| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 57th | Fair |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 402 E Buffalo St, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1980 |
| Units | 20 |
| Transaction Date | 2003-06-04 |
| Transaction Price | $835,000 |
| Buyer | VOGEL ALAN |
| Seller | CMT LLC |
402 E Buffalo St Ithaca Multifamily Investment
Positioned in Ithaca’s urban core, this 20-unit asset benefits from a deep renter pool and strong neighborhood amenities, according to WDSuite’s CRE market data. Neighborhood-level occupancy and tenure metrics suggest durable demand drivers, with investor upside tied to unit quality and leasing execution.
The property sits in an Urban Core neighborhood rated A and ranked 3rd out of 38 Ithaca neighborhoods—top quartile nationally for overall performance. Amenity access is a clear strength: cafes, restaurants, parks, and groceries all rank 2nd of 38 locally, with national placement in the upper percentiles, supporting walkability and day-to-day convenience for renters.
Neighborhood-level occupancy is below the metro average (ranked 36th of 38; lower national percentile), which puts more emphasis on property-specific execution and competitive positioning. At the same time, the area’s renter-occupied share is high (ranked 2nd of 38 and top national percentile), indicating a large base of renter-occupied housing units that can support steady multifamily demand and leasing velocity.
Within a 3-mile radius, demographics point to a larger tenant base over time. Households increased materially over the past five years and are projected to grow further by 2028, while average household size is trending smaller—factors that typically enlarge the renter pool and support occupancy stability. Median household income is rising in the near-term outlook, and contract rents are also projected to increase, which underscores the need for active lease management to balance pricing and retention.
Home values in the neighborhood are elevated relative to incomes (high value-to-income ratio; top decile nationally), which tends to reinforce reliance on rental housing and can support pricing power when units are well-maintained. Average school ratings are below national midline, a consideration for family-oriented demand. The property’s 1980 vintage is slightly newer than the neighborhood’s average 1970 stock, offering relative competitiveness versus older buildings; investors should still plan for targeted modernization and system updates typical for assets of this age.
Comparable, metro-ranked crime data for this neighborhood is not available in the current WDSuite release, so we avoid block-level conclusions. Investors should evaluate citywide and submarket trends and pair them with property-level measures and historical incident context to assess resident experience and potential insurance implications.
Regional employment anchors contribute to renter demand via commute-linked housing. Notably, nearby advanced materials manufacturing provides diversified job concentration relevant to workforce and professional renters.
- Corning — advanced materials manufacturing (35.4 miles) — HQ
This 20-unit 1980-vintage building offers exposure to Ithaca’s amenity-rich urban core with a large renter base and strong daily-needs access. Based on CRE market data from WDSuite, the neighborhood ranks near the top locally for lifestyle amenities, while a high renter-occupied share supports depth of demand. Neighborhood-level occupancy trends are softer, making unit quality, rent positioning, and leasing operations key to outperformance. The asset’s slightly newer vintage versus the area’s average stock creates a platform for selective renovations and value-add upgrades to enhance competitiveness.
Within a 3-mile radius, population and households are expanding and are projected to keep growing through 2028, pointing to a larger tenant base and support for leasing stability. Elevated ownership costs relative to incomes reinforce sustained reliance on rental housing, though higher rent-to-income levels in the neighborhood call for careful affordability management to protect retention.
- Amenity-rich location with top-quartile rankings locally and nationally, supporting renter appeal and leasing momentum.
- High renter-occupied share (ranked 2nd of 38) indicates depth of tenant demand for multifamily units.
- 1980 vintage is newer than the neighborhood average, enabling targeted renovations for competitive positioning.
- Demographic growth within 3 miles supports a larger renter pool and potential occupancy stability over the medium term.
- Risk: neighborhood occupancy trends are below metro averages and rent-to-income levels are high, requiring disciplined pricing and retention strategies.