$385,000

508 W State St, Ithaca, NY 14850

 

Looking for an investment opportunity in the heart of Ithaca? This property has a 5-year, NNN lease in place. Located a half block from the $18M housing and retail development project Iron Works Ithaca and next door to GIMMEE Coffee, Saigon Kitchen, Maru Ramen, and the State Diner. This area of town is booming! Currently operates as Dream Grab & Go convenience store with 2 bathrooms and storage area. Freshly painted interior, updated heating, and air conditioning, updated 200 AMP electrical service, plumbing. High traffic count right off Route 13 North. Many possibilities for redevelopment...Zoned B-2C. Inclusions: Land & Building

Property Type: Mixed Use, Retail
Subtype: Convenience Store
Investment Type: Redevelopment
Investment Sub Type: Mix Use
Lease Type: NNN
Tenancy: Single
Lease Term: 5 years
Lease Commencement: 03/04/2024
Lease Expiration: 02/27/2029
Remaining Term: 3.9 years
Square Footage: 1,507
Net Rentable (sq ft): 1,507
Price/Sq Ft: $255.47
Cap Rate: 7.34%
Occupancy: 100%
Occupancy Date: 03/04/2024
NOI: $28,266
Units: 1
Stories: 1
Zoning: B-2C
Lot Size (sq ft): 2,145
Rent Bumps: 2.5% yearly
Ground Lease: No
Sale Condition: 1031 exchange

Contact me for more information

Laura Fiore, Relocation Specialist

Laura Fiore
NYS Lic. Associate Real Estate Broker - GRI, CBR, SRES

(c) 607-351-6155
(e) lfiore@warrenhomes.com
Warren Real Estate - 830 Hanshaw Rd, Ithaca, NY 14850