| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Good |
| Demographics | 65th | Good |
| Amenities | 32nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 400 Triphammer Rd, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1985 |
| Units | 28 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
400 Triphammer Rd, Ithaca, NY Multifamily Investment
Positioned in a suburban pocket of Ithaca with steady renter demand drivers, this 28-unit asset offers durable cash-flow potential with room for operational upside, according to WDSuite’s CRE market data. Neighborhood occupancy trends run below the metro median, suggesting experienced management can differentiate on leasing and retention.
The property sits in a suburban neighborhood rated A- by WDSuite, placing it competitive among Ithaca neighborhoods (ranked 10 of 38). Neighborhood statistics reflect the neighborhood as a whole, not this specific property. Cafes and grocery options are relatively convenient (cafe density ranked 4 of 38; grocery ranked 5 of 38), with both measures landing in the top quartile nationally, while parks, pharmacies, and childcare are limited locally.
Renter-occupied housing makes up a meaningful share of neighborhood units and is above the metro median (ranked 15 of 38), supporting a stable tenant base for multifamily. Within a 3-mile radius, demographics show a large renter pool (renter-occupied share is the majority) and continued household growth, indicating more renters entering the market and supporting occupancy stability. Over the same radius, household incomes have risen materially in recent years, which can aid lease retention and measured rent growth.
Median home values in the neighborhood are elevated versus national norms (top quartile nationally), which typically sustains reliance on multifamily rentals and supports pricing resilience. Average school ratings are competitive locally (ranked 5 of 38; roughly top quartile nationally), adding to the area’s livability narrative for long-term tenants.
Neighborhood occupancy currently trends below the metro median (ranked 35 of 38), highlighting the importance of hands-on leasing and asset positioning. However, NOI per unit in the area ranks favorably (5 of 38; top quartile nationally), and the asset’s 1985 vintage is newer than the neighborhood average (1960), offering a relative competitive edge versus older stock while still warranting targeted system updates or common-area refreshes.
WDSuite does not provide comparable crime statistics for this neighborhood in the latest release, so investors should benchmark safety using city and metro sources for context. When evaluating risk, consider broader trends and property-level measures (access control, lighting, and management practices) rather than block-level anecdotes.
Regional employers within commuting range anchor diverse corporate office jobs that help sustain renter demand, including Corning in specialty materials and WestRock in paper and packaging.
- Corning — specialty materials & technology (36.6 miles) — HQ
- WestRock — paper & packaging (44.1 miles)
Built in 1985, the asset is newer than much of the surrounding neighborhood stock and can compete well against older properties while benefiting from selective modernization to enhance rentability and retention. Household growth and a sizable renter base within a 3-mile radius point to a broader tenant pipeline, and elevated neighborhood home values tend to support sustained demand for rentals. Neighborhood occupancy runs below the metro median, but NOI per unit performance in the area is strong, indicating operational execution can create separation. Based on commercial real estate analysis from WDSuite, local fundamentals suggest steady demand with room for value creation.
Forward-looking 3-mile trends show increases in households and incomes alongside rising market rents, which can support measured rent growth and stable leasing if the property is positioned with the right finish level and amenity mix. Limited nearby parks, pharmacies, and childcare point to a more car-oriented lifestyle, but competitive access to cafes and groceries and proximity to regional employers help underpin day-to-day livability.
- Newer 1985 vintage versus neighborhood average, with targeted updates offering value-add potential
- Large renter pool and household growth within 3 miles support tenant demand and occupancy stability
- Elevated neighborhood home values reinforce reliance on rentals, supporting pricing power
- Neighborhood NOI per unit ranks strongly, indicating potential for solid operating performance
- Risks: neighborhood occupancy below metro median; limited nearby parks/childcare; plan for system upgrades typical of 1980s construction