| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 53rd | Poor |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 602 W Seneca St, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 2013 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
602 W Seneca St, Ithaca — Newer 24-Unit Multifamily Position
Newer construction relative to an older housing stock supports competitive leasing in a renter-heavy neighborhood, according to WDSuite’s CRE market data. Location strengths and dense amenities point to durable demand with prudent attention to affordability management.
The property sits in an Inner Suburb area that ranks 1 out of 38 Ithaca neighborhoods with an A+ neighborhood rating, signaling strong overall fundamentals compared with the metro. Amenity density is a clear advantage: restaurants, cafes, groceries, parks, and pharmacies register in the top quartile nationally, reinforcing daily convenience and helping sustain renter interest and lease retention.
Neighborhood housing stock skews older (average vintage 1942), which positions a 2013 asset as relatively competitive versus nearby properties. That newer profile can reduce near-term capital expenditure intensity while offering room for targeted modernization to support rent positioning over time.
Renter concentration is very high (renter-occupied share ranks 1 of 38), indicating a deep tenant base for multifamily operators. By contrast, the neighborhood occupancy rate ranks 29 of 38, below the metro median, so execution will rely on active leasing and renewal management to capture the area’s demand depth. Median contract rents track above the national midpoint, while the value-to-income ratio (rank 5 of 38) and a high-cost ownership context for the area suggest that elevated ownership costs continue to reinforce reliance on rental housing.
Within a 3-mile radius, demographics show population growth and a notable increase in households, pointing to a larger tenant base ahead and supporting occupancy stability. Household sizes are trending smaller, consistent with the neighborhood’s small-household profile, which typically aligns with studio and one-bedroom demand. School ratings are weaker (below national averages), which may moderate appeal to family renters, but strong amenity access and proximity to urban services remain compelling for core renter cohorts.
Neighborhood-level crime metrics were not available in the dataset for this location. Investors should evaluate safety using recent, comparable submarket trends and property-level measures, and benchmark against broader Ithaca patterns to determine whether conditions align with leasing and retention goals.
Regional employment is anchored by established institutions and corporate offices that broaden the renter pool and support retention; the list below reflects notable nearby corporate presence relevant to commuter renters.
- Corning — materials & technology (34.8 miles) — HQ
Built in 2013 with 24 units, 602 W Seneca St competes well against an older neighborhood housing stock while tapping into a renter-heavy area with strong amenity access. According to commercial real estate analysis from WDSuite, the neighborhood ranks at the top of the Ithaca metro, with high renter-occupied share indicating a deep tenant base. Execution focus should center on leasing discipline given neighborhood occupancy ranks below the metro median, alongside thoughtful pricing to navigate rent-to-income pressure.
Within a 3-mile radius, forecasts indicate population growth and a larger household count over the next five years, implying a larger renter pool and support for occupancy stability. Elevated ownership costs relative to incomes in the neighborhood context further reinforce rental demand, while newer construction can temper near-term capital needs and provide optionality for selective value-add to maintain competitiveness.
- Newer 2013 vintage stands out versus older local stock, supporting competitive positioning and moderated near-term CapEx.
- High renter-occupied share signals depth of tenant demand and potential for stable leasing.
- Amenity-rich location (top quartile nationally) aids retention and day-to-day renter convenience.
- 3-mile forecasts point to population and household growth, expanding the renter pool and supporting occupancy.
- Risks: neighborhood occupancy ranks below metro median and rent-to-income pressure requires disciplined pricing and renewal strategy.