Listing Courtesy of: carol@carolbushberg.com - Carol Bushberg - Carol Bushberg Real Estate
607-273-3400
$1,950,000
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511 N Cayuga St Ithaca, NY 14850
Apartment
Residence
Beds
Baths
...
Bed/Bath
8,432
Sq. Ft.
Property Activity
Time on Site
days
Days on Market
Views
Saves
Important 8000+ sq. ft. two story commercial building in the heart of Fall Creek. Over 4000 sq.ft. on the main level, which has housed a neighborhood pharmacy since its construction in 1963. Kinneys’ lease expires in July 31, 2025; it has requested to extend an additional 3 years, but nothing is yet... signed. Kinneys pays 50% of property taxes, 50% of water & sewer bills & property insurance, & some snow removal. Upstairs are 4 one bedroom apts, each legal for 2 unrelated + a shared laundry. Rent includes water & sewer & a/c. Tenants pay gas & elec. B2a zoning permits 4 story construction up to a height of 40 ft & allowable uses (w/required permits) are hotels, retail, & restaurants. 11 parking spaces & loading area on site. <50% of parcel is developed; great potential for redevelopment. Income $10,805/mo includes rent from Kinneys of $6180/month.1 longterm apt tenant pays discounted rent. Carlisle TPO (thermoplasticpolyolefin) membrane roof installed in 2012. Sprinklered hallway to apts connected to Fire Dept.
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MLS#
R1536638
Property Type
Apartment
Year Built
1963
Square Feet
8,432
sq. ft
Lot Size
0.27
Sewer
Sewer Connected
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