114 S Geneva Street, Ithaca, NY 14850 (MLS # 402515)

Price $535,000
Status Active
Beds 0
Baths 0 Bath
Home size 3,915 sqft
Lot Size 7,406 sqft
Days on Market 17
Fantastic location and excellent ROI with 8% CAP rate. Multi-unit commercial property in the heart of downtown Ithaca. Take over an existing lease ending 10/31/21 providing a gross yearly rent of $68,676 with automatic annual renewal. 2,284 square feet of office space on the main floor with 2 bathrooms. 3 apartments upstairs legal for 6 unrelated occupants. Apartments are 2 bedroom, 1 bedroom, and a studio. Current tenant Master leases the building and is responsible for all utilities, trash, landscaping, snow removal. Tenant maintains all interior including: heating, window AC units, doors, walls, fixtures, and responsible for repairs to keep premises in good repair. Owner maintains the roof, driveway, plumbing and exterior walls. Contractor in place to paint the exterior. Ample parking lot w/ entry from Green or Geneva St, with room for more than 10 cars. This is an instant source of income, and has a lot of potential for increased revenues, and future redevelopment.
Property Type(s): Multi Family
Last Updated 7/22/2020 Year Built 1975
Community Downtown County Tompkins

SCHOOLS

School District Ithaca
Jr. High School Dewitt

Additional Details

APPLIANCES Refrigerator, Stove-Gas
AREA Downtown
BASEMENT Full, Masonry Floor, Unfinished, Walkout Ext Access, Yes
CONSTRUCTION Existing
GARAGE None
HEAT Forced Air, Furnace, Natural Gas
LOT 7405 sq ft
LOT DIMENSIONS 75 X 99.7
PARKING 7-10
SEWER Municipal-Existing
STYLE 1-4 Units
WATER Municipal-Existing
ZONING B-2D

Location

 

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Listing provided by Claudia Lagalla, Howard Hanna
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