| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Good |
| Demographics | 63rd | Good |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 654 Spencer Rd, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1985 |
| Units | 39 |
| Transaction Date | 2016-09-06 |
| Transaction Price | $445,000 |
| Buyer | 654 SPENCER RD LLC |
| Seller | MONKMAN PAUL |
654 Spencer Rd, Ithaca NY Multifamily Investment
Investor positioning centers on a large renter base and value-add potential from a 1985 vintage, according to WDSuite s CRE market data. Neighborhood occupancy trends are softer than the metro s leaders, so underwriting should prioritize retention and leasing management.
Located in a suburban pocket of Ithaca, the neighborhood rates in the top quartile among 38 metro neighborhoods overall, with amenities competitive locally. Caf e9, grocery, and restaurant access score above the metro median, supporting day-to-day renter convenience without relying on long commutes.
The property s 1985 construction is newer than the neighborhood s older housing stock (average vintage skewing mid-20th century), which can enhance competitive positioning versus legacy assets while still leaving room for targeted modernization to drive rents and reduce near-term CapEx surprises.
Renter concentration is high both at the neighborhood level and within a 3-mile radius, indicating a deep tenant pool and durable multifamily demand. Within 3 miles, recent population growth and a forecasted increase in households point to a larger tenant base and potential support for occupancy stability, based on CRE market data from WDSuite.
Home values are moderate for the region, which can sustain multifamily demand by keeping rental options attractive relative to ownership. That said, the neighborhood s occupancy level is below the metro median and has eased in recent periods, so asset performance is likely to favor operators with strong leasing, renewal execution, and amenity-driven differentiation.
Safety conditions are competitive among Ithaca neighborhoods, ranking near the top of 38 on composite crime measures and landing in the top quartile nationally for violent safety, according to WDSuite s market data. This positioning suggests a supportive backdrop for tenant retention and property operations.
Year-over-year trends show a recent uptick in property offenses even as overall levels remain favorable versus many U.S. neighborhoods. Investors should monitor trendlines and coordinate with management on lighting, access control, and community engagement to sustain performance.
Regional employment is anchored by advanced materials and manufacturing, which supports commuter demand for workforce housing. Notable nearby employer:
- Corning d advanced materials & manufacturing (33.6 miles) d HQ
This 39-unit asset combines a newer-than-neighborhood vintage (1985) with a renter-heavy location that benefits from steady regional demand drivers. Neighborhood-level NOI per unit ranks among the metro s leaders, and amenity access is solid, supporting leasing and retention. According to CRE market data from WDSuite, the neighborhood s occupancy trend trails top local subareas, so business plans that emphasize unit upgrades, operational execution, and targeted concessions during lease-up are best positioned.
Within a 3-mile radius, population growth and a projected increase in households point to a larger tenant base over the medium term, while moderate home values help sustain reliance on rental options. Affordability pressure (rent-to-income) is notable, so prudent rent setting and renewal strategies should help balance pricing power with retention risk.
- Renter-heavy location with growing 3-mile household base supports demand depth and occupancy stability.
- 1985 vintage offers value-add and modernization levers versus older neighborhood stock.
- Strong neighborhood-level NOI per unit and competitive amenities aid leasing and retention.
- Risk: Neighborhood occupancy sits below metro median; execution on leasing and renewals is critical.
- Risk: Notable affordability pressure implies careful rent management to support retention.