| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Good |
| Demographics | 65th | Good |
| Amenities | 32nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 220 Triphammer Rd, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1985 |
| Units | 27 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
220 Triphammer Rd Ithaca Multifamily Investment
Positioned in a high-income Ithaca suburb where elevated home values sustain rental demand, this 27-unit asset benefits from a broader tenant base and steady leasing drivers, according to WDSuite s CRE market data.
This suburban A- neighborhood ranks 10 out of 38 within the Ithaca, NY metro, placing it competitive among Ithaca neighborhoods based on WDSuite s indicators. Local amenity access leans toward daily needs: cafes (ranked 4 of 38) and groceries (5 of 38) are relatively convenient, while parks and pharmacies are sparse in the immediate area. Average school ratings trend stronger than many U.S. neighborhoods (around the 70th percentile nationally), a potential plus for family renters.
Renter-occupied housing comprises a moderate share of units in the neighborhood (renter concentration indicated by metro ranking), which suggests a serviceable multifamily demand base locally. Within a 3-mile radius, a larger 66% renter share and household growth point to a deeper pool of prospective tenants and support for occupancy across nearby submarkets.
Income and housing metrics indicate a high-cost ownership market relative to national norms (home values sit in a higher national percentile). That backdrop can reinforce reliance on multifamily housing and help sustain lease retention, while the neighborhood s rent-to-income ratio signals manageable affordability pressure from a leasing perspective. Median asking rents sit above many metro peers (ranked 4 of 38), consistent with the area s income profile and amenity mix.
Construction in the neighborhood skews older on average (circa 1960 across the area), and this property s 1985 vintage is newer than much of the local stock a relative competitive point that still warrants planning for common-area refreshes and system modernization as part of an investor s capital program. These dynamics align with a balanced commercial real estate analysis focused on value preservation and selective upgrades.
Comparable public safety metrics for this specific neighborhood are not available in the current dataset. Investors typically benchmark the area against broader Ithaca and national trends, pairing on-the-ground diligence with available indicators such as school quality, amenity access, and renter concentration to assess resident appeal and leasing stability.
Prudent underwriting would include reviewing recent police blotter trends, owner/manager incident logs, and insurer loss runs for nearby assets to validate assumptions on security expenses and potential retention impacts.
Regional employment anchors broaden the commuting shed and can support renter demand and retention for workforce and professional tenants. Key nearby corporate offices include Corning and WestRock.
- Corning corporate offices (36.5 miles) HQ
- WestRock corporate offices (44.2 miles)
Built in 1985, the property is newer than much of the surrounding housing stock, offering relative competitiveness versus older assets while presenting potential value-add upside through targeted renovations and systems updates. The broader 3-mile area shows household growth and a large 18 34 population share, expanding the renter pool and supporting occupancy and leasing velocity. Elevated home values and strong area incomes indicate that ownership remains costly for many households, which can sustain multifamily demand and bolster lease retention.
According to CRE market data from WDSuite, neighborhood-level rents position above many Ithaca submarkets, and the rent-to-income backdrop suggests manageable affordability pressure for tenants. Acknowledging that neighborhood occupancy trends have been softer than national norms, investors may prioritize hands-on leasing, amenity activation, and unit finishes to capture demand from the broader renter base.
- 1985 vintage offers relative competitive positioning versus older area stock, with value-add potential via targeted modernization.
- Broader 3-mile renter pool and household growth support leasing, retention, and occupancy stability over time.
- Elevated ownership costs and above-metro rent positioning can support pricing power with disciplined lease management.
- Risk: neighborhood occupancy trends have been softer; proactive marketing and refreshed finishes may be needed to capture demand.