511 N CAYUGA ST APT 13
ITHACA, NY 14850
$1,950,000
N/A Beds
0 Baths
8,432 Sq Ft
Status Active
MLS# R1536638
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, & pays for 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.
Details for 511 N CAYUGA ST APT 13
Built in 1963
$231 / Sq Ft
11 parking spaces
Separate Meters,Central Air
Gas, Separate Meters, Forced Air
16 Days on website
0.27 acres lot