| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 53rd | Poor |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 131 E Green St, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 2008 |
| Units | 73 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
131 E Green St, Ithaca Multifamily Investment Positioning
Amenity-rich downtown location with a deep renter base and steady neighborhood occupancy, according to WDSuite’s CRE market data, supports durable tenant demand and leasing velocity.
Located in Ithaca’s inner-suburb/downtown fabric, the neighborhood ranks 1 of 38 metro neighborhoods and carries an A+ rating, indicating competitive positioning among local sub-areas. Amenity access is a core strength: cafes, groceries, restaurants, parks, and pharmacies all rank at or near the top of the metro, translating into walkable convenience that tends to support leasing and retention for multifamily assets.
Neighborhood occupancy is near the national midpoint with a slight five-year softening, while the renter-occupied share is high (roughly three-quarters of housing units), suggesting a broad tenant pool and depth for multifamily leasing. Median contract rents in the neighborhood sit around the upper-middle range nationally, and rent growth over five years has been positive, reinforcing ongoing renter demand.
Vintage context matters: the area’s average construction year is 1942, while the subject was built in 2008. The newer vintage enhances competitive positioning versus older local stock and can temper near-term capital expenditure needs; investors may still evaluate modernization or system updates to maintain class positioning. Home values trend around the national middle, implying some purchase alternatives nearby; however, rent-to-income levels indicate affordability pressure for some households, which calls for thoughtful lease management rather than aggressive across-the-board pricing.
Demographics within a 3-mile radius show population growth over the last five years and notable expansion in household counts, with forecasts pointing to further household growth and smaller average household sizes by 2028. For multifamily, this implies a larger tenant base and steady unit absorption potential. These local dynamics align with broader commercial real estate analysis that favors amenity-dense, renter-heavy neighborhoods for occupancy stability over a full cycle, based on CRE market data from WDSuite.
Comparable neighborhood-level safety data are not published in this dataset for precise ranking or percentile translation. Investors typically contextualize conditions by reviewing city and county reports, police department releases, and multi-year trends to understand how the area compares to broader metro patterns and whether safety perceptions support leasing and retention.
Regional employers within commuting range contribute to renter demand and retention; nearby advanced materials and manufacturing presence is represented by Corning’s headquarters.
- Corning — materials & manufacturing (35.1 miles) — HQ
Built in 2008 with 73 units, the property is materially newer than the neighborhood’s predominantly pre-war stock. That relative vintage supports competitive positioning and may moderate near-term capital planning versus older comparables, while selective upgrades can further differentiate finishes and common areas. The immediate neighborhood ranks first among 38 metro neighborhoods for overall quality and amenity access, a combination that typically supports occupancy durability and leasing velocity. According to CRE market data from WDSuite, local occupancy trends sit near the national midpoint while renter concentration is high, indicating a deep tenant base even as pricing should be managed with attention to rent-to-income.
Within a 3-mile radius, recent population growth and a sizable increase in households, alongside forecasts for additional household gains and smaller average household sizes by 2028, point to continued renter pool expansion. Home values hover near national midpoints, which can introduce some competition from ownership, but elevated rent-to-income signals the need for calibrated renewal strategies to balance retention and revenue. Overall, the asset’s location and vintage create a practical path for durable performance with value-add optionality.
- Amenity-dense, top-ranked neighborhood among 38 metro peers supports leasing and retention.
- 2008 construction offers competitive positioning versus older local stock, with targeted upgrades for further lift.
- High renter-occupied share indicates depth of tenant demand and supports occupancy stability.
- 3-mile radius shows household growth and smaller household sizes ahead, expanding the renter pool.
- Risk: rent-to-income pressure near the area suggests disciplined pricing and renewal management.