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615 Five Mile Dr 8,374 SF 100% Leased Industrial Building Ithaca, NY 14850 $425,000 ($50.75/SF)
Investment Highlights
- Featuring three versatile structures, strong operational functionality, and significant value-add potential.
- The 1,524 sq ft office building includes two reception areas, three private offices, a break room, storage, and two bathrooms.
- The 3,200 sq ft garage/office hybrid offers three overhead doors, a heated shop with oil-separation system, workshop and storage areas, one bathroom
- Approximately 8,400 sq ft across an office building, clear-span warehouse, and heated garage/workshop with additional office space and attic storage.
- The 3,650 sq ft metal-frame warehouse provides a wide-open interior ideal for trades, fabrication, storage, or logistics.
- A rare opportunity offering operational versatility, income upside, redevelopment potential, and a commercial setting seldom available in this market
Executive Summary
Rare multi-building commercial property in the Town of Ithaca featuring three versatile structures, strong operational functionality, and significant value-add potential. Situated on 2.00 acres with scenic creek and inlet frontage (0.47 acres under NYS permanent easements), this site offers approximately 8,400 sq ft across an office building, clear-span warehouse, and heated garage/workshop with additional office space and attic storage. The 1,524 sq ft office building includes two reception areas, three private offices, a break room, storage, and two bathrooms. The 3,650 sq ft metal-frame warehouse provides a wide-open interior ideal for trades, fabrication, storage, or logistics. The 3,200 sq ft garage/office hybrid offers three overhead doors, a heated shop with oil-separation system, workshop and storage areas, one bathroom, an office section, and attic storage above. Parking for 25+ vehicles supports contractors, service fleets, and multi-tenant operations. Current income is approximately $2,500/month only because the owner’s business occupies a substantial portion of the property; stabilized income is projected at $8,000–$10,000/month based on market rents. High demand in Ithaca for warehouse, trades bays, industrial shop space, and contractor facilities makes this a strong value-add investment. Located adjacent to the new Amabel residential development within an active growth corridor, with convenient access to downtown Ithaca, Cornell, and major routes. A rare opportunity offering operational versatility, income upside, redevelopment potential, and a commercial setting seldom available in this market.
Property Facts
| Price | $425,000 | Lot Size | 2.00 AC |
| Price Per SF | $50.75 | Rentable Building Area | 8,374 SF |
| Sale Type | Investment or Owner User | No. Stories | 1 |
| Property Type | Industrial | Year Built | 1975 |
| Property Subtype | Warehouse | Parking Ratio | 3.58/1,000 SF |
| Building Class | B | No. Drive In / Grade-Level Doors | 4 |
| Zoning | Commercial - Mixed-Use | ||
| Price | $425,000 |
| Price Per SF | $50.75 |
| Sale Type | Investment or Owner User |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | B |
| Lot Size | 2.00 AC |
| Rentable Building Area | 8,374 SF |
| No. Stories | 1 |
| Year Built | 1975 |
| Parking Ratio | 3.58/1,000 SF |
| No. Drive In / Grade-Level Doors | 4 |
| Zoning | Commercial - Mixed-Use |
Amenities
- Waterfront
Utilities
- Gas - Natural
- Water - City
- Sewer - Septic Field
- Heating - Electric
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Property Taxes
| Parcel Number | 503089-031-000-0002-030-000-0000 | Improvements Assessment | $402,000 |
| Land Assessment | $48,000 | Total Assessment | $450,000 |
Property Taxes
Parcel Number
503089-031-000-0002-030-000-0000
Land Assessment
$48,000
Improvements Assessment
$402,000
Total Assessment
$450,000
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615 Five Mile Dr
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