| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 53rd | Poor |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 222 S Aurora St, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1990 |
| Units | 31 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
222 S Aurora St Ithaca Multifamily Investment
Renter demand is reinforced by dense amenities and a high neighborhood renter concentration, according to WDSuite’s CRE market data, supporting steady leasing for a 31-unit asset in central Ithaca.
Located in Ithaca’s inner-suburb core, the neighborhood rates A+ and ranks 1st among 38 metro neighborhoods, signaling strong location fundamentals for small and mid-size multifamily. Amenity density is a clear differentiator: restaurants, groceries, cafes, parks, and pharmacies all rank near the top of the Ithaca metro, with national percentiles in the 90s, which tends to support resident retention and leasing velocity.
The housing stock skews older locally (average vintage 1942; rank 31 of 38), while the subject property was built in 1990. Being newer than much of the surrounding inventory can improve competitive positioning, though investors should still underwrite selective system upgrades and common-area refreshes as part of capital planning.
Renter-occupied share is high at the neighborhood level (rank 1 of 38; top percentile nationally), indicating a deep tenant base and durable demand for apartments. By contrast, the neighborhood occupancy rate ranks 29 of 38 (around the lower half metro-wide), so leasing strategies and unit readiness will matter to capture demand. Median contract rent ranks 16 of 38 (competitive among Ithaca neighborhoods) and sits around the 70th national percentile.
Within a 3-mile radius, demographics show recent population growth and a notable increase in households, with forecasts pointing to further household expansion and smaller average household sizes. This dynamic typically broadens the renter pool and supports occupancy stability. Income distributions are mixed; rent-to-income at the neighborhood level indicates some affordability pressure, so prudent lease management and unit mix calibration are advisable. These observations are grounded in commercial real estate analysis using WDSuite’s market datasets.
Local schools rate below national averages (around the lower national percentile), which is less of a decision driver for student- and young-professional–oriented renter cohorts but can influence family-oriented leasing. Overall, the combination of urban convenience, service access, and established renter concentration underpins the submarket’s multifamily appeal.
Comparable crime data for this neighborhood were not available in WDSuite’s latest release, so investors should supplement with city and police department resources for trend context. Given the property’s central location, evaluate safety on a corridor and time-of-day basis and consider property-level measures (lighting, access control) as part of standard risk management.
Regional employment is anchored by select corporate and institutional nodes; proximity supports commuter convenience and broadens the renter catchment. Notable employer included below reflects verifiable distance data.
- Corning — materials and specialty glass (35.2 miles) — HQ
Built in 1990, the 31-unit asset stands newer than much of the surrounding housing stock, offering a competitive edge versus older inventory while leaving room for targeted value-add to modernize systems and common areas. Dense amenity access and a very high renter concentration support a broad tenant base, though neighborhood occupancy trends sit below the metro median, making disciplined leasing and turn execution important. According to CRE market data from WDSuite, rent levels are competitive within Ithaca and the submarket’s household growth and smaller household sizes within a 3-mile radius point to ongoing renter pool expansion.
Key considerations include balancing pricing power against rent-to-income pressures and underwriting for steady, operations-driven performance rather than outsized growth. With its in-fill location and relative vintage advantage, the asset presents an operational value-add story grounded in durable renter demand and amenity-driven livability.
- Newer 1990 vintage vs. older area stock, supporting competitive positioning
- High neighborhood renter concentration deepens the tenant base and supports leasing
- Amenity-rich location near food, groceries, parks, and services aids retention
- Household growth within 3 miles supports renter pool expansion and occupancy stability
- Risk: neighborhood occupancy ranks below metro median; manage rent-to-income and turns closely