| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Best |
| Demographics | 62nd | Fair |
| Amenities | 37th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 709 Stewart Ave, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1990 |
| Units | 44 |
| Transaction Date | 2009-03-31 |
| Transaction Price | $493,826 |
| Buyer | KIMBALL J MICHAEL |
| Seller | BRADLEY H HUNT |
709 Stewart Ave Ithaca Multifamily Investment
Neighborhood renter demand is durable, supported by a high renter-occupied share and a high-cost ownership market, according to WDSuite’s CRE market data. Occupancy has been steady near the upper-80s to around 90%, suggesting stable cash flow potential with prudent lease management.
With an A- neighborhood rating (ranked 8 out of 38 Ithaca metro neighborhoods), the location is competitive among Ithaca neighborhoods for multifamily investors. Grocery and park access test above national medians (neighborhood metrics are top-quartile to upper-half nationally), while restaurant density is also above the national midpoint; cafe and pharmacy density are thinner, which may modestly affect convenience.
Rents in the surrounding neighborhood sit above national norms, and the renter-occupied share is elevated at roughly two-thirds (ranked 3 of 38 locally; top decile nationally). For investors, that level of renter concentration points to a deep tenant base and supports leasing velocity, though it warrants thoughtful renewal strategies as rent-to-income ratios are on the higher side for the area.
Demographics within a 3-mile radius show recent population growth with a sizable 18–34 cohort and an ongoing increase in households alongside smaller average household sizes. Looking ahead, forecasts point to further population and household gains, which should expand the renter pool and help support occupancy stability. Household incomes are trending higher as well, reinforcing paying capacity even as rental pricing advances.
Built in 1990, the asset is newer than much of the surrounding housing stock (neighborhood average vintage skews mid-century), offering relative competitiveness versus older properties. Light modernization or targeted common-area upgrades could further differentiate the property while avoiding the heavier capital programs often required by pre-1970 assets.
Home values in the neighborhood are elevated relative to national benchmarks, indicating a high-cost ownership market that tends to sustain demand for rentals. This dynamic can support pricing power and retention for well-managed units, even as operators monitor affordability pressure to keep renewals on track.
Neighborhood safety indicators present a mixed but generally improving picture. Within the Ithaca metro, the area ranks 8 out of 38 neighborhoods for crime, indicating crime levels that are above the metro median. Nationally, overall safety trends land around the upper-middle percentiles, with violent-offense measures in the stronger ranges (top quartile nationally) and property offenses closer to mid-pack.
Year-over-year trends point to declining incident estimates for both violent and property offenses, suggesting momentum in the right direction. As always, investors should underwrite to submarket-level patterns and property-specific controls rather than block-level assumptions.
Regional employers within commuting distance provide a diversified employment base that supports renter demand. Notably, advanced materials and manufacturing leadership is represented nearby.
- Corning — advanced materials & manufacturing (35.9 miles) — HQ
709 Stewart Ave combines a renter-heavy neighborhood, steady occupancy near ~90%, and a high-cost ownership backdrop that reinforces multifamily demand. Based on CRE market data from WDSuite, the neighborhood’s rent level sits above national norms while the renter-occupied share is among the highest in the Ithaca metro, supporting lease-up and renewal prospects when pricing is managed against rent-to-income levels.
The 1990 vintage offers an edge over older local stock, with potential to capture value through targeted updates rather than full-scale repositioning. Demographic trends within a 3-mile radius—population growth, more households, and smaller household sizes—point to a larger tenant base that can help sustain occupancy and support consistent operations through the cycle.
- Renter-heavy neighborhood supports demand depth and leasing stability.
- 1990 construction is competitive versus older stock; value-add via targeted upgrades.
- High-cost ownership environment can bolster retention and pricing power.
- 3-mile demographics indicate a growing renter pool, aiding occupancy stability.
- Risks: elevated rent-to-income ratios and modest amenity gaps (limited cafes/pharmacies) require prudent lease and expense management.