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120 E State St
Ithaca, NY 14850
120 E State St · Office Property For Sale
Investment Highlights
- Located on Ithaca Commons pedestrian mall in the city’s Central Business District.
- Recently renovated office space and two large two-bedroom apartments on upper floors.
- Surrounded by restaurants, retailers, and service businesses with strong pedestrian activity.
- Ground floor retail, second-floor office, and upper-level residential units create a balanced income mix.
- Favorable CBD-60 zoning allows for potential vertical expansion up to six stories.
- Close proximity to Cornell University and Ithaca College enhances tenant demand.
Executive Summary
This four-story mixed-use property is located on the iconic Ithaca Commons pedestrian mall in the heart of the city’s Central Business District. The building offers a unique investment opportunity with a diverse tenant mix and multiple income streams. The ground floor features a long-standing retail presence, while the second floor provides recently renovated office space. The third and fourth floors include two spacious two-bedroom apartments, with additional flex space for future expansion or new uses.
The property benefits from favorable CBD-60 zoning, which, combined with the lot size and building footprint, allows for potential vertical development up to six stories. Its prime location ensures strong foot traffic and visibility, surrounded by a vibrant mix of retailers, restaurants, and service businesses. The site is within a short drive of Cornell University and Ithaca College, adding to its appeal for both commercial and residential tenants.
The property benefits from favorable CBD-60 zoning, which, combined with the lot size and building footprint, allows for potential vertical development up to six stories. Its prime location ensures strong foot traffic and visibility, surrounded by a vibrant mix of retailers, restaurants, and service businesses. The site is within a short drive of Cornell University and Ithaca College, adding to its appeal for both commercial and residential tenants.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Loft/Creative Space
Building Size
14,500 SF
Building Class
B
Year Built
1975
Price
$2,991,273 CAD
Price Per SF
$206.29 CAD
Percent Leased
88%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
2,635 SF
Building FAR
6.39
Lot Size
0.05 AC
Zoning
CBD-60
Property Taxes
| Parcel Number | 500700-070-000-0002-028-000-0000 | Improvements Assessment | $212,172 CAD |
| Land Assessment | $93,912 CAD | Total Assessment | $306,084 CAD |
Property Taxes
Parcel Number
500700-070-000-0002-028-000-0000
Land Assessment
$93,912 CAD
Improvements Assessment
$212,172 CAD
Total Assessment
$306,084 CAD
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