| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Good |
| Demographics | 65th | Good |
| Amenities | 32nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 509 Lake St, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1990 |
| Units | 48 |
| Transaction Date | 2000-07-17 |
| Transaction Price | $1,428,800 |
| Buyer | TFC DEVELOPMENT LLC |
| Seller | CERRACHE ANTHONY -ESTATE OF |
509 Lake St Ithaca Multifamily Investment
1990 vintage with proximity to core amenities in a high-cost ownership pocket supports durable renter demand, according to WDSuite’s CRE market data. Neighborhood occupancy references are for the area, not this property.
Located in Ithaca, this A- rated neighborhood ranks 10th out of 38 metro neighborhoods—competitive among Ithaca neighborhoods and above the metro median—based on CRE market data from WDSuite. Local context here refers to the neighborhood, not the property.
Everyday conveniences are accessible: cafes and groceries rank near the top of the metro (both within the top five of 38), while restaurants sit around the metro middle. The neighborhood’s average school rating is above many peers (ranked 5th of 38, roughly top quartile nationally), a factor that can aid renter retention for family-oriented households.
Neighborhood occupancy trends sit below national norms, indicating that leasing performance may require active management. However, within a 3-mile radius, demographics point to a larger tenant base over time with projected population and household growth, which can support occupancy stability and leasing velocity.
Tenure patterns and costs also favor multifamily demand. Within 3 miles, renter-occupied housing accounts for a majority of units, indicating depth in the tenant pool. At the neighborhood level, elevated home values (ranked 2nd of 38 and high nationally) and a rent-to-income profile around the national upper range suggest that this is a high-cost ownership market where renters are likely to remain in multifamily housing longer, supporting pricing power and renewal capture.
The property’s 1990 construction is newer than the area’s older housing stock (average vintage around 1960), offering competitive positioning versus legacy assets, while investors should still plan for system modernization or light renovations where appropriate.
WDSuite does not provide sufficient comparable crime data at the neighborhood level for this location, so metro rank and national percentile assessments are not available. Investors typically review city and county trend sources alongside property-level measures (lighting, access control, and visibility) to contextualize safety as part of underwriting.
Regional employers within commuting distance help underpin renter demand and retention for workforce and professional households. The following companies represent nearby anchors relevant to leasing.
- Corning — materials and glass manufacturing (35.9 miles) — HQ
- WestRock — paper and packaging (44.5 miles)
509 Lake St is a 48-unit, 1990-vintage multifamily asset positioned in a competitive Ithaca neighborhood where elevated ownership costs and a deep regional renter base support long-term demand. According to CRE market data from WDSuite, neighborhood-level occupancy trends are softer than national norms, but the broader 3-mile area shows ongoing population and household expansion and rising incomes, which can strengthen the renter pool and support rent growth over time.
The property’s newer vintage versus the area’s older housing stock provides a relative competitive edge and potential for targeted value-add through system upgrades and common-area enhancements. Amenity access (cafes and groceries ranking near the top of the metro) and above-median school ratings add to leasing appeal, while high home values reinforce reliance on rental housing—factors that can aid pricing power and renewal rates with disciplined management.
- Newer 1990 vintage versus older neighborhood stock enables competitive positioning and selective value-add.
- High-cost ownership market supports sustained renter demand and potential pricing power.
- Amenity access and above-median school ratings enhance leasing appeal and retention.
- Expanding 3-mile renter pool and income growth underpin long-term fundamentals.
- Risk: neighborhood occupancy trends run below national norms, requiring active leasing and asset management.