| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Good |
| Demographics | 63rd | Good |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 380 Floral Ave, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1995 |
| Units | 28 |
| Transaction Date | 1998-11-10 |
| Transaction Price | $685,300 |
| Buyer | TOWERVIEW HOUSING INCORPO |
| Seller | ITHACA NEIGHBORHOOD HOUSI |
380 Floral Ave, Ithaca NY Multifamily Opportunity
Neighborhood fundamentals point to durable renter demand and competitive cash flow potential, according to WDSuite’s CRE market data. The area’s renter-occupied share and income profile support steady leasing, with room for selective value-add to strengthen positioning.
Located in Ithaca’s suburban fabric, the neighborhood rates in the top quartile among 38 metro neighborhoods (A rating), signaling balanced livability and investment appeal. Amenities are moderate by national standards (amenities around the mid-60s percentile), with everyday needs like groceries, pharmacies, parks, and a modest café/restaurant mix accessible within the area.
Multifamily dynamics are supportive: the share of renter-occupied housing in the neighborhood is above the metro median (rank 6 of 38; top decile nationally), indicating a deep tenant base that can help stabilize occupancy and renewals. Neighborhood occupancy trends sit below the metro median, so underwriting should assume more competitive leasing and active management to sustain performance through cycles.
Within a 3-mile radius, demographics skew toward young adults and are expanding: households and families have been increasing, with forecasts pointing to further population growth and additional households over the next five years. This implies a larger renter pool over time and supports demand for smaller-format rentals, lease-up velocity, and retention, especially near universities and employment nodes.
Home values in the neighborhood are comparatively modest versus many coastal markets, which alongside rent levels that have grown meaningfully in recent years, suggests a high-cost ownership environment locally can continue to reinforce reliance on multifamily rentals. For investors, this combination supports pricing power management and occupancy stability while keeping an eye on rent-to-income thresholds for renewal strategy.
Safety indicators present a mixed but generally favorable picture when viewed nationally, with important local context. The neighborhood’s overall crime rank is 3 out of 38 within the Ithaca metro, placing it among areas that experience comparatively higher crime locally; however, national percentiles indicate stronger safety than many neighborhoods across the country (overall safety around the low-70s percentile nationally).
Violent-offense metrics are particularly favorable in national context (top quartile nationally) and have improved year over year, which supports tenant retention and leasing stability. Property offenses track better than most places nationwide as well, though recent data show an uptick that warrants routine security and asset-management measures (lighting, access controls, and resident engagement). Investors should underwrite modest security operating expenses and monitor trends as part of ongoing risk management.
Built in 1995, 380 Floral Ave is newer than much of the surrounding housing stock, offering competitive positioning versus older inventory while leaving room for targeted modernization to drive rent premiums. Renter concentration in the neighborhood is high, supporting a deeper tenant base, even as neighborhood occupancy sits below the metro median—suggesting the plan should emphasize proactive leasing, renewal management, and selective upgrades. According to CRE market data from WDSuite, neighborhood-level income and rent trends, coupled with steady 3-mile-radius population and household growth projections, point to resilient demand for multifamily units over a multi-year horizon.
Ownership remains relatively costly in local context while rents have moved up over time, which generally supports reliance on rental housing and can aid pricing power. The main risks to underwrite are the neighborhood’s lower relative occupancy versus the metro and recent property-crime upticks, both manageable with disciplined operations, security measures, and careful rent-to-income management to protect renewal rates.
- 1995 vintage provides competitive positioning versus older stock with targeted value-add potential
- High renter-occupied share supports a larger tenant base and leasing depth
- 3-mile radius shows population and household growth, reinforcing long-term multifamily demand
- Ownership costs encourage reliance on rentals, aiding pricing power and retention management
- Risk: neighborhood occupancy below metro median and recent property-crime uptick require active asset management