| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 76th | Best |
| Amenities | 46th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 206 Farm St, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1975 |
| Units | 38 |
| Transaction Date | 2014-10-06 |
| Transaction Price | $415,000 |
| Buyer | TALTY KEVIN R |
| Seller | CARROLL TIMOTHY J |
206 Farm St, Ithaca NY Multifamily Investment Opportunity
Inner-suburb location with high neighborhood occupancy and solid renter demand, according to WDSuite’s CRE market data, positioning this 38-unit asset for steady performance relative to broader Ithaca fundamentals.
Located in an Inner Suburb of Ithaca, the neighborhood is rated A and ranks 4 out of 38 metro neighborhoods, indicating strong overall livability and investor appeal. Neighborhood occupancy is high and ranks 9 of 38, placing it in the top quartile among metro peers and supporting leasing stability for nearby multifamily assets.
Amenities skew toward outdoor and daily-needs convenience: park access and pharmacy density both rank 1 of 38 in the metro, while restaurants rank 3 of 38. Immediate cafe and grocery density is limited within the neighborhood, so residents often rely on nearby districts for those uses. For investors, this mix points to stable day-to-day livability with some reliance on adjacent nodes for discretionary retail.
Tenure patterns suggest a meaningful renter base at multiple scales. Within the neighborhood, an estimated 37.8% of housing units are renter-occupied (rank 13 of 38), indicating depth for conventional multifamily leasing. Within a 3-mile radius, renter households represent a larger share of occupied units, which broadens the potential tenant pool and supports occupancy through seasonal and academic cycles.
Demographic trends aggregated within a 3-mile radius show population growth and a notable increase in households, with projections indicating further renter pool expansion over the next five years. This points to a larger tenant base and potential support for rent levels, a view consistent with commercial real estate analysis validated by WDSuite’s datasets.
Home values in the neighborhood are elevated relative to many markets, and value-to-income ratios trend above national medians. Combined with a rent-to-income profile that does not appear overly stretched, the ownership cost context tends to reinforce reliance on rental options, aiding retention and providing measured pricing power for well-managed assets.
Vintage remains a differentiator: the average local building stock skews older than national norms. At the property level, a 1975 construction date implies practical capital planning for systems and interiors; targeted renovations can enhance competitiveness versus older nearby stock while preserving durable occupancy characteristics.
Neighborhood-level crime metrics for this area were not available in the current WDSuite release, so comparative safety rankings versus other Ithaca neighborhoods cannot be stated here. Investors typically supplement underwriting with local law enforcement reports and municipal open data to assess trends and any block-level variability.
Regional employment includes a major headquarters within commuting distance, which can contribute to renter demand and lease retention for workforce-oriented units.
- Corning — materials & technology HQ (35.5 miles) — HQ
206 Farm St benefits from a high-occupancy A-rated neighborhood with strong park and pharmacy access and restaurant density, reinforcing day-to-day livability and leasing stability. The 3-mile radius shows population growth and a larger share of renter-occupied households, which supports a deeper tenant base and sustained occupancy. According to CRE market data from WDSuite, local ownership costs trend elevated relative to incomes, which can sustain reliance on multifamily housing and aid retention for well-positioned assets.
Built in 1975, the property may warrant targeted capital upgrades, suggesting value-add potential to enhance unit finishes and operating efficiency versus older nearby stock. Forward-looking household growth within 3 miles and steady neighborhood occupancy create a backdrop for durable cash flow, while prudent underwriting should account for capex and any near-term rent-to-income pressures.
- High neighborhood occupancy and A-rated Inner Suburb location support leasing stability
- Expanding 3-mile household base broadens the tenant pool and supports demand
- Elevated ownership costs reinforce reliance on rental housing, aiding retention
- 1975 vintage offers value-add potential via system upgrades and interior renovations
- Risks: capital expenditure needs for a 1970s asset and sensitivity to rent-to-income management