| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Best |
| Demographics | 90th | Best |
| Amenities | 19th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 114 Summerhill Dr, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1980 |
| Units | 32 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
114 Summerhill Dr Ithaca 32-Unit Multifamily
1980 vintage with stable neighborhood occupancy and a deep renter base supports steady leasing, according to WDSuite’s CRE market data. The property’s suburban setting in Ithaca offers demand from nearby employment and education hubs, with room for operational optimization.
The immediate area trends suburban with balanced fundamentals and an A- neighborhood rating, competitive among the 38 Ithaca, NY neighborhoods by amenity and housing metrics. Neighborhood occupancy is above the metro median (ranked 18 out of 38), which points to generally steady tenant retention across the submarket rather than property-specific performance.
On livability, neighborhood amenities are modest on-block (very limited restaurants, cafes, parks), while grocery and pharmacy access are solid relative to peers. Amenity positioning ranks competitive among Ithaca neighborhoods (amenity rank 15 of 38), suggesting residents rely on short drives for daily needs rather than walkable retail.
Tenure trends indicate a meaningful renter-occupied share locally (ranked 12 of 38), and within a 3-mile radius renters comprise a majority of housing units. This supports a larger tenant base and demand stability for multifamily assets, particularly for well-managed, mid-size properties.
Within 3 miles, demographics show flat population with a notable increase in households over the past five years and further household growth forecast alongside smaller average household size. That combination typically expands the renter pool and supports occupancy stability, based on CRE market data from WDSuite. Elevated ownership costs versus many U.S. neighborhoods reinforce reliance on rental housing, which can aid pricing power when units are well positioned.
Neighborhood-level safety benchmarks are not available in the current WDSuite dataset for this location. Investors typically compare recent local public safety reports, city records, and insurer data to understand trends versus the broader Ithaca, NY region. Use a comparative, time-series view rather than block-level snapshots to gauge operating risk and retention implications.
Regional employment access is anchored by established corporate operations that broaden the potential renter base. The list below highlights a nearby headquarters that contributes to regional stability and commuting options.
- Corning — materials & technology HQ (36.6 miles) — HQ
Built in 1980, this 32-unit asset is newer than the neighborhood’s average vintage and can compete well against older stock, while investors should underwrite for systems modernization and targeted unit refreshes. Neighborhood occupancy trends sit above the metro median and renter concentration is competitive among Ithaca neighborhoods, indicating depth in the tenant pool rather than dependence on a narrow demand segment.
Within a 3-mile radius, households have been increasing and are projected to continue rising even as average household size declines, a setup that typically supports leasing velocity and retention. Elevated ownership costs relative to incomes sustain renter reliance on multifamily housing, and, according to commercial real estate analysis from WDSuite, this submarket’s fundamentals favor durable occupancy with selective value-add upside for 1980s product.
- 1980 vintage: competitive versus older stock with clear modernization and value-add levers
- Above-metro neighborhood occupancy supports steady cash flow potential
- Renter-heavy 3-mile area expands the tenant base and supports leasing stability
- Elevated ownership costs reinforce multifamily demand and pricing power for well-positioned units
- Risks: limited walkable amenities, aging 1980 systems capex, and the need to monitor local safety trends