| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 53rd | Poor |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 422 W Buffalo St, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1975 |
| Units | 38 |
| Transaction Date | 2017-07-31 |
| Transaction Price | $1,050,000 |
| Buyer | GARDINER ANDRE |
| Seller | RUZICKA BROOK |
422 W Buffalo St, Ithaca Multifamily Investment
High renter concentration and top-tier neighborhood amenities point to durable leasing fundamentals, according to WDSuite’s CRE market data, while occupancy trends merit close monitoring.
Situated in Ithaca’s inner-suburb fabric, the neighborhood ranks 1 out of 38 metro neighborhoods overall (A+), indicating strong local fundamentals relative to the region. Amenity access is a standout: restaurants, cafés, groceries, parks, and pharmacies collectively place the area in the top quartile nationally, with multiple categories ranking 1st among 38 metro neighborhoods. This level of daily-needs convenience typically supports renter demand and lease retention for workforce and student-oriented assets.
Renter-occupied share is high at the neighborhood level (ranked 1 of 38; top-tier nationally), signaling a deep tenant base that can support absorption and leasing velocity. Neighborhood occupancy is measured at the neighborhood scale and currently trails national medians, so underwriting should account for potential leasing seasonality and competitive positioning. Median contract rents sit above the national middle of the pack, and the neighborhood’s value-to-income profile indicates a high-cost ownership market in context, which can reinforce reliance on multifamily housing.
Within a 3-mile radius, population has grown modestly with households rising at a faster clip, and forecasts point to further household expansion alongside smaller average household sizes. For investors, that combination generally enlarges the renter pool and can support occupancy stability. Educational attainment is above national norms, which aligns with demand for well-managed, professionally operated apartments.
Vintage context: the property was built in 1975, whereas the neighborhood’s average construction year skews older (ranked 31 of 38). Being newer than much of the nearby stock can aid competitive positioning, though investors should evaluate systems and common areas for modernization to meet current renter expectations and optimize NOI.
Schools rate below national averages in this neighborhood (metro rank in the lower half and national percentile on the low side). For multifamily, that typically shifts appeal toward students, young professionals, and renters prioritizing proximity to amenities and employment rather than K–12 quality, which should inform marketing and unit-mix strategies.
Comparable neighborhood crime data is not available in WDSuite for this location. Investors typically benchmark safety using city and county trend reports, police blotter summaries, and insurer or lender datasets to understand how the immediate area compares with broader Ithaca and Tompkins County patterns over time.
When crime trend context is limited, prudent practice is to focus on property-level measures (lighting, access control, and visibility) and to evaluate leasing impacts through comps and historical occupancy observed at the neighborhood—not property—level.
Regional employment is anchored by advanced materials and manufacturing, which supports commuting renters and helps stabilize demand across economic cycles. The following nearby employer underpins the area’s workforce base.
- Corning — advanced materials & manufacturing (34.9 miles) — HQ
The investment case centers on a high-renter neighborhood with exceptional amenity density and solid relative positioning within the Ithaca metro. While neighborhood occupancy trends run below national medians, deep renter concentration and a high-cost ownership context support ongoing reliance on multifamily housing. Based on commercial real estate analysis from WDSuite, these dynamics can underpin stable tenant demand if the asset is competitively finished and professionally managed.
Constructed in 1975, the property is newer than much of the surrounding housing stock, suggesting a competitive edge versus older assets and potential to unlock additional NOI through targeted modernization. Demographic trends within a 3-mile radius point to expanding households and a larger renter pool over the next five years, which can aid leasing and support occupancy stability. Key risks include managing rent-to-income affordability pressures and differentiating against well-located alternatives.
- High renter-occupied share at the neighborhood level supports a deeper tenant base and leasing velocity.
- Amenity-rich location (top-ranked among 38 metro neighborhoods) aids retention and rentability.
- 1975 vintage offers competitive positioning versus older local stock, with value-add modernization upside.
- Household growth within 3 miles expands the renter pool, supporting occupancy over the medium term.
- Risk: neighborhood occupancy trends below national medians and rent-to-income pressures require disciplined pricing and asset management.