| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Fair |
| Demographics | 74th | Good |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 847 Dryden Rd, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1995 |
| Units | 25 |
| Transaction Date | 1994-12-05 |
| Transaction Price | $75,000 |
| Buyer | LUCNETE STEPHEN P |
| Seller | VARN RALPH R VARN RICHARD C |
847 Dryden Rd Ithaca 25-Unit Multifamily Investment
Newer-vintage relative to local housing stock supports competitive positioning and renter appeal, according to WDSuite’s CRE market data. Neighborhood metrics point to a modest renter base locally but broader-area demand drivers that can help sustain occupancy.
Located in a suburban pocket of Ithaca, the immediate neighborhood shows limited retail and daily conveniences, signaling a more car-dependent setting. At the metro level, amenity density ranks near the bottom among 38 neighborhoods, so residents typically rely on nearby corridors for groceries, pharmacies, and dining. For investors, this usually translates to quieter surroundings with less walk-in competition from new retail-driven projects.
The property’s 1995 construction is materially newer than the neighborhood’s average vintage (1941). That age gap can reduce near-term capital exposure versus older comparables while still leaving room for targeted modernization to sharpen leasing and renewal performance.
Neighborhood-level renter concentration is moderate (share of housing units that are renter-occupied), while the 3-mile radius skews more renter-heavy, indicating a deeper tenant base in the broader trade area. This contrast can support leasing by drawing from nearby demand clusters even if the immediate blocks are more mixed-tenure.
On performance indicators, neighborhood occupancy ranks 38th out of 38 Ithaca neighborhoods, indicating softer local stability that warrants close lease management and marketing reach beyond the immediate blocks. Median contract rents in the neighborhood are competitive among Ithaca neighborhoods, and the national percentile positioning suggests mid-range affordability, which can aid retention and steady absorption when paired with disciplined concessions management.
Within a 3-mile radius, recent trends point to an increase in households and stronger income growth, expanding the prospective renter pool and supporting rent levels over time. Home values in the neighborhood sit in a mid-range band for the region; in investor terms, ownership costs are not unusually low, which helps sustain reliance on rental options and can support pricing power for well-maintained units.
Comparable safety metrics at the neighborhood level are not available in the dataset provided. Investors typically benchmark conditions against city and county trends and emphasize property-level measures (lighting, access control, and management presence) to support resident comfort and retention.
Employment access is supported by regional employers within commuting range, which can underpin renter demand for workforce housing. Notable nearby organizations include advanced materials and packaging firms.
- Corning — advanced materials (37.9 miles) — HQ
- WestRock — packaging (43.9 miles)
This 25-unit property was built in 1995, offering a newer vintage than much of the surrounding housing stock. That positioning can lower near-term CapEx relative to older assets while still leaving targeted value-add opportunities to enhance rent roll and renewal capture. Based on commercial real estate analysis from WDSuite, neighborhood occupancy trends are softer in the immediate area, but the broader 3-mile radius reflects a larger renter pool and rising household incomes, which can support leasing velocity with effective marketing and management.
Neighborhood rents track competitively within the Ithaca metro, and ownership costs are not unusually low, reinforcing ongoing reliance on rental housing. Taken together, the asset’s relative vintage, broader-area renter concentration, and income momentum provide a credible path to stable operations, provided leasing focuses beyond the immediate blocks and capital plans target modernization that matters to local renters.
- 1995 vintage offers competitive positioning versus older local stock with selective value-add upside
- Broader 3-mile radius shows deeper renter-occupied share and income growth to support demand
- Neighborhood rents are competitive in the metro, supporting pricing and renewals with prudent concessions
- Risk: Immediate neighborhood occupancy ranks low in the metro; requires strong leasing strategy and regional marketing