| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 57th | Fair |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 409 College Ave, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1985 |
| Units | 30 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
409 College Ave Ithaca Multifamily Investment
Positioned in Ithaca’s Urban Core near campus-driven demand, the asset benefits from a deep renter pool and steady lease-up potential, according to WDSuite’s CRE market data. Neighborhood fundamentals point to durable renter activity, with ownership costs that tend to sustain rental reliance.
The surrounding neighborhood is rated A and ranks 3rd of 38 within the Ithaca metro, placing it in the top quartile locally. Amenity access is a clear strength: cafes, restaurants, groceries, and parks all rank near the top of the 38-neighborhood set, supporting walkability and day-to-day convenience that helps leasing and retention.
Renter concentration is high at the neighborhood level (among the strongest shares in the metro and very high nationally), indicating depth in the tenant base for multifamily. By contrast, neighborhood occupancy currently tracks below national medians, which suggests investors should underwrite active leasing management and potential seasonality tied to the academic calendar.
Within a 3-mile radius, WDSuite data shows recent growth in population and households, with forecasts pointing to additional household expansion and smaller average household sizes over the next five years. This pattern typically enlarges the renter pool and supports occupancy stability for well-located assets. Median contract rents have risen in recent years, and the neighborhood’s rent-to-income ratio indicates some affordability pressure — a factor for lease management and renewal strategies.
The area skews toward a high-cost ownership market relative to incomes (value-to-income metrics are elevated nationally), which tends to sustain reliance on rental housing and can support pricing power for well-maintained units. Average vintage in the neighborhood is 1970; this property’s 1985 construction is somewhat newer than local stock, suggesting competitive positioning, though investors should still plan for system upgrades or modernization as appropriate for a mid-1980s asset. Neighborhood NOI per unit benchmarks are strong versus regional peers, reinforcing the area’s investment appeal, based on multifamily property research from WDSuite.
Comparable neighborhood-level safety data is not available in the current WDSuite release for this location. Investors typically benchmark incident trends against metro and statewide patterns and prioritize property-level measures (lighting, access controls, and management presence) when evaluating resident experience and retention risk.
Regional employment anchors support renter demand through a mix of research, advanced manufacturing, and corporate roles, offering commuting options within the broader Finger Lakes corridor. Notable employer nearby:
- Corning — materials and specialty glass (35.8 miles) — HQ
409 College Ave combines Urban Core amenity access with a renter-heavy neighborhood profile, supporting demand depth even as local occupancy trends suggest the need for attentive leasing. The 1985 construction is newer than the neighborhood average, offering a competitive edge versus older buildings while leaving room for value-add through targeted modernization. According to commercial real estate analysis from WDSuite, ownership costs in the area are elevated relative to incomes, which tends to sustain reliance on multifamily housing and can bolster pricing power for well-located units.
Within a 3-mile radius, population and household growth — and forecasts for continued household expansion alongside smaller household sizes — point to a larger tenant base and support for occupancy stability over time. Investors should balance these strengths against affordability pressure signaled by rent-to-income dynamics and underwrite operational focus around renewals and turnover.
- Urban Core location with top-tier amenity access that supports leasing velocity and retention
- Renter-heavy neighborhood profile indicates depth of demand for multifamily units
- 1985 vintage provides competitive positioning versus older local stock with value-add potential through selective upgrades
- Household growth within 3 miles and smaller projected household sizes expand the renter pool and support occupancy
- Risk: neighborhood occupancy tracks below national medians and rent-to-income signals affordability pressure, requiring active leasing and renewal management