| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 57th | Fair |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 109 Summit Ave, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1980 |
| Units | 24 |
| Transaction Date | 2008-03-12 |
| Transaction Price | $1,300,710 |
| Buyer | CHEUNG CHI-KAY |
| Seller | MAZZA EDWARD A & AS REF |
109 Summit Ave, Ithaca Multifamily Opportunity
Neighborhood renter concentration is high, supporting a deeper tenant base and steady leasing, according to WDSuite’s CRE market data, and commercial real estate analysis points to strong amenity access that can aid retention. Figures cited reflect neighborhood conditions, not the property’s operations.
Located in Ithaca’s Urban Core (Neighborhood rating: A), the area around 109 Summit Ave combines strong lifestyle access with established multifamily demand. Amenity density for restaurants, groceries, parks, and cafes ranks near the top among 38 metro neighborhoods, signaling walkable convenience that supports rentability and lease retention. These amenity metrics describe neighborhood conditions rather than the property’s performance.
Renter-occupied share in the neighborhood is among the highest in the metro (top quartile nationally), indicating a broad multifamily renter base and depth of demand. Median contract rents are above national midpoints, while neighborhood occupancy trends trail national norms, suggesting operators may need to emphasize marketing, renewals, and concessions discipline to protect occupancy. Home values sit above national midpoints and the value-to-income ratio ranks among the highest in the metro, a high-cost ownership backdrop that typically reinforces reliance on rental housing and can support pricing power when operations are well-managed.
Within a 3-mile radius, population and household counts grew in recent years and are projected to continue rising over the next five years, expanding the potential renter pool. Income levels in this radius have also trended higher, which helps support rent growth, though elevated rent-to-income ratios in the neighborhood suggest careful lease management may be needed to balance pricing with retention. These dynamics are directional indicators for multifamily demand; they do not represent the property’s specific tenancy.
The average construction year in the neighborhood trends older than the subject’s 1980 vintage. Being newer than much of the surrounding stock can help competitive positioning, though investors should plan for system updates and common-area refreshes typical of 1980s assets to capture value-add upside. School ratings in the area are below national midpoints, which is more relevant for family-oriented unit mixes; proximity to universities and employers may offset this for student and young professional demand.
Comparable, block-level crime data for this neighborhood are not available in the provided WDSuite feed, so we avoid specific rate claims. Investors should benchmark the area against Ithaca, NY metro peers and review recent municipal reports and property-level incident histories to assess trends and any implications for insurance, security measures, or leasing strategy.
Regional employers help underpin renter demand through stable professional and technical jobs. The list below highlights a nearby corporate presence relevant to commuting patterns.
- Corning — materials science & manufacturing (35.9 miles) — HQ
This 24-unit, 1980-vintage asset benefits from a high renter-occupied neighborhood, walkable amenity density, and a high-cost ownership market that reinforces multifamily demand. Based on CRE market data from WDSuite, neighborhood rents sit above national midpoints while occupancy trends are softer, suggesting upside for hands-on operators who emphasize renewals, targeted upgrades, and leasing execution. The property’s vintage is newer than much of the local stock, offering competitive positioning with potential value-add through modernization of interiors and building systems.
Within a 3-mile radius, population and household growth are projected to continue, supporting a larger tenant base over the medium term. Rising incomes in this radius add support for rent levels, though elevated rent-to-income in the immediate neighborhood points to the need for disciplined pricing and resident retention strategies. Overall, the combination of demand depth, amenity access, and value-add potential frames a pragmatic, long-term hold thesis.
- High renter concentration and strong amenity access support leasing and retention.
- Newer-than-neighborhood-average 1980 vintage with clear modernization/value-add pathways.
- High-cost ownership context reinforces reliance on rental housing and pricing power when managed well.
- 3-mile radius shows ongoing growth in households and incomes, expanding the renter pool.
- Risk: Neighborhood occupancy trends lag national norms; affordability pressure requires careful lease management.