| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Best |
| Demographics | 51st | Poor |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 258 Pennsylvania Ave, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1990 |
| Units | 38 |
| Transaction Date | 2003-02-07 |
| Transaction Price | $170,000 |
| Buyer | VAVAL VALERIE |
| Seller | SCHULTZ HAROLD |
258 Pennsylvania Ave, Ithaca NY Multifamily Investment
Stabilized renter demand and a high renter-occupied share in the surrounding neighborhood point to steady leasing conditions, according to WDSuite’s CRE market data.
This Inner Suburb neighborhood posts a competitive occupancy profile at the neighborhood level, with recent readings indicating performance that is competitive among 38 Ithaca neighborhoods and above national medians. Median contract rents are in the mid-$1,400s with strong five‑year growth, signaling durable renter willingness to pay and potential for disciplined revenue management at the asset level.
Renter-occupied housing comprises a majority of neighborhood units (55%+), ranking 5th out of 38 locally and in the 91st percentile nationally. For multifamily investors, this high renter concentration supports a deep tenant base and tends to bolster demand consistency, though it also places a premium on unit differentiation and resident experience to drive retention.
School quality is a relative strength: average school ratings around 4.0 out of 5 rank 1st among 38 Ithaca neighborhoods and sit in the top quartile nationally. Amenities are modest within the immediate blocks (few cafes, parks, or pharmacies), while grocery access is mid‑pack locally (ranked 10th of 38). Expect residents to rely on nearby commercial corridors for daily needs, which can support car- or bus-based living without requiring heavy on-site retail.
Within a 3‑mile radius, demographics show population growth over the last five years with a large 18–34 cohort and a projected increase in households over the next five years, indicating a larger tenant base and ongoing renter pool expansion. Home values are elevated for the area and the value‑to‑income ratio ranks high nationally, which generally sustains reliance on rental housing and can support pricing power; at the same time, a rent‑to‑income ratio near 0.28 suggests some affordability pressure that owners should monitor through pragmatic lease management and renewal strategies. These patterns align with broader commercial real estate analysis trends seen in university‑influenced metros.
The property’s 1990 vintage is newer than the neighborhood’s older housing stock (average 1950s), offering relative competitiveness versus legacy product. Investors should still budget for system updates and light modernization to stay ahead of comparables while capturing value in a largely renter‑driven location.
Neighborhood‑level crime statistics are not available for this area in WDSuite’s dataset. Investors typically benchmark local conditions against city and county trends and review recent leasing feedback to gauge resident sentiment. As with any acquisition, align security planning with observed conditions and comparable assets in the Ithaca metro.
Regional employment is anchored by advanced materials and manufacturing, with proximity to a major headquarters that broadens the commuter base and can support renter demand.
- Corning — advanced materials & manufacturing (35.2 miles) — HQ
A 38‑unit asset built in 1990 positions ahead of much of the neighborhood’s older stock, pairing a high neighborhood renter concentration with competitive occupancy to support steady leasing. Elevated ownership costs locally reinforce reliance on rentals, while household growth within a 3‑mile radius signals a larger tenant base over the next cycle. According to CRE market data from WDSuite, neighborhood occupancy trends and rent levels are consistent with sustained multifamily demand, though operators should monitor affordability pressure when setting renewal targets.
The investment case centers on durable demand drivers (renter share, schools, and university‑adjacent demographics) with measured upside from targeted renovations to keep the 1990 vintage competitive. Limited immediate amenities suggest value in resident services and transportation convenience to strengthen retention.
- Competitive neighborhood occupancy with a deep renter base supports leasing stability
- 1990 vintage offers relative edge versus older local stock with modernization upside
- Elevated ownership costs bolster rental reliance and potential pricing power
- 3‑mile household growth expands the tenant pool and supports absorption
- Risk: affordability pressure (rent‑to‑income) requires careful renewal and amenity strategy