| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Best |
| Demographics | 90th | Best |
| Amenities | 19th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1028 Ellis Hollow Rd, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 2006 |
| Units | 104 |
| Transaction Date | 2005-08-16 |
| Transaction Price | $1,325,000 |
| Buyer | ELLIS HOLLOW HOUSING DEVELOPMENT FUND CORP |
| Seller | CONIFER ELLIS HOLLOW LLC |
1028 Ellis Hollow Rd, Ithaca NY Multifamily Investment
Stabilized renter demand and above-median neighborhood occupancy support consistent performance, according to WDSuite s CRE market data. Neighborhood metrics reflect the area surrounding the property rather than the asset itself.
Set in a suburban enclave that ranks competitive among Ithaca s neighborhoods (7 of 38), the area combines steady occupancy and affluent household profiles that tend to support rent collections and retention. Neighborhood occupancy trends sit above the metro median (rank 18 of 38), suggesting a relatively durable tenant base compared with many local peers.
At the neighborhood level, median household income ranks near the top of the metro (3 of 38) and in the top decile nationally, which can underpin payment strength. Rent-to-income levels track on the lower side locally (around one-fifth of income), a setup that generally eases affordability pressure. Home values and the value-to-income profile point to a high-cost ownership market for the area, which can sustain reliance on rentals while also creating some competition from ownership options for higher-earning households.
Amenities within the immediate neighborhood are limited for dining, cafes, and parks, while basic retail access is more balanced with grocery and pharmacy options ranking near the metro middle. For investors, this mix favors vehicle-oriented renters and may reduce walkability-driven premiums, but it can also appeal to residents prioritizing quieter settings with convenient road access to services.
Tenure signals differ by scale. Within the neighborhood, the share of renter-occupied housing is competitive among Ithaca areas (rank 12 of 38), indicating a meaningful local renter concentration. Within a 3-mile radius, demographics show a large renter pool (about two-thirds renter-occupied) and a projected increase in households by 2028 even as population edges down, implying smaller household sizes and a larger number of renting households a dynamic that can support occupancy stability and leasing velocity. These 3-mile statistics are aggregated and provide broader context for demand beyond the immediate blocks.
Comparable crime data for this neighborhood were not available in the current WDSuite release. Without a consistent metro rank or national percentile, investors typically place more weight on observed leasing performance, onsite security measures, and local trend reviews from public sources. A practical approach is to benchmark against nearby Ithaca neighborhoods and confirm patterns through daylight site visits and discussions with local property managers.
Regional employment anchors contribute to renter demand via commutability to larger employers. Notably, Corning supports professional and technical employment that can feed leasing, even if commute times are longer.
- Corning materials & specialty glass (36.6 miles) HQ
Built in 2006, the property is newer than much of the local housing stock (neighborhood average 1960s), offering relative competitiveness versus older assets while leaving room for targeted system upgrades or modernization as part of a value-add plan. Neighborhood occupancy trends are above the metro median, and household incomes rank near the top locally, supporting collections and lease retention. Broader 3-mile demographics point to a growing household count and a sizable renter pool, which can reinforce demand even if population growth moderates.
Neighborhood-level affordability indicators suggest manageable rent-to-income levels, while elevated ownership costs in the area help sustain rental reliance without eliminating the possibility of some competition from for-sale alternatives. According to CRE market data from WDSuite, the area s rent positioning is above many Ithaca neighborhoods, which can support pricing power when paired with prudent lease management.
- 2006 vintage positions the asset competitively vs. older neighborhood stock, with selective upgrades offering value-add potential.
- Above-median neighborhood occupancy and strong local incomes support collections and retention.
- Large 3-mile renter pool and projected household growth expand the tenant base and support leasing stability.
- Rent positioning above many local areas can sustain pricing power with disciplined lease management.
- Risks: limited immediate amenities may curb walkability premiums; some competition from ownership and potential demographic shifts warrant conservative underwriting.