| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 57th | Fair |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 516 University Ave, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1990 |
| Units | 40 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
516 University Ave Ithaca 40-Unit Multifamily Investment
High renter concentration and strong amenity density point to a deep tenant base, while neighborhood occupancy trends warrant hands-on leasing management, according to WDSuite s CRE market data.
Situated in Ithaca s Urban Core, the property benefits from a dense amenity footprint cafes, groceries, parks, and restaurants rank in the top quartile among 38 metro neighborhoods and compare favorably nationwide. This concentration supports daily convenience and helps sustain renter interest, especially for smaller-household renters common to core locations.
Multifamily fundamentals at the neighborhood level are mixed. Net operating income per unit performance is competitive among Ithaca neighborhoods and sits in the top quartile nationally, indicating solid property-level revenue potential in this submarket. However, neighborhood occupancy is below the metro median and lags most areas nationally, so operators may need to emphasize pre-leasing and renewals to stabilize tenancy.
Tenure patterns favor rentals: the neighborhood shows a high share of renter-occupied housing units (among the strongest renter concentrations in the metro), which typically supports steady leasing velocity and a deeper tenant base. Within a 3-mile radius, population and household counts have trended upward and are projected to grow further, expanding the renter pool and supporting occupancy stability over the medium term.
Ownership costs are elevated relative to incomes (high value-to-income ratio, top decile nationally), which tends to reinforce reliance on multifamily rentals. At the same time, rent-to-income levels indicate affordability pressure for some households, making renewal strategies and pricing discipline important for retention. Average school ratings in the area are below national norms, which may matter less for student-oriented or young-professional demand but is worth noting for family-oriented unit mixes.
Comparable, neighborhood-level crime data are not available in WDSuite for this location. Investors typically benchmark safety using multiple sources such as city dashboards, police department releases, and university or hospital security reports to understand trends relative to the broader Ithaca region.
The regional employment base includes corporate offices within commuting range that can contribute to leasing demand and retention for workforce renters. The list below reflects nearby employers referenced in WDSuite s dataset.
- Corning advanced materials & technology (35.8 miles) HQ
Built in 1990, the 40-unit asset is newer than much of the surrounding housing stock, which can reduce near-term capital needs while offering a competitive edge versus older inventory. Amenity density is a clear strength, and a high neighborhood share of renter-occupied units supports a deep tenant base. According to CRE market data from WDSuite, neighborhood occupancy trails stronger submarkets, so performance will rely on active leasing and renewal management.
Within a 3-mile radius, recent and forecast growth in population and households points to a larger renter pool over time. Elevated ownership costs in the area tend to sustain multifamily demand, though rent-to-income levels suggest careful rent setting and value communication will be important for retention. Overall, the location s urban convenience and rental orientation underpin demand, with execution risk centered on affordability and occupancy management.
- 1990 vintage provides a relative quality edge versus older neighborhood stock, potentially tempering near-term capex.
- Dense amenities and urban-core setting support leasing velocity and day-to-day renter convenience.
- High renter-occupied share indicates a deep tenant base and durable multifamily demand.
- Demographic growth within 3 miles expands the prospective renter pool and supports occupancy over time.
- Risk: neighborhood occupancy trails the metro and rent-to-income levels point to affordability pressure calling for proactive leasing and renewal management.