| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 57th | Fair |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 210 Lake St, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1990 |
| Units | 97 |
| Transaction Date | 2011-02-04 |
| Transaction Price | $6,150,000 |
| Buyer | ITHACA GUNHILL PROPERTY |
| Seller | MORGAN GUN HILL LLC |
210 Lake St Ithaca Multifamily with Urban Renter Demand
Positioned in Ithaca’s Urban Core, the asset benefits from a deep renter base and strong amenity access, according to WDSuite’s CRE market data. Neighborhood fundamentals suggest steady leasing potential with pricing set against a high-cost ownership market.
This Urban Core location offers daily-life convenience that supports retention and leasing velocity. Restaurant and grocery density rank competitive among Ithaca’s 38 neighborhoods and sit in the top national percentiles, indicating strong walk-to amenities and service coverage that typically bolster renter appeal.
Renter concentration is elevated at the neighborhood level (renter-occupied share ranks near the top locally), translating to a deep tenant pool for multifamily operators. By contrast, neighborhood occupancy trends are below national norms, which calls for hands-on leasing and renewal management to sustain stability.
Home values are elevated versus incomes (value-to-income ranks first in the metro and sits in a high national percentile), signaling a high-cost ownership market that tends to reinforce reliance on rental housing. Median rents benchmark competitive among Ithaca neighborhoods, while the neighborhood’s rent-to-income ratio indicates affordability pressure that owners should factor into pricing and renewal strategies.
Within a 3-mile radius, population and households have grown and are projected to expand further through 2028, pointing to a larger tenant base over time. Household sizes are trending smaller, which often supports demand for studio and one-bedroom product and can aid occupancy stability as more renters enter the market.
Construction year for the property is 1990, newer than the neighborhood’s older average stock. That positioning can be competitive against 1970s-era buildings, while still leaving room for targeted modernization of systems and finishes to drive rent premiums and reduce near-term capital friction.
Neighborhood-level crime statistics for this area are not available in WDSuite’s current dataset, so metro comparisons and rank-based conclusions cannot be drawn here. Investors typically pair city reports and recent trend reviews with property-level security measures and lighting/visibility upgrades when underwriting.
Given the Urban Core setting, prudent diligence includes reviewing recent incident trends, coordinating with local authorities, and aligning site design with best practices that support leasing and resident satisfaction.
- Corning — specialty materials and glass (35.8 miles) — HQ
210 Lake St comprises 97 units built in 1990, giving it a competitive edge versus older neighborhood stock while leaving room for value-add through modernization. The Urban Core location features top-tier amenity access and a high renter-occupied share at the neighborhood level, supporting depth of demand. According to CRE market data from WDSuite, local occupancy runs below national norms, so asset performance will hinge on execution around leasing, renewals, and targeted upgrades.
Within a 3-mile radius, both population and households have expanded and are projected to increase through 2028, indicating ongoing renter pool expansion. Elevated ownership costs relative to incomes point to sustained reliance on multifamily housing, while neighborhood rent-to-income dynamics suggest careful affordability management to maintain retention and pricing power over time.
- Urban Core location with top-quartile amenity access supports leasing velocity
- 1990 vintage offers competitive positioning versus older stock with value-add potential
- 3-mile demographics indicate continued renter pool expansion through 2028
- High-cost ownership market reinforces multifamily demand in the area
- Risk: below-national occupancy and rent-to-income pressure require disciplined leasing and renewal strategy