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146-148 E State St 3,660 SF 100% Leased Retail Building Ithaca, NY 14850 $1,100,000 ($300.55/SF) 7% Cap Rate
Investment Highlights
- Prime location within the iconic Ithaca Commons pedestrian district.
- Approved residential conversion offering value-add upside.
- Separate utilities for streamlined management
- Fully occupied income stream supported by stable tenants.
- Recently updated building systems and well-maintained structure.
- Strong downtown housing demand reinforcing long-term stability.
Executive Summary
Located in the heart of the Ithaca Commons, 146–148 East State Street presents a rare opportunity to acquire a fully occupied, mixed-use asset within one of Upstate New York’s most celebrated pedestrian destinations. Positioned along a vibrant corridor known for restaurants, boutique retailers, cultural events, and year-round foot traffic, the property offers immediate income stability combined with meaningful long-term upside. The building features a highly efficient layout supporting retail, residential, and office uses, appealing to investors seeking diversified revenue streams in a supply-constrained downtown market.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,660 SF
Building Class
C
Year Built
1950
Price
$1,100,000
Price Per SF
$300.55
Cap Rate
7%
NOI
$77,000
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.68
Lot Size
0.05 AC
Zoning
CBD-60 - 6 Story Max Buildable by right.
Frontage
33’ on East State Street
Walk Score®
Walker's Paradise (96)
Bike Score®
Very Bikeable (71)
Nearby Major Retailers
Property Taxes
| Parcel Number | 500700-070-000-0002-020-000-0000 | Improvements Assessment | $372,000 |
| Land Assessment | $153,000 | Total Assessment | $525,000 |
Property Taxes
Parcel Number
500700-070-000-0002-020-000-0000
Land Assessment
$153,000
Improvements Assessment
$372,000
Total Assessment
$525,000
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146-148 E State St
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