| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 57th | Fair |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 400 College Ave, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 2005 |
| Units | 20 |
| Transaction Date | 2002-04-12 |
| Transaction Price | $925,000 |
| Buyer | GVM3 LLC |
| Seller | PAPP CONSTANCE |
400 College Ave Ithaca Multifamily Investment
Amenity-rich urban-core location with a deep renter base supports demand, according to CRE market data from WDSuite, though neighborhood occupancy trends warrant close lease management.
Located in Ithaca’s Urban Core, the property sits in a neighborhood that ranks 3rd of 38 locally with an A rating, signaling competitive positioning among Ithaca neighborhoods. Dense access to daily needs and dining stands out: restaurants, grocery options, parks, and cafes rank near the top of 38 neighborhoods and place the area in top national percentiles for amenity concentration—helpful for resident retention and leasing.
The neighborhood’s renter-occupied share is high (ranked 2nd of 38), indicating a large tenant base and steady multifamily demand. By contrast, neighborhood occupancy ranks 36th of 38, so investors should underwrite to current leasing conditions and emphasize renewal strategy and unit readiness to support stability.
Within a 3-mile radius, WDSuite’s data shows population growth over the last five years with further gains projected, and households are expected to expand meaningfully through the next five years—both supportive of a larger tenant base. The area skews toward younger adults today, which aligns with demand for smaller units and convenience amenities; projections indicate some diversification of age mix ahead, which can broaden renter profiles while sustaining demand for well-located apartments.
Home values in the neighborhood are elevated relative to local incomes (ranked 1st of 38 on value-to-income), reinforcing renter reliance on multifamily housing. At the same time, rent-to-income levels are high (ranked 37th of 38), a sign of affordability pressure that calls for careful pricing and renewal management. Average school ratings in the area are below many metro peers, which can modestly temper family-driven demand but is less impactful for renter segments concentrated in the urban core.
Built in 2005—newer than the neighborhood average vintage of 1970—the asset should compare favorably to older stock. Investors can plan for targeted modernization or systems updates to maintain competitive positioning against new deliveries while leveraging location-driven demand.
Neighborhood-level crime metrics were not available in WDSuite for this location at the time of analysis. Investors often benchmark safety using city and county trend sources alongside property-level measures (lighting, access control, management presence) to contextualize risk and retention.
Given the urban-core setting, prudent assumptions include routine operational vigilance and resident communication, with comparisons to broader Ithaca or Tompkins County trends to gauge relative conditions rather than block-by-block conclusions.
Regional employers contribute to the broader labor shed that can influence leasing, with the following organization representing a recognizable corporate presence within commuting reach.
- Corning — materials & specialty glass (35.8 miles) — HQ
This 20-unit, 2005-vintage property benefits from a high-amenity urban core and a deep renter base, while the newer vintage offers a competitive edge versus older neighborhood stock. Household and population growth within 3 miles—along with strong amenity access—support a durable tenant pipeline; according to CRE market data from WDSuite, the neighborhood’s elevated value-to-income backdrop reinforces reliance on rentals. Underwriting should account for neighborhood occupancy ranking near the lower end locally, making renewal strategy and operational execution important drivers of performance.
Affordability pressure (high rent-to-income at the neighborhood level) suggests measured rent setting and focus on value-driving upgrades rather than aggressive premiums. Targeted capex for modernization can enhance leasing velocity and retention, using the location’s amenity density to sustain demand while managing risk.
- Urban-core location with top-tier dining and daily-needs access supports retention and leasing velocity.
- 2005 vintage offers competitive positioning versus older local stock with selective upgrade upside.
- 3-mile population and household growth expand the tenant base and support occupancy stability.
- Elevated ownership costs locally reinforce multifamily demand and renter reliance.
- Risk: Neighborhood occupancy ranks near the bottom of the metro; affordability pressure calls for disciplined pricing and renewal management.