| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 57th | Fair |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 208 Dryden Rd, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1995 |
| Units | 35 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
208 Dryden Rd Ithaca Multifamily Investment Thesis
High renter concentration in the neighborhood points to durable tenant demand, according to WDSuite’s CRE market data, while asset quality and positioning will drive performance.
The property sits in an Urban Core neighborhood rated A and ranked 3 of 38 in the Ithaca metro, indicating it is competitive among Ithaca neighborhoods. Amenity access is a clear strength: restaurant and grocery density ranks near the top of the metro and is top quartile nationally, supporting walkability and day‑to‑day convenience that helps leasing and retention.
Neighborhood occupancy is lower relative to the metro (ranked 36 of 38), so investors should underwrite active lease management; however, the share of housing units that are renter‑occupied is high (ranked 2 of 38 and in the top national percentiles), signaling depth in the tenant base for multifamily. Median asking rents in the neighborhood have trended upward over the past five years, supporting a case for sustained renter demand.
Schools in the broader area benchmark below national medians, which can matter for family‑oriented renter cohorts, but the Urban Core location and dense amenity mix tend to favor student and young professional demand profiles. Median home values are elevated versus national norms while local incomes are mixed, which typically sustains reliance on rental housing and can support pricing power for well‑positioned assets.
Built in 1995, the asset is newer than the neighborhood’s average vintage (1970). That positioning can be competitively favorable versus older stock, while investors should still plan for modernization of aging systems or targeted value‑add to meet today’s renter expectations.
Within a 3‑mile radius, WDSuite’s data shows population and household growth with a large 18–34 cohort and rising household incomes. Forward‑looking projections indicate additional increases in households, which points to renter pool expansion that can support occupancy stability and leasing velocity for well‑managed properties.
Neighborhood‑level crime metrics are not available from WDSuite for this area, so no comparative safety ranking can be stated. Investors commonly benchmark property‑level experience against broader Ithaca and Tompkins County trends and review multi‑year patterns to assess stability rather than relying on single‑period snapshots.
Regional employers within commuting range contribute to a steady renter pipeline and help support lease retention, with advanced manufacturing as a notable driver.
- Corning — specialty materials & manufacturing (35.8 miles) — HQ
This 35‑unit, 1995‑vintage asset benefits from a high renter‑occupied share at the neighborhood level and strong amenity access that supports day‑to‑day convenience—key ingredients for leasing durability in an Urban Core setting. According to CRE market data from WDSuite, neighborhood occupancy trends lag the metro, which argues for hands‑on revenue management, yet the tenant base is deep and neighborhood NOI performance benchmarks well versus national peers.
The asset’s vintage is newer than the area’s average stock, offering relative competitiveness against older buildings while still allowing targeted value‑add through unit refreshes and system upgrades. Demographic data aggregated within a 3‑mile radius points to population growth, an increase in households, and income gains, supporting a larger tenant base and potential rent growth over the medium term. Elevated ownership costs in the area further reinforce reliance on multifamily housing, though rent‑to‑income levels suggest affordability pressure that should be managed through unit mix, concessions strategy, and renewal execution.
- High neighborhood renter concentration supports tenant demand depth
- 1995 vintage competitive versus older local stock with value‑add potential
- Amenity‑rich Urban Core location aids leasing velocity and retention
- Demographic tailwinds within 3 miles point to renter pool expansion
- Risk: neighborhood occupancy below metro levels; manage affordability pressure and renewals actively