| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Good |
| Demographics | 63rd | Good |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 208 Fair St, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1975 |
| Units | 51 |
| Transaction Date | 2017-01-18 |
| Transaction Price | $4,180,000 |
| Buyer | Harmonia-Hopkins Parkside LLC |
| Seller | Parkside Vista LLC |
208 Fair St, Ithaca NY Multifamily Investment
Neighborhood fundamentals point to durable renter demand supported by a high renter-occupied share and competitive amenities, according to WDSuite’s CRE market data. The asset’s mid-1970s vintage suggests scope for targeted upgrades to defend positioning against newer supply.
The property sits in an Ithaca neighborhood rated A and ranked 5th of 38 locally, placing it in the top quartile among Ithaca neighborhoods for overall investment appeal. Amenity access is competitive (amenity rank 3 of 38; above-average nationally), with cafes and daily-needs retail measured at the neighborhood level scoring better than many peers. These location fundamentals help with leasing velocity and retention.
Renter depth is a core strength: neighborhood-level data indicate a majority of housing units are renter-occupied (renter concentration measured for the neighborhood, not the property). Within a 3-mile radius, households have expanded and are projected to continue growing, pointing to a larger tenant base over the next five years. Forecasts also show smaller average household sizes within 3 miles, which can support demand for apartments and smaller floor plans.
On performance context, neighborhood NOI per unit ranks 2nd of 38 in the metro and is in the top decile nationally, signaling strong operating potential in the area (per WDSuite’s market data). Neighborhood occupancy is below top metro performers based on rank, so operators should focus on renewal management and differentiated amenities to sustain stability.
Vintage and positioning: Built in 1975, the asset is newer than the neighborhood’s older average housing stock. For investors, this suggests relative competitiveness versus prewar buildings, while still planning for system modernization and common-area refreshes to capture value-add upside and support rent growth.
Safety indicators for the neighborhood compare favorably in a metro and national context. Crime ranks 3rd of 38 locally and sits above the national average in safety percentiles, placing the area among the more secure Ithaca neighborhoods. Violent-offense metrics benchmark in the top quartile nationally, and the latest year-over-year trend shows a meaningful decline.
Property-related offenses have seen a recent uptick in the latest annual read. While this does not change the area’s comparatively strong position, investors may want to budget for lighting, access control, and resident engagement to maintain community standards and support leasing.
Regional employers contribute to steady commuting patterns that can support renter demand and lease retention. Notable within the broader drive-shed is Corning in advanced materials and manufacturing.
- Corning — advanced materials & manufacturing (34.6 miles) — HQ
208 Fair St offers scale at 51 units with average unit sizes around 945 sq. ft., aligning with demand from a predominantly renter-occupied neighborhood. Based on CRE market data from WDSuite, the area posts top-tier NOI per unit at the neighborhood level and competitive amenity access, while occupancy ranks indicate attention to renewals and marketing will matter for stability.
Constructed in 1975, the property is newer than much of the surrounding housing stock, creating a practical value-add path through system updates and modernization to maintain competitive positioning. Within a 3-mile radius, population and household growth projections point to a larger renter pool and smaller household sizes, supporting demand for multifamily units. Home values in the neighborhood context are moderate for the region, which can introduce some competition from ownership, but rent-to-income metrics indicate the need for thoughtful pricing and resident retention strategies.
- Neighborhood-level NOI per unit ranks near the top locally and in the upper decile nationally, signaling strong operating potential
- Renter-occupied concentration locally, plus 3-mile population and household growth, expands the tenant base and supports occupancy
- 1975 vintage enables value-add through targeted system upgrades and amenity refreshes versus older neighborhood stock
- Competitive amenity access (neighborhood-level) supports leasing velocity and retention
- Risks: neighborhood occupancy ranks below metro leaders; recent uptick in property offenses; ownership options may compete—manage pricing, renewals, and security investments accordingly