| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Good |
| Demographics | 78th | Best |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5 Cinema Dr, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1990 |
| Units | 65 |
| Transaction Date | 2016-08-10 |
| Transaction Price | $5,300,000 |
| Buyer | PG TRIPHAMMER APARTMENTS |
| Seller | GOLDBERG FAMILY STANLEY AND NANCY |
5 Cinema Dr, Ithaca NY — 1990 Multifamily, 65 Units
Positioned in an inner-suburb pocket of Ithaca with steady renter demand and newer-than-average vintage, this asset offers defensible occupancy and value-add potential, according to WDSuite’s CRE market data.
This inner-suburb neighborhood rates A+ (ranked 2 of 38 in the Ithaca metro), signaling strong overall fundamentals relative to local peers. Amenity access is competitive among Ithaca neighborhoods, with cafes, groceries, parks, and pharmacies scoring above national midpoints, helping support tenant retention and day-to-day convenience.
Rents in the neighborhood track above national mid-range while remaining manageable relative to incomes, and home values are elevated for the metro. In practical terms, the high-cost ownership market sustains reliance on multifamily housing, reinforcing the depth of the tenant base and supporting pricing discipline for professionally managed assets.
Demographic statistics aggregated within a 3-mile radius indicate modest population contraction alongside a notable increase in households and smaller average household sizes. This pattern typically expands the renter pool and supports occupancy stability by bringing more renters into the market even as overall population growth stays flat.
The property’s 1990 construction is newer than the neighborhood’s older housing stock (average vintage skews toward the 1970s), which can enhance competitive positioning versus legacy assets. Investors should still plan for targeted modernization of aging systems to support rent trade-outs and leasing velocity.
Neighborhood occupancy trends are below national medians and sit below the metro median, suggesting more active leasing management may be needed to achieve target stabilization. However, renter concentration in the 3-mile area is high, supporting a broad tenant base for multifamily product.
Neighborhood-level safety metrics are not available from WDSuite for this location at this time. Investors typically benchmark property security and neighborhood conditions against city and county trends, review recent comparable assets, and underwrite appropriate on-site measures (lighting, access control, monitoring) to support resident experience and retention.
Regional employment is anchored by advanced materials and packaging firms that draw a skilled workforce and support commuter housing demand for Ithaca’s suburbs, including Corning and WestRock.
- Corning — advanced materials & glass (37.6 miles) — HQ
- WestRock — paper & packaging (42.7 miles)
Built in 1990 with 65 units, the asset is relatively newer than much of the neighborhood stock, offering a platform for targeted renovations to capture rent premiums while maintaining competitive operating costs. Household growth within a 3-mile radius, despite flat overall population, points to renter pool expansion that can support occupancy and leasing resilience. Based on commercial real estate analysis from WDSuite, local rents and home values sit above mid-range benchmarks, and ownership costs help sustain multifamily demand.
Counterbalancing these positives, neighborhood occupancy trends run below metro and national medians, so execution will depend on effective lease management, amenity updates, and right-sized concessions during shoulder seasons. Proximity to regional employers supports demand, though many commutes are regional rather than hyper-local.
- 1990 vintage enables value-add upgrades to improve competitiveness versus older local stock
- Household growth and smaller household sizes within 3 miles expand the renter pool and support occupancy stability
- Elevated ownership costs in the area reinforce reliance on rentals, aiding pricing power and retention
- Regional employers provide a steady commuter tenant base
- Risk: neighborhood occupancy trails metro/national medians, requiring active leasing and asset management