| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Best |
| Demographics | 51st | Poor |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 104 Grandview Ct, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1975 |
| Units | 58 |
| Transaction Date | 2017-01-25 |
| Transaction Price | $6,270,000 |
| Buyer | Harmonia-Hopkins Parkside LLC |
| Seller | Lakeside Vista LLC |
106 Grandview Ct, Ithaca Multifamily — Renter-Demand Play
Neighborhood data points to a deep renter base and steady occupancy, according to WDSuite’s CRE market data, supporting durable income for a mid-1970s asset in Ithaca’s inner suburb.
This inner-suburb location rates B+ and is competitive among Ithaca’s 38 metro neighborhoods (ranked 13th), signaling balanced fundamentals for a 58-unit property. Neighborhood occupancy is strong and competitive among peers, supporting income stability, while a high share of renter-occupied housing units indicates a deeper tenant base for multifamily.
Schools in the area score well, with the neighborhood’s average school rating in the top tier locally (1st out of 38) and in the top quartile nationally, a factor that can aid family-oriented retention. Amenity density (cafes, parks, pharmacies) is thinner than core urban districts, but grocery access tracks around metro norms. Investors should underwrite convenience as more auto-oriented rather than walk-to-everything.
Within a 3-mile radius, demographics show population growth with a larger expansion in households and families over the past five years, pointing to a growing renter pool. Forecasts through 2028 continue to show increases in households alongside smaller average household sizes, which tends to support multifamily demand and occupancy stability.
Ownership costs in the neighborhood sit at elevated levels relative to many U.S. areas (home values and value-to-income measures rank well above national medians), which reinforces reliance on rental housing. Median contract rents trend above national norms, so lease management should account for affordability pressure (rent-to-income metrics indicate monitoring retention and renewal strategies), yet the neighborhood’s competitive occupancy suggests demand resilience.
At the property level, the 1975 vintage is newer than much of the neighborhood’s older housing stock (average vintage mid-1950s). This positioning can be competitively favorable versus pre-1960s inventory, while still offering value-add potential through systems modernization and targeted unit upgrades given asset age.
Comparable neighborhood-level safety metrics are limited in the available dataset for this location. Investors typically benchmark conditions against city and county reporting and evaluate on-the-ground trends over time rather than block-level snapshots. Consider reviewing multi-year patterns and speaking with local stakeholders to contextualize safety alongside leasing performance and retention.
Regional employers support a broad workforce draw that can contribute to renter demand; the list below highlights a notable nearby headquarters relevant to the broader labor market.
- Corning — materials & technology (35.0 miles) — HQ
The asset’s 58 units and 1975 vintage align with a neighborhood characterized by high renter concentration and competitive occupancy. Based on CRE market data from WDSuite, household growth within a 3-mile radius and continued forecast increases point to a larger tenant base, while elevated ownership costs locally help sustain demand for rentals. The property’s relative youth versus much of the surrounding stock suggests both competitive positioning and pragmatic value-add opportunities through modernization.
Underwriting should account for moderate affordability pressure given rent levels relative to incomes and the area’s more suburban amenity pattern, but neighborhood-level demand indicators and schooling strength support leasing stability over the cycle.
- Competitive neighborhood standing and strong local school ratings support tenant retention
- High renter-occupied share and steady occupancy indicate depth of demand
- 1975 vintage offers modernization and value-add upside versus older nearby stock
- Household growth within 3 miles expands the renter pool, supporting leasing
- Risks: affordability pressure and thinner walkable amenities warrant conservative rent and retention assumptions