| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Best |
| Demographics | 73rd | Good |
| Amenities | 11th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 518 Dryden Rd, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1980 |
| Units | 60 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
518 Dryden Rd, Ithaca NY — 60-Unit 1980 Multifamily
Investor thesis: a high renter concentration and educated tenant base support demand, according to WDSuite’s CRE market data, while neighborhood-level occupancy trends warrant careful underwriting in this commercial real estate analysis.
518 Dryden Rd sits in an Inner Suburb location within the Ithaca, NY metro, where the neighborhood earns a B+ rating and ranks 11th among 38 metro neighborhoods. For investors, this places the area above the metro median, with local fundamentals that are competitive relative to many Ithaca peers.
Renter-occupied housing is a defining feature: the neighborhood’s renter concentration is high (ranked 7th of 38 locally and in the top national percentiles), indicating a deep tenant base that can support leasing velocity and renewal activity. At the same time, neighborhood occupancy levels currently trail most of the metro (ranked 37th of 38), so underwriting should account for lease-up timing and retention management rather than assuming metro-level stability.
Amenity density is mixed. Overall neighborhood amenities benchmark below national norms, yet restaurant availability is competitive among Ithaca neighborhoods (ranked 4th of 38), providing day-to-day convenience. Average school ratings trend slightly above mid-pack locally (ranked 6th of 38 and around the 60th percentile nationally), which can support broader household appeal without being a primary demand driver for multifamily.
Demographics aggregated within a 3-mile radius point to a durable renter pool: a very high share of adults hold a bachelor’s degree or higher (top percentile nationally), and both population and households are projected to expand through 2028. Smaller average household sizes over time suggest steady demand for multifamily units and support for occupancy stability. Elevated ownership costs at the neighborhood level (near the top of Ithaca on home values) reinforce reliance on rentals and can sustain pricing power, though rent-to-income levels imply some affordability pressure that owners should manage through renewal strategies and unit mix.
Vintage context: the neighborhood’s housing stock skews older on average (circa 1950), while this asset was built in 1980. That relative youth can be a competitive advantage versus older comparables, while still inviting targeted capital planning for aging systems or value-add upgrades to enhance rent positioning.
Comparable neighborhood safety metrics are not available in WDSuite for this location at this time. Investors typically benchmark against metro-level trends and evaluate property-level measures (lighting, access control, and management practices) alongside local policing and incident trends for a clearer view of risk and resident retention implications.
Regional anchors within commuting reach can support renter demand by drawing professional households to the area. Notable among them is Corning’s headquarters presence.
- Corning — advanced materials & glass (36.1 miles) — HQ
This 60-unit, 1980-vintage asset benefits from a deep renter base and highly educated demographics, supporting leasing prospects and long-term tenant quality. According to CRE market data from WDSuite, neighborhood rents price toward the upper tier locally while ownership costs are elevated, which can reinforce reliance on multifamily housing and support pricing power. The asset’s vintage is newer than much of the surrounding housing stock, offering relative competitiveness and targeted value-add potential through modernization of interiors and building systems.
Counterbalancing strengths, neighborhood-level occupancy trends lag the metro, and amenity density is limited outside of restaurant options. Underwriting should emphasize lease management, renewal strategies aligned to rent-to-income realities, and capex planning focused on operational reliability and marketable upgrades.
- High renter concentration provides depth of tenant demand and supports leasing stability.
- Educated 3-mile workforce and projected household growth expand the renter pool.
- 1980 vintage is newer than nearby stock, creating value-add and repositioning opportunities.
- Elevated ownership costs can sustain multifamily demand and selective pricing power.
- Risks: neighborhood occupancy below metro norms, limited amenity density, and affordability pressure require careful lease and asset management.