| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Good |
| Demographics | 63rd | Good |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 310 Floral Ave, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 2009 |
| Units | 39 |
| Transaction Date | 2008-04-17 |
| Transaction Price | $56,000 |
| Buyer | HOUSING OPPORTUNITIES HOU DEVELOPMENT FUND CO |
| Seller | ITHACA NEIGHBORHOOD HOUSING SERVICE INC |
310 Floral Ave Ithaca 39-Unit Multifamily (2009)
Neighborhood income performance ranks competitively in the Ithaca metro and a sizable renter base supports demand, according to WDSuite’s CRE market data. Newer construction versus much of the area’s stock offers a relative quality edge for leasing and retention.
The property sits in an A-rated suburban neighborhood that is competitive among Ithaca, NY neighborhoods (rank 5 of 38). Local amenities are balanced: cafes and pharmacies rank competitively metro-wide (both near the top among 38 neighborhoods), with restaurants and parks also above national midpoints. Grocery access tracks above the metro median, supporting daily convenience that helps leasing and renewal conversations.
Rents in the neighborhood are above national norms (75th percentile) while the neighborhood’s average NOI per unit stands in the top decile nationally and among the top performers in the Ithaca metro. For investors, that combination indicates resilient revenue potential when assets are well-operated.
Unit tenure skews toward renter-occupied housing at the neighborhood level (renter concentration above 50%), signaling a deep tenant base that can support ongoing absorption. Within a 3-mile radius, demographics show recent population growth alongside a faster increase in households and smaller average household sizes. This pattern expands the renter pool and can support occupancy stability and steady leasing velocity.
Ownership costs are moderate relative to many U.S. markets, which can introduce competition from entry-level ownership options. At the same time, rent-to-income ratios indicate some affordability pressure locally, so disciplined pricing and lease management remain important to sustain retention and limit turnover.
Safety indicators compare favorably. The neighborhood’s overall safety profile ranks near the top among the 38 neighborhoods in the Ithaca metro and sits in the top quartile nationally. Violent-offense measures are particularly strong, landing in a high national percentile, which supports resident peace-of-mind and lease retention.
Property-offense metrics are also comparatively favorable on a national basis, but the most recent year shows an uptick versus the prior year. Investors should monitor trend direction, but current levels remain consistent with competitive standing in the region.
Regional employers contribute to a broad commuter base that supports workforce housing demand; nearby examples include Corning.
- Corning — materials and specialty glass (34.2 miles) — HQ
Built in 2009, the asset is newer than much of the surrounding housing stock, which skews mid-century. That vintage advantage can translate into competitive positioning versus older properties, while investors should still plan for mid-life system updates and targeted renovations where needed. According to commercial real estate analysis from WDSuite, the neighborhood posts top-tier income performance and rents above national norms, supported by a sizable renter concentration.
Within a 3-mile radius, recent population growth and a faster increase in households point to a larger tenant base ahead, with forecasts calling for continued expansion and smaller average household sizes. Neighborhood occupancy trends are currently below the metro median, but strong renter-occupied shares and solid amenity access provide demand depth. Pricing strategy should account for local rent-to-income pressure to sustain retention.
- 2009 vintage offers a quality edge versus older neighborhood stock, with manageable mid-life capex planning.
- Competitive neighborhood income performance and rents above national norms support revenue durability.
- Deep renter-occupied share and 3-mile household growth expand the tenant base and support occupancy stability.
- Amenity access (grocery, cafes, parks) aids leasing and renewal prospects.
- Risk: Neighborhood occupancy trends sit below the metro median; maintain disciplined pricing amid rent-to-income pressure and monitor property-offense trends.