61 State Street

Stately 3-unit mixed-use investment property offering over 4,500 sq. ft. of space in a well-known and highly visible building. This property features a large commercial storefront plus two spacious residential apartments, creating an excellent income-producing opportunity. The first-floor storefront offers a generous amount of commercial space and was remodeled in 2023 with new LVP flooring, fresh paint, updated lighting, and an updated kitchen area. Beautiful stained-glass windows add character, while a bathroom and additional storage room provide functionality. The space is currently occupied by established business tenants on a month-to-month lease, with a rent increase anticipated soon. The second floor offers two spacious 2-bedroom apartments, both currently occupied by month-to-month tenants. All tenants are current with their rent and utilities. Residential tenants pay their own electric, while the seller currently pays heat and water. Each of the three units has its own hot water tank. Updates include a boiler system installed in 2020, along with a new front porch featuring composite decking and attractive new railings, adding tremendous curb appeal. Even during the coldest winter months, the seller reports the highest heating bill has been approximately $400 per month. Current rents offer room for upward adjustment, providing additional income potential while maintaining a strong existing tenant base. Plenty of parking adds even more value. Conveniently located within walking distance to downtown, schools, banking, shopping, and other amenities, with Cayuga Lake, the dog park, and del Lago Resort & Casino just a short drive away. A solid mixed-use investment with established tenants, over 4,500 sq. ft., commercial and residential income, and future rent-growth potential. No delay, negotiations!