| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Best |
| Demographics | 55th | Fair |
| Amenities | 19th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1062 Dryden Rd, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 2004 |
| Units | 21 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1062 Dryden Rd Ithaca 21-Unit Multifamily Asset
Neighborhood fundamentals point to steady renter demand and occupancy resilience, according to WDSuite’s CRE market data. With a high share of renter-occupied units in the area, this 2004-built asset is positioned for durable leasing performance.
The property sits in a suburban Ithaca neighborhood rated B and competitive among Ithaca neighborhoods (ranked 15 of 38). Local occupancy has been strong and improving, with the neighborhood’s rate above many areas nationally, supporting income stability for multifamily investors based on CRE market data from WDSuite.
Renter concentration is elevated (top quartile in the metro and high nationally), indicating a deep tenant base and reinforcing demand for professionally managed apartments. Median contract rents in the neighborhood trend on the lower side relative to many national pockets, which can aid lease-up and retention while offering room for disciplined renovations to translate into rent premiums.
Construction vintage averages around the late 1980s locally, while this property was built in 2004. The newer vintage enhances competitive positioning versus older stock, though investors should still plan for mid-life system updates and selective modernization to sustain pricing power.
Within a 3-mile radius, demographics skew toward younger adults, and households have edged higher even as population softened in the last five years. Forecasts point to growth in both population and households over the next five years, which can expand the renter pool and support occupancy stability. Median home values in the neighborhood sit in a mid-range context for upstate New York; ownership remains a meaningful alternative, but the area’s renter orientation and value-to-income dynamics suggest continued reliance on multifamily housing.
Amenities are mixed: grocery access ranks above the metro median (rank 4 of 38), while cafes, parks, and pharmacies are sparse locally. For investors, this combination often aligns with workforce and student-driven demand profiles where daily needs are met, but discretionary amenity density is lighter.
Comparable neighborhood crime benchmarks are not available in WDSuite for this specific micro-area. Investors typically contextualize safety by comparing city and county trend reports and by evaluating property-level measures (lighting, access control, and management practices). Avoid drawing block-level conclusions; instead, assess broader trends and on-the-ground conditions during diligence.
Regional employment is diversified, with access to established manufacturers and paper/packaging firms that broaden the renter base and support leasing stability. Notable employers within commuting range include Corning and WestRock.
- Corning — materials & technology (38.8 miles) — HQ
- WestRock — paper & packaging (43.2 miles)
Built in 2004 with 21 units, the asset offers a newer-than-neighborhood-average vintage that can outperform older local stock while benefiting from an area with sustained occupancy and a high share of renter-occupied housing. According to CRE market data from WDSuite, neighborhood occupancy is competitive in the metro and above many national peers, supporting income durability.
Within a 3-mile radius, the renter pool is supported by a large 18–34 cohort and projections for growth in both population and households over the next five years, signaling ongoing demand and potential for measured rent gains. While amenities skew practical (notably grocery access) rather than lifestyle-oriented, targeted upgrades and attentive operations can capture demand and manage turnover.
- 2004 vintage offers competitive positioning versus older neighborhood stock, with scope for selective modernization.
- Strong neighborhood occupancy and high renter-occupied share support steady leasing and cash flow.
- 3-mile outlook shows growth in households, expanding the tenant base and aiding retention.
- Practical amenity mix and grocery access fit workforce and student-driven demand profiles.
- Risks: lighter cafe/park density and potential for higher turnover with a younger renter cohort; plan for mid-life system CapEx.