| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 57th | Fair |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 717 E Buffalo St, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1980 |
| Units | 20 |
| Transaction Date | 1998-03-04 |
| Transaction Price | $210,000 |
| Buyer | GREENE PROPERTY |
| Seller | SOKOLOFF PROPERTIES |
717 E Buffalo St, Ithaca — 20-Unit Urban Core Investment
Positioned in Ithaca’s Urban Core, the property benefits from high renter concentration and strong amenity access, according to WDSuite’s CRE market data, while current neighborhood occupancy trends suggest disciplined leasing and asset management can add value.
This address sits in an Urban Core neighborhood rated A and ranked 3rd of 38 within the Ithaca metro, signaling competitive fundamentals among local peers based on CRE market data from WDSuite. Amenity access is a clear strength: cafes, groceries, restaurants, and parks all rank near the top of the 38 neighborhoods in the metro, and are also well above national norms by density. This level of walkable convenience typically supports leasing velocity and retention for smaller-unit multifamily.
Rents in the neighborhood track above national midpoints, and neighborhood NOI per unit ranks 3rd of 38 with a high national percentile, indicating income potential is competitive among Ithaca neighborhoods (neighborhood figures, not property performance). At the same time, neighborhood occupancy is below both metro and national medians (ranked 36th of 38 and lower-percentile nationally), so near-term underwriting should emphasize leasing cadence, marketing, and renewal strategy rather than relying on rapid market absorption.
The property’s 1980 vintage is modestly newer than the neighborhood’s average housing stock from 1970. That positioning can be an advantage versus older comparables, though investors should still plan for systems upgrades or interior refreshes typical of assets from this era to sustain competitiveness and support rent trade‑outs.
Tenure patterns are favorable for multifamily demand: the neighborhood shows a high share of renter-occupied housing units (among the highest in the metro and upper national percentiles). This implies a deep tenant base for 1–2 bedroom product and supports occupancy stability when paired with effective management, even as affordability requires attention.
Demographic statistics are aggregated within a 3-mile radius. The area has posted recent population growth with a sizable 18–34 cohort, and households are projected to increase by roughly 41% through 2028 alongside rising median incomes and higher asking rents. This combination points to a larger tenant base over the next cycle, though rising rents will require proactive lease management to balance pricing power with retention. Home values in the neighborhood are elevated relative to incomes (high national percentile for value-to-income), reinforcing renter reliance on multifamily housing; however, the neighborhood’s high rent-to-income ratio introduces affordability pressure that owners should monitor in budgeting and renewal strategies.
Comparable crime metrics for this neighborhood are not available in WDSuite’s current dataset. Investors typically benchmark Urban Core locations like this against citywide and regional trends, and supplement with local law enforcement reports and property-level history to assess security needs and potential operating costs.
Given the campus-adjacent urban context, prudent measures include reviewing lighting, access controls, and incident logs, and aligning operating plans with neighborhood norms rather than relying on block-level assumptions.
Regional employment is anchored by established advanced materials manufacturing, supporting renter demand via stable white- and blue-collar wage bases. Notable nearby corporate presence includes Corning.
- Corning — specialty glass & materials (35.7 miles) — HQ
717 E Buffalo St offers a 20‑unit position in Ithaca’s amenity-rich Urban Core with a renter-heavy housing base and strong neighborhood income indicators. According to CRE market data from WDSuite, amenity density ranks near the top of the metro while neighborhood NOI per unit is competitive, supporting achievable income with efficient operations. The 1980 vintage is somewhat newer than the area’s average stock, creating a practical platform for targeted renovations to lift appeal versus older comparables.
Key underwriting considerations are neighborhood-level occupancy that trails metro norms and elevated rent-to-income ratios, which call for disciplined leasing and renewal management. Still, 3‑mile demographics point to population growth and a forecast expansion in households, which can enlarge the tenant base and support steady absorption if pricing remains aligned with local incomes.
- Urban Core location with top-tier amenity access that supports leasing velocity and retention
- Competitive neighborhood NOI per unit and strong renter concentration underpin income potential (neighborhood metrics)
- 1980 vintage provides value‑add path via systems updates and interior refresh to outcompete older stock
- 3‑mile demographics indicate population and household growth, enlarging the tenant base over the next cycle
- Risk: neighborhood occupancy ranks low in the metro and high rent-to-income ratios require careful pricing and renewal strategy