| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 57th | Fair |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 301 College Ave, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1998 |
| Units | 29 |
| Transaction Date | 2017-06-14 |
| Transaction Price | $15,000,000 |
| Buyer | 301 CA ASSOCIATES LLC |
| Seller | COLLEGE AVE REALTY |
301 College Ave Ithaca Multifamily Investment
Positioned in Ithaca s urban core with dense amenities and a deep renter base, the asset benefits from stable tenant demand and competitive positioning, according to WDSuite s CRE market data. Neighborhood occupancy and rent levels signal steady performance drivers for investors focused on small-scale multifamily.
This Urban Core neighborhood ranks 3rd among 38 Ithaca metro neighborhoods overall (A rating), supported by exceptional amenity access: restaurants, groceries, cafes, and parks each rank 2nd out of 38, placing the area in the top quartile nationally for food and daily-needs density. For investors, that combination typically underpins leasing velocity and renewal odds, especially for lifestyle-driven renters.
Renter-occupied housing is a defining feature, with a renter concentration that ranks 2nd out of 38 in the metro (top national percentile). That depth of renter demand supports a resilient tenant base for multifamily assets, although lease management should account for seasonality typical of college-adjacent submarkets.
Neighborhood occupancy is measured at the neighborhood level, not the property, and sits below national norms (ranked 36th of 38; national percentile in the lower quartile). Still, median contract rents rank above the metro median (15th of 38; upper national tier), suggesting pricing power where product quality and location advantages align. Household incomes within the neighborhood are modest relative to national benchmarks, so rent-to-income oversight remains important for retention and renewal strategies.
Within a 3-mile radius, demographics indicate a large 18 34 cohort today and continued growth ahead: population and household counts are projected to rise, pointing to a larger tenant base and absorption capacity. Median home values trend above national averages and the value-to-income ratio sits in a high national percentile, indicating a high-cost ownership market that reinforces reliance on multifamily rentals and can sustain demand near campus and downtown.
Vintage context matters: the property s 1998 construction is newer than the neighborhood s average vintage (1970). That relative recency can be a competitive edge versus older stock, while still warranting capital planning for systems modernization and targeted renovations to meet current renter preferences.
Neighborhood-level crime metrics are not available in this dataset for direct comparison. Investors should benchmark on-the-ground conditions and recent trends against Ithaca metro peers and citywide reports to understand relative safety and leasing implications. As always, use property-level loss history, lighting and access controls, and local policing engagement as part of standard diligence.
Regional employers help anchor demand through a mix of corporate and innovation-driven roles accessible from the neighborhood. The following organization represents a meaningful regional node that can support commuter demand.
- Corning a0 d materials & technology (35.8 miles) a0 d HQ
The asset s location at 301 College Ave places it in one of the Ithaca metro s highest-amenity neighborhoods, where renter concentration ranks near the top of the market and daily-needs access is exceptional. While neighborhood occupancy (measured for the neighborhood, not the property) sits below national norms, median rents trend above the metro median, indicating that well-positioned product can maintain pricing power. Based on CRE market data from WDSuite, the broader context points to steady renter demand supported by a large 18 34 population within 3 miles and expanding household counts that can support absorption and renewals.
Built in 1998, the property is newer than the neighborhood average, offering relative competitiveness versus older stock while still calling for prudent capital planning for building systems and targeted unit refreshes. A high-cost ownership backdrop reinforces reliance on rentals, which, coupled with amenity density and proximity to campus/downtown, supports long-term fundamentals. Key watch items include neighborhood-level affordability pressure and periodic seasonality typical of university-oriented markets.
- High renter concentration and top-tier amenity access support leasing velocity and renewals.
- Rents above the metro median indicate pricing power for well-positioned units.
- 1998 vintage offers competitive positioning versus older stock with manageable modernization upside.
- 3-mile population and household growth expand the tenant base and absorption capacity.
- Risks: below-average neighborhood occupancy, affordability pressure, and academic-cycle seasonality.