123 E Buffalo St, Ithaca, NY for sale

Investment Overview

123–125 East Buffalo Street | Downtown Ithaca Commercial & Parking Investment Opportunity Rare opportunity to acquire a strategically positioned two-parcel commercial assemblage in the heart of Downtown Ithaca, within easy walking distance of the Ithaca Commons and surrounded by hotels, restaurants, retail, offices, entertainment and downtown destinations. 123–125 East Buffalo Street features a 264± SF former bank drive-through kiosk together with an adjacent 0.22± acre paved parking lot. The combined property currently provides approximately 18 parking spaces, established curb cuts and existing drive-through infrastructure in a highly walkable downtown location where dedicated off-street parking is a valuable and increasingly scarce amenity. Significant Parking & Income Potential In addition to continued use of the existing improvements, the property presents a compelling opportunity for an investor or operator focused on downtown parking. Removal of the small existing kiosk could potentially allow the site to be reconfigured to accommodate approximately 28 parking spaces, subject to final layout, municipal approvals and existing easements. The property's location within walking distance of the Ithaca Commons, downtown businesses, restaurants, hotels and other commercial destinations creates an opportunity to explore a cash-flowing surface parking operation serving multiple sources of downtown parking demand. Potential revenue strategies could include monthly contract parking, employee and business parking, hotel-related parking arrangements, and daily or transient parking. With a relatively small existing structure, a purchaser can evaluate the economics of maintaining the current commercial configuration or removing the kiosk and maximizing the property's parking capacity and income potential. The property's CBD-85 zoning further enhances its long-term strategic value, making this a particularly unusual opportunity to control a two-parcel assemblage with dedicated parking in Downtown Ithaca. Property Highlights Downtown Ithaca location Easy walking distance to the Ithaca Commons Two contiguous parcels offered as one assemblage 264± SF former bank drive-through kiosk 0.22± acre adjacent paved parking lot for a total of .29 Acres Approximately 18 existing parking spaces Potential for approximately 28 spaces through removal of the existing kiosk and site reconfiguration Potential cash-flowing surface parking investment Opportunity for monthly, contract and transient parking strategies Existing curb cuts and established vehicular access CBD-85 zoning Strong pedestrian and vehicular accessibility Surrounded by hotels, restaurants, offices, retail and downtown amenities Potential appeal to investors, owner-users and neighboring property owners The property is subject to recorded access and utility easements benefiting the adjacent hotel. Any parking reconfiguration, redevelopment or change in use should be independently evaluated by the purchaser and is subject to applicable municipal approvals and existing easement rights. Drive-through food and beverage uses are not permitted under current City of Ithaca zoning.