511 N CAYUGA ST APT 13
ITHACA, NY 14850

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.

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