| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 53rd | Poor |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 118 Prospect St, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 2000 |
| Units | 97 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
118 Prospect St, Ithaca NY Multifamily Investment Thesis
Positioned in an A+–rated neighborhood with deep renter concentration and dense amenities, the asset benefits from durable demand signals, according to WDSuite’s CRE market data and grounded commercial real estate analysis.
The immediate neighborhood around 118 Prospect St ranks 1st out of 38 metro neighborhoods, signaling strong overall fundamentals relative to Ithaca. Amenity access is a clear strength: neighborhood metrics sit in the top quartile nationally for restaurants, groceries, parks, pharmacies, and cafes, supporting daily convenience and lifestyle appeal that can aid leasing and retention.
Renter-occupied share is high at the neighborhood level (ranked 1st of 38; top quartile nationally), indicating a deep tenant base for multifamily. Neighborhood occupancy trends are near the national middle, suggesting steady—but competitive—leasing conditions where asset quality, management, and pricing discipline matter.
The typical building vintage in the neighborhood skews older (average year 1942; ranked 31st of 38), while this property was built in 2000. The newer construction provides a relative competitive edge versus older stock and may translate to more predictable capital planning, though modernization or system updates can still be prudent for a 2000 vintage.
Within a 3-mile radius, demographics point to a large and evolving renter pool: households and families have expanded over recent years, with additional growth projected. Median incomes and contract rents within this radius have risen, and forecasts indicate further increases alongside a modest reduction in average household size. These trends typically support multifamily demand depth and occupancy stability, though increasing rent levels call for attentive lease management and product positioning.
Home values at the neighborhood level track around national midpoints, which can moderate ownership pressure and help sustain rental reliance. At the same time, rent-to-income ratios in the neighborhood indicate elevated affordability pressure relative to many U.S. areas, a factor investors should monitor for renewal risk and pricing power calibration.
Comparable crime data for this specific neighborhood is limited in the current WDSuite release, so we avoid block-level claims. Investors typically benchmark safety perceptions against city and county trends and assess property-level controls (lighting, access, surveillance) to support resident retention and leasing stability.
Regional employment anchors contribute to renter demand, with proximity to advanced manufacturing and materials science. Notably, Corning is a recognizable driver within commuting range for some residents.
- Corning — advanced materials & glass (35.2 miles) — HQ
Built in 2000 with 97 units, the property competes favorably against an older neighborhood stock, which typically supports operational efficiency and leasing appeal versus pre-war assets. Dense neighborhood amenities and a high renter-occupied share point to a durable tenant base, while neighborhood occupancy trends near the national midpoint suggest steady conditions that reward sound operations. According to CRE market data from WDSuite, the area’s amenity density is top quartile nationally, a factor that can reinforce retention and absorption.
Within a 3-mile radius, recent and projected increases in households—and a modest decline in average household size—indicate more renters entering the market and a larger tenant base over time. Rising incomes and rents in the same radius support a thesis of continued demand, though neighborhood-level rent-to-income readings signal affordability pressure that warrants prudent leasing strategy and expense discipline.
- 2000 vintage offers a competitive edge versus older neighborhood stock and manageable near-term capital planning.
- High neighborhood renter-occupied share supports depth of demand and potential occupancy stability.
- Top-quartile amenity access can aid leasing velocity and resident retention.
- 3-mile demographic growth and smaller households expand the renter pool over time.
- Risk: neighborhood rent-to-income levels point to affordability pressure; careful pricing and renewal management are important.