| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 57th | Fair |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 110 Osmun Pl, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1975 |
| Units | 38 |
| Transaction Date | 2003-02-27 |
| Transaction Price | $228,475 |
| Buyer | HUBER RICHARD L |
| Seller | TUTTON ESTATE OF BERNICE |
110 Osmun Pl, Ithaca NY Multifamily Investment Opportunity
Positioned in Ithaca’s urban core with strong renter concentration and deep amenity access, this 38-unit asset offers durable demand drivers and value-add potential, according to WDSuite’s commercial real estate analysis.
Located in an Urban Core setting, the neighborhood ranks 3rd out of 38 Ithaca neighborhoods (A rating), signaling competitive fundamentals within the metro. Amenity access is a clear strength: restaurants, parks, cafes, and groceries all rank 2nd of 38 locally and sit in the upper national percentiles, supporting daily convenience and renter appeal. These factors can help sustain leasing velocity and tenant retention even as the cycle shifts.
Renter-occupied share is elevated (ranked 2nd of 38), indicating a deep tenant base for multifamily operators. Median contract rents in the neighborhood trend above many U.S. areas (around the 70th national percentile), while home values land near the mid-60s percentile nationally with a high value-to-income ratio (ranked 1st of 38 metro neighborhoods). In practice, the high-cost ownership market can reinforce reliance on rental housing and support occupancy, though pricing strategy should account for local affordability pressure.
Neighborhood occupancy trends are mixed: occupancy sits below many U.S. neighborhoods (around the lower national quartiles) and has softened slightly over five years. That said, NOI per unit trends are competitive (3rd of 38; top quartile nationally), which suggests operators in this area have historically been able to manage expenses and capture demand despite variability in occupancy. Investors should weigh this spread carefully when underwriting.
The property’s 1975 vintage is slightly newer than the neighborhood’s average 1970 construction year (ranked 11th of 38), but it still reflects older-era systems. That typically points to capital planning and repositioning opportunities—modernization can help differentiate versus older stock while addressing long-term maintenance. Within a 3-mile radius, population and household counts have grown and are projected to continue increasing, expanding the renter pool; this supports demand durability and occupancy stability based on CRE market data from WDSuite.
Comparable safety benchmarking for this neighborhood is not available in the provided WDSuite dataset. Investors commonly review police-reported trends alongside metro and national context to gauge relative safety and leasing implications.
A prudent approach is to compare multi-year trends at the neighborhood and city levels, assess property-level security features, and consider on-the-ground management practices that can support resident experience and retention.
Regional employment anchors contribute to renter demand through commute-driven housing needs. Notable nearby corporate presence includes the following HQ, which can support workforce housing dynamics at this address.
- Corning — advanced materials & manufacturing (35.6 miles) — HQ
110 Osmun Pl sits in a top-ranked Ithaca neighborhood with exceptional amenity access and a large renter base, offering resilient fundamentals for multifamily operators. While neighborhood occupancy benchmarks trail national averages, the area’s strong NOI per unit performance and high-cost ownership landscape point to sustained rental reliance and opportunities to optimize pricing and retention—particularly with thoughtful lease management.
Built in 1975, the asset likely benefits from value-add and systems modernization to enhance competitiveness versus older local stock. Within a 3-mile radius, population and households have increased and are forecast to grow further, implying a larger tenant base and support for leasing stability; according to CRE market data from WDSuite, neighborhood rents trend above many U.S. areas while ownership remains relatively expensive, reinforcing multifamily demand.
- High renter concentration and amenity-rich Urban Core location support depth of tenant demand.
- Strong neighborhood NOI per unit (3rd of 38; top quartile nationally) indicates proven operating potential.
- 1975 vintage presents value-add and capital planning levers to improve competitiveness and returns.
- 3-mile radius shows growing households and population, expanding the renter pool and supporting leasing stability.
- Risks: below-average neighborhood occupancy and affordability pressure require disciplined underwriting and proactive retention strategies.