| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Good |
| Demographics | 65th | Good |
| Amenities | 32nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 120 Westbourne Ln, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1990 |
| Units | 21 |
| Transaction Date | 2009-03-31 |
| Transaction Price | $246,338 |
| Buyer | WB14850 LLC |
| Seller | OLIVER ROBERT S EST |
120 Westbourne Ln Ithaca Multifamily Investment Opportunity
Neighborhood renter demand and income levels appear supportive for small multifamily, according to WDSuite’s CRE market data. Focus is on steady tenancy potential in a high-cost ownership area, with leasing performance tied to targeted operations and product positioning.
Located in a suburban pocket of Ithaca, this submarket combines everyday conveniences with a renter base that’s meaningful for a 21-unit asset. Neighborhood restaurants and grocery access are competitive locally, while cafes score above national midpoints — a mix that tends to support day-to-day livability and retention. Average school ratings rank near the top of the metro (top quartile among 38 neighborhoods), an additional family-friendly consideration that can aid leasing.
The property’s 1990 vintage is newer than the surrounding housing stock (neighborhood average skews older), giving it relative competitiveness versus legacy buildings; however, investors should underwrite normal system updates and light modernization to keep pace with current renter expectations.
Unit tenure patterns indicate a solid renter-occupied share in the immediate neighborhood, competitive among Ithaca, NY neighborhoods (ranked 15 of 38), which supports depth of the tenant base for multifamily demand. Within a 3-mile radius, demographics show recent growth in households with further expansion projected, implying a larger tenant pool and support for occupancy stability as new renters enter the market.
Home values in the neighborhood are elevated relative to regional norms, creating a high-cost ownership market that tends to sustain reliance on rental housing. Neighborhood rent-to-income levels remain manageable by national comparison, which can help with lease retention and pricing discipline when paired with effective asset management and resident experience.
Neighborhood NOI per unit benchmarks are above metro norms (competitive among the top tier locally), but the neighborhood occupancy metric is weaker versus the metro (ranked near the bottom of 38). That combination points to income potential with execution risk: operators who maintain product quality and align rents to local income bands can capture demand, while lease-up and renewal strategies should account for competitive pressures.
Comparable neighborhood safety benchmarks are not available in the current WDSuite dataset for this location. Investors typically evaluate police-reported trends and insurer loss data at the neighborhood and corridor levels, then compare against Ithaca-wide patterns to calibrate operating assumptions (lighting, access control, and resident policies). Use on-the-ground diligence and recent trend data to contextualize performance and retention expectations.
Regional employers contribute to the broader renter ecosystem, with commuting access that can support steady tenancy for workforce and professional households. Notable names include the following corporate offices:
- Corning — advanced materials & manufacturing (36.3 miles) — HQ
- WestRock — packaging & paper products (44.3 miles)
This 21-unit asset at 120 Westbourne Ln offers a newer-than-neighborhood vintage (1990) in a suburban Ithaca location where renter concentration is competitive locally and home values point to a high-cost ownership market that underpins multifamily demand. Based on CRE market data from WDSuite, neighborhood income levels and manageable rent-to-income dynamics support retention, while amenity access and school quality provide additional leasing appeal.
The key execution focus is occupancy: neighborhood-level occupancy is below metro leaders, suggesting leasing and renewal strategies should emphasize product quality, targeted concessions where needed, and thoughtful unit turns. With forward growth in households within a 3-mile radius, the renter pool is expected to expand, supporting long-run absorption for well-operated properties.
- 1990 vintage offers relative competitiveness versus older local stock; plan for selective modernization to sustain performance
- Renter-occupied share competitive among Ithaca neighborhoods, supporting depth of tenant base and leasing durability
- High-cost ownership environment supports reliance on rentals, aiding pricing discipline and retention
- Household growth within 3 miles points to renter pool expansion and long-term absorption potential
- Risk: Neighborhood occupancy trails metro leaders; underwriting should include lease-up time, competitive positioning, and capex for unit turns