CNY Broker
Listed by CNY Broker
$975,000
146-148 E State Street
Details
Property Type Retail, Office
Sub Type Restaurant, Executive Office
Square Footage 3,660
Cap Rate 7.00%
NOI $78,692
Occupancy 100%
Buildings 2
Stories 3
Acreage 0.046
Zoning CBD-60 Central
Investment Type Owner/User
Retail | 7.00% CAP | 3,660 SqFt
Marketing description
146-148 East State Street comprises one contiguous lot at the center of The iconic Ithaca Commons, known for restaurants, retailers, and seasonal festivals, attracts thousands of visitors.
The unique layout of the building allows for retail/restaurant use, office use, and studio apartments. The 2 -floor office has approved plans to convert the space into an apartment to serve the high-demand rental market in downtown Ithaca.
Already generating an NOI at a 7% cap rate, 146-148 East State Street is positioned for growth.
Investment highlights
- Total Building Size: 3,660 SF
- Lot Size: 2,000 SF (0.046 acres)
- Zoning: CBD-60 Central Business District
- Location: Prime Ithaca Commons
- Building Condition: Excellent
- Use: Mixed-use, income producing
- Current Tenancy & Income
- 100% Occupied
- Retail Tenant:
- Occupies 3 spaces
- Rent: $6,100/month
- Studio Apartment:
- Rent: $1,400/month
- Lease term through July 2026
- Office Space:
- Rent: $1,750/month
- Building Systems & Condition
- HVAC updated approximately 5 years ago
- Roof replaced approximately 10 years ago
- Well-maintained
- Utilities
- Completely
- separate utilities
- 3 gas meters
- 3 electric meters
- 3rd Floor
- 850 Sq Ft of Mechanical Space
- 1,000 Sq Ft. Occupied Studio
- Apartment rented at $1,400 per month through July 2026
- 2 water meters
- 2nd Floor:
- 1,000 Sq Ft dining area for Komonz Grill
- 850 Sq Ft of Occupied Office Space. $1,750 per month With approved plans for one-bedroom conversion'
- Ground Floor:
- 1,000 Sq Ft Komons Grill - $6,100 per month
- 1,000 Sq Ft Komonz Grill Storage
- 3,000 Sq Ft Retail
- One tenant, 3 Total Spaces
- 1 Floor: Two Retail Spaces: st
- Full Kitchen Vented for Gas Cooking
- Retail Space
- 2nd Floor: Dining Area with bathroom
- Two Basements
- $6,100 Per Month
- Office:
- Three Rooms
- Two means of egress
- Bathroom
- Large closet
- Large windows with views of The Commons
- $1,750 Per Month
- Apartment
- Fully Renovated Studio Apartment
- Energy Star appliances
- Large Closet + Storage
- Eat-in-Kitchen
- Large windows
- $1,400 per month, leased through July 2026
Listing Contacts
CNY Broker
Listed by CNY Broker
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$78,692.00
$6,557.67/mo
Valuation Metrics
0
DSCR
8.07%
Cap Rate
8.07%
ROI
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