| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Good |
| Demographics | 65th | Good |
| Amenities | 32nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 319 Highland Rd, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1980 |
| Units | 47 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
319 Highland Rd, Ithaca Multifamily Investment
Renter demand is supported by a sizable tenant base and elevated neighborhood incomes, according to WDSuite s CRE market data, which helps underpin leasing stability for well-managed assets. The submarket s high home values also tend to sustain reliance on multifamily housing rather than ownership.
The property sits in a suburban pocket of Ithaca (A- neighborhood rating; rank 10 out of 38), placing it above the metro median and competitive among Ithaca neighborhoods. Local amenity depth is mixed: cafes and groceries are convenient relative to most nearby areas (cafe density ranks 4 of 38; grocery density ranks 5 of 38), while parks, childcare, and pharmacies are thinner, pointing to a quieter residential setting.
Vintage matters for competitive positioning. Built in 1980 versus a neighborhood average vintage around 1960, the asset is newer than much of the surrounding stock, which can reduce near-term functional obsolescence. That said, systems and interiors may still benefit from targeted modernization to support renter expectations and value-add execution.
Household dynamics within a 3-mile radius indicate a deep renter pool and growing demand drivers. The area shows a high share of renter-occupied housing and has experienced growth in households with smaller average household sizes over time, which typically supports steady absorption of multifamily units and reinforces occupancy stability.
Income and pricing context are favorable for multifamily operators. Neighborhood-level household incomes rank 2 out of 38 in the Ithaca metro and home values are elevated (nationally high percentile), which generally sustains rental demand and can aid lease retention. Median school ratings track above many U.S. neighborhoods (around the 70th percentile nationally), and neighborhood NOI per unit ranks 5 of 38, suggesting operating performance can be competitive among metro peers, based on commercial real estate analysis from WDSuite.
One watchpoint is neighborhood occupancy, which sits below national norms (lower national percentile and rank 35 of 38 locally). Operators should focus on leasing efficiency, renewal strategies, and product differentiation to mitigate softness in the immediate area while leveraging the broader 3-mile renter base.
Neighborhood-level safety metrics are not available in the dataset provided for this location. Investors typically benchmark property performance and risk management against broader metro and county trends, review multi-year patterns, and incorporate on-the-ground diligence to understand how conditions may influence leasing, retention, and operating practices.
Regional employers provide a stable base of professional and industrial jobs within commuting distance, supporting renter demand and retention for workforce and professional households. Notable nearby employers include Corning and WestRock.
- Corning materials & technology (36.4 miles) HQ
- WestRock packaging & paper (44.1 miles)
This 47-unit, 1980-vintage asset offers a relative age advantage versus much of the surrounding housing stock and is positioned in an A- rated suburban neighborhood. Elevated household incomes and high ownership costs in the area reinforce reliance on rental housing, while a deep 3-mile renter base and smaller household sizes support ongoing demand. According to CRE market data from WDSuite, neighborhood NOI per unit is competitive among metro peers, though nearby occupancy trends run softer than metro and national norms, warranting focused leasing and renewal execution.
The near-term play centers on consistent operations and targeted upgrades to widen the property s edge over older comparables, with potential to capture rent where product quality and management create differentiation. Investors should underwrite with attention to lease-up velocity and renewal management, given local occupancy softness, while leaning on the broader commuter and university-driven renter base in Ithaca.
- 1980 vintage is newer than nearby stock, enabling competitive positioning with selective modernization
- Elevated neighborhood incomes and high ownership costs support rental demand depth and lease retention
- Strong 3-mile renter base and smaller household sizes underpin tenant pipeline and absorption
- Neighborhood NOI per unit ranks among stronger metro performers, per WDSuite s CRE market data
- Risk: neighborhood occupancy trends are softer; success hinges on leasing efficiency, renewals, and product differentiation