| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Best |
| Demographics | 51st | Poor |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 123 King Rd E, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1980 |
| Units | 31 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
123 King Rd E, Ithaca Multifamily Investment Outlook
Neighborhood occupancy is competitive in the Ithaca metro and sits in the top quartile nationally, supporting durable rent rolls, according to WDSuite’s CRE market data. A sizable renter base in the area further underpins tenant demand and leasing stability.
This Inner Suburb location in Ithaca, NY (neighborhood rating: B+) offers solid fundamentals for workforce-oriented rentals. Neighborhood occupancy ranks 12 out of 38 metro neighborhoods (competitive among Ithaca neighborhoods) and places in the 73rd percentile nationally, a profile that typically supports steady renewals and manageable vacancy risk based on CRE market data from WDSuite.
Renter-occupied housing accounts for a majority of neighborhood units (ranked 5 of 38, top quartile in the metro; 91st percentile nationally), indicating depth in the tenant pool and consistent multifamily demand. Median contract rents benchmark above many U.S. neighborhoods (76th percentile), while the local rent-to-income ratio trends on the lower side (8th percentile nationally), which can help with retention and reduce delinquency risk for professionally managed assets.
Livability is serviceable but not amenity-dense. Schools rate well (ranked 1 of 38 locally and in the top quartile nationally), which can bolster family-oriented tenancy. Everyday conveniences are present with grocery access around the metro median, though cafes, parks, and pharmacies are comparatively sparse in this neighborhood cluster. For investors, this suggests marketing should emphasize functional value and commute convenience rather than lifestyle retail concentration.
Vintage context matters: the average neighborhood construction year trends older (mid-1950s). With a 1980 build, the subject is newer than much of the surrounding stock, which can be competitively advantageous versus pre-1960s assets while still warranting targeted system upgrades or common-area refreshes for positioning. NOI per unit performance ranks 7 of 38 locally (above the metro median), signaling operational potential in line with competitive Ithaca sub-neighborhoods underpinned by commercial real estate analysis from WDSuite.
Demographic indicators aggregated within a 3-mile radius point to growth in households alongside a large 18–34 cohort, expanding the renter pool over time. Population and household gains are projected to continue through the mid-term, supporting occupancy stability and absorption for well-managed properties.
Comparable neighborhood-level crime metrics are not available in the current WDSuite release for this specific Ithaca neighborhood cluster. Investors typically triangulate safety using multiple sources (city reports, police blotters, and property management feedback) and review multi-year trends at the neighborhood and adjacent areas rather than block-level snapshots.
Given the absence of ranked or percentile data here, underwriting should incorporate local diligence, including drive-by assessments and discussions with nearby operators to contextualize resident experience and any security line items.
The regional employment base includes established advanced materials and manufacturing, offering broader economic diversity that can support renter demand. Nearby, Corning provides a recognizable anchor employer within commuting distance.
- Corning — advanced materials & manufacturing (33.9 miles) — HQ
The property’s 1980 vintage is newer than much of the surrounding housing stock, supporting competitive positioning versus older assets while allowing for targeted value-add through system modernization and interior updates. Neighborhood occupancy sits competitive in the metro and in the top quartile nationally, aligning with stable leasing and renewal velocity; attribution based on multifamily property research from WDSuite.
Within a 3-mile radius, household counts have increased and are projected to keep rising, with a large 18–34 population segment that reinforces the renter pool. The neighborhood’s renter concentration ranks in the top quartile locally and high nationally, and median rents relative to income suggest manageable affordability pressure—factors that can support retention and steady cash flows. Key watch items include limited neighborhood amenities and sensitivity to local income trends when pushing rent above market.
- Competitive neighborhood occupancy supports stable leasing relative to Ithaca peers and top-quartile national benchmarks.
- 1980 construction offers a relative edge over older stock with clear value-add via targeted renovations.
- 3-mile household and renter pool expansion underpins demand and absorption for well-managed units.
- Favorable rent-to-income context aids tenant retention and supports consistent collections.
- Amenity-light neighborhood profile and local income sensitivity are underwriting risks to monitor.