Method

  $731,322

  Geo Method

  $1,045,933

• Alternative Use

  Use

  Valuation

  Residential

  $1,479,614

  Hospitality

  $1,355,318

  Educational

  $1,127,609

  Medical

  $1,166,389

  Retail

  $1,754,058

Location Insight

City

Ithaca

County

Tompkins

State

New York

Latitude

42.4908

Longitude

-76.4906

CBSA code

27060

CBSA name

ITHACA, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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