| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 57th | Fair |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 405 College Ave, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 2000 |
| Units | 44 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
405 College Ave Ithaca Multifamily in Amenity-Rich Core
High renter concentration and dense amenities support durable tenant demand in the immediate neighborhood, according to WDSuite’s CRE market data, while neighborhood occupancy trends should be monitored for leasing strategy.
Positioned in Ithaca’s Urban Core, the property sits in a neighborhood rated A and ranked 3 out of 38 within the metro, placing it among the top quartile locally. Amenity access is a clear strength: neighborhood counts for restaurants, cafes, parks, and groceries index in the top quartile nationally, which tends to bolster leasing velocity and retention for walkable multifamily assets.
Renter-occupied share in the neighborhood is high (ranked 2 of 38), indicating a deep tenant base for multifamily owners. By contrast, the neighborhood’s occupancy rate trends lower relative to both metro peers and national norms; investors should plan for marketing and renewal strategies that emphasize the area’s convenience and services to sustain performance. Median contract rents in the neighborhood sit above many peer areas in the metro, reflecting location fundamentals rather than luxury positioning.
Within a 3-mile radius, demographics show a large 18–34 population and recent growth in both households and families, pointing to ongoing renter pool expansion. Forward-looking projections in the same 3-mile radius call for additional household growth alongside smaller average household sizes, which can translate into steadier demand for smaller units and roommate-style layouts.
Ownership remains a high-cost option in the neighborhood context (value-to-income ratio is among the highest in the metro, rank 1 of 38; nationally this places the area in a high percentile), which typically reinforces reliance on rentals and can support pricing power. Average school ratings trend lower than many U.S. neighborhoods, which aligns the area more with young adult and student-heavy renter demand than with family-driven leasing. Vintage in the submarket skews older on average (1970), giving a 2000-built asset relative competitiveness versus nearby stock while still warranting targeted system updates or renovations to remain differentiated.
Comparable, neighborhood-level safety statistics are not available in the current WDSuite dataset for this location. Investors typically assess safety by reviewing multi-year city and precinct resources, campus and institutional reports, and touring at different times of day to understand situational patterns around the Urban Core.
Given the property’s amenity density and central setting, standard multifamily risk management—lighting, access controls, and coordination with local stakeholders—remains prudent. If metro- or neighborhood-ranked figures become available, they should be interpreted comparatively rather than as block-level indicators.
Regional employment access includes corporate and advanced manufacturing headquarters that help underpin rental demand within commuting range. The list below highlights a nearby anchor relevant to workforce housing dynamics.
- Corning — materials & technology HQ (35.8 miles) — HQ
Built in 2000 with 44 units, the asset benefits from a high renter-occupied neighborhood, strong walkability to daily needs, and a 3-mile trade area characterized by a large 18–34 cohort and rising household counts. According to CRE market data from WDSuite, the neighborhood ranks among the metro’s top locations for amenities but shows lower occupancy than peers, suggesting value in focused leasing, renewals, and unit-mix positioning. Elevated ownership costs in the neighborhood context further support renter reliance, which can aid pricing power when managed alongside rent-to-income considerations.
Relative to a submarket average vintage of 1970, a 2000 construction date offers competitive positioning versus older stock, while still calling for capital planning on aging systems and selective renovations to maintain differentiation. Forward 3-mile projections indicate continued growth in households and incomes, reinforcing a larger tenant base and potential support for rent levels as the area densifies.
- Amenity-rich Urban Core location with top-tier neighborhood ranking (3 of 38) supporting leasing and retention.
- High renter-occupied share indicates depth of tenant base and demand for multifamily housing.
- 2000 vintage offers competitive edge against older stock, with targeted updates to sustain positioning.
- Elevated ownership costs in the area reinforce reliance on rentals and potential pricing power.
- Risk: Neighborhood occupancy trends are below metro norms; proactive leasing and renewals are key.