| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Best |
| Demographics | 73rd | Good |
| Amenities | 11th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 143 Maple Ave, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 2006 |
| Units | 46 |
| Transaction Date | 2005-09-19 |
| Transaction Price | $400,000 |
| Buyer | BEER PROPERTIES LLC |
| Seller | LOWER WILLIAM L |
143 Maple Ave Ithaca Multifamily Investment Opportunity
2006 vintage with proximity to established renter demand drivers and a strong renter-occupied housing base, according to WDSuite’s CRE market data, positions this asset for steady leasing while neighborhood occupancy trends warrant disciplined operations.
The property sits in an Inner Suburb of Ithaca with a B+ neighborhood rating and a profile that is competitive among Ithaca neighborhoods (ranked 11 out of 38). Local housing stock skews older overall (average year built 1950), so a 2006 asset can compete well against aging inventory while planning for mid-2000s system updates as needed.
Neighborhood-level renter concentration is elevated (share of housing units that are renter-occupied ranks 7 of 38; 91st percentile nationally), which supports depth of tenant demand for multifamily. By contrast, the neighborhood’s occupancy rate ranks 37 of 38 (21st percentile nationally), suggesting operators should emphasize leasing execution and retention to stabilize performance.
Within a 3-mile radius, demographics indicate a sizable and expanding renter pool: the population has grown recently and households increased meaningfully, with forecasts pointing to further population growth and a larger number of households over the next five years. Household sizes are trending smaller, which typically increases demand for rental units and supports occupancy stability for well-managed assets.
Ownership costs in the neighborhood are elevated (median home value ranks 3 of 38; 79th percentile nationally), which can reinforce reliance on rental housing and aid lease retention. Restaurants are relatively accessible (ranked 4 of 38; competitive locally), while other day-to-day amenities within the immediate neighborhood are limited, so marketing should emphasize property and unit features alongside access to the broader Ithaca area.
Schools in the area average 3.0 out of 5 and are in the top quartile among 38 metro neighborhoods, a neutral-to-positive factor for demand from households within commuting distance. Based on CRE market data from WDSuite, the neighborhood’s overall amenity score sits above the metro median but below national norms, which favors value-oriented positioning and targeted upgrades rather than luxury-only strategies.
Neighborhood-level crime statistics are not available in WDSuite for this area, so investors should benchmark city and county trends and evaluate property-level measures (lighting, access control, and visibility) during diligence. Use comparable Ithaca neighborhoods as reference points rather than block-level claims.
Regional employers within driving distance broaden the potential renter base, supporting leasing from professionals who value commute-accessible housing. Notable among them:
- Corning — materials & technology (36.2 miles) — HQ
Built in 2006, this 46-unit asset compares favorably to an older neighborhood housing stock, offering competitive positioning with potential for selective capital improvements to modernize systems and finishes. Strong renter-occupied share at the neighborhood level signals depth of tenant demand, while softer neighborhood occupancy underscores the importance of hands-on leasing and retention to drive stable NOI.
Within a 3-mile radius, population growth, a notable increase in households, and smaller average household size point to a larger tenant base and continued demand for rental units. Elevated ownership costs in the local context can sustain renter reliance on multifamily housing, and, according to CRE market data from WDSuite, the area’s fundamentals support cautious revenue management rather than aggressive rent pushes given affordability pressures.
- 2006 vintage competes well versus older stock with targeted value-add potential
- Elevated renter-occupied share indicates a deep tenant base for multifamily
- 3-mile radius shows household growth and smaller household size, supporting leasing
- High-cost ownership context can aid retention and support steady occupancy
- Risk: neighborhood occupancy ranks below metro norms, requiring disciplined operations