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798 Cascadilla St 18,271 SF 100% Leased Office Building Ithaca, NY 14850 $3,600,000 ($197.03/SF)
Investment Highlights
- Anchored by Regional Grocery Store
- Adjacent to New 141 Unit Apartment Complex
- Adjacent to New Medical Facility
Executive Summary
798 Cascadilla St Description
Positioned within one of Ithaca’s most dynamic and rapidly evolving submarkets, 798 Cascadilla Street presents a rare opportunity to acquire a Class A, fully leased professional asset with strong in-place income and exceptional long-term fundamentals.
This 100% occupied, net-leased investment is anchored by a complementary mix of high-quality tenants, including a legal practice, an established engineering firm, and a high-end fitness studio—each operating under NNN lease structures, providing investors with stable, passive cash flow and minimal landlord responsibilities. The building itself has been meticulously maintained and is in impeccable condition, reflecting true institutional-grade ownership and care.
Strategically located adjacent to the Cayuga Inlet, the property benefits from immediate proximity to transformative development activity that continues to elevate the surrounding corridor. Neighboring assets include Cayuga Medical Center’s new specialist office facility, a recently completed 141-unit multifamily development, and direct access to the Cayuga Waterfront Trail, all of which contribute to increasing foot traffic, tenant demand, and long-term value appreciation.
The property sits within the highly active Carpenter Business Park corridor, an area that has seen significant public and private investment, positioning it as a premier destination for medical, professional, and lifestyle-oriented users. Its location offers seamless connectivity to State Route 13, the region’s primary commercial artery, which carries in excess of 20,000 vehicles per day (per NYS DOT traffic counts near Cascadilla Street)—providing excellent visibility and accessibility for tenants and clients alike.
This offering is particularly well-suited for investors and 1031 exchange buyers seeking a stabilized, income-producing asset in a high-growth market with strong underlying demographics and institutional adjacency. With zero vacancy, durable tenancy, and placement within a corridor defined by continued expansion and infrastructure investment, 798 Cascadilla Street represents a compelling opportunity to secure a core-plus asset in the heart of Ithaca’s waterfront district.
Positioned within one of Ithaca’s most dynamic and rapidly evolving submarkets, 798 Cascadilla Street presents a rare opportunity to acquire a Class A, fully leased professional asset with strong in-place income and exceptional long-term fundamentals.
This 100% occupied, net-leased investment is anchored by a complementary mix of high-quality tenants, including a legal practice, an established engineering firm, and a high-end fitness studio—each operating under NNN lease structures, providing investors with stable, passive cash flow and minimal landlord responsibilities. The building itself has been meticulously maintained and is in impeccable condition, reflecting true institutional-grade ownership and care.
Strategically located adjacent to the Cayuga Inlet, the property benefits from immediate proximity to transformative development activity that continues to elevate the surrounding corridor. Neighboring assets include Cayuga Medical Center’s new specialist office facility, a recently completed 141-unit multifamily development, and direct access to the Cayuga Waterfront Trail, all of which contribute to increasing foot traffic, tenant demand, and long-term value appreciation.
The property sits within the highly active Carpenter Business Park corridor, an area that has seen significant public and private investment, positioning it as a premier destination for medical, professional, and lifestyle-oriented users. Its location offers seamless connectivity to State Route 13, the region’s primary commercial artery, which carries in excess of 20,000 vehicles per day (per NYS DOT traffic counts near Cascadilla Street)—providing excellent visibility and accessibility for tenants and clients alike.
This offering is particularly well-suited for investors and 1031 exchange buyers seeking a stabilized, income-producing asset in a high-growth market with strong underlying demographics and institutional adjacency. With zero vacancy, durable tenancy, and placement within a corridor defined by continued expansion and infrastructure investment, 798 Cascadilla Street represents a compelling opportunity to secure a core-plus asset in the heart of Ithaca’s waterfront district.
Property Facts
Sale Type
Investment NNN
Property Type
Office
Building Size
18,271 SF
Building Class
A
Year Built/Renovated
1960/2019
Price
$3,600,000
Price Per SF
$197.03
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
18,271 SF
Building FAR
0.31
Lot Size
1.36 AC
Opportunity Zone
Yes
Zoning
I-1 - MA Commercial Zoning - City of Ithaca NY
Parking
65 Spaces (3.56 Spaces per 1,000 SF Leased)
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
20/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 500700-043-000-0002-001-002-0000 | Improvements Assessment | $2,200,000 |
| Land Assessment | $300,000 | Total Assessment | $2,500,000 |
Property Taxes
Parcel Number
500700-043-000-0002-001-002-0000
Land Assessment
$300,000
Improvements Assessment
$2,200,000
Total Assessment
$2,500,000
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798 Cascadilla St
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