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. Entire exterior just painted. Ample parking lot w/ entry from Green or Geneva St, with room for more than 10 cars. Instant source of positive cash flow, and will be highly profitable as completely residential multi-unit in the heart of a thriving downtown.
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