| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Good |
| Demographics | 65th | Good |
| Amenities | 32nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 934 Stewart Ave, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1980 |
| Units | 33 |
| Transaction Date | 2012-06-12 |
| Transaction Price | $1,920,000 |
| Buyer | 934 STEWART AVENUE LLC |
| Seller | EDGECLIFF LLC |
934 Stewart Ave Ithaca Multifamily Investment
Renter demand is supported by a large 3-mile renter base and competitive neighborhood amenities, according to WDSuite’s CRE market data, even as local occupancy trends have been softer than regional norms.
Located in Ithaca’s suburban fabric, the area around 934 Stewart Ave shows competitive amenity access among 38 metro neighborhoods, with cafes and groceries ranking near the top locally and testing in the upper half of neighborhoods nationwide. Average school ratings sit above many metro peers (ranked 5th of 38) and land around the 70th percentile nationally, helping support family-oriented leasing and broader household retention.
Within a 3-mile radius, demographics point to a sizable 18–34 population today and continued household growth ahead, which generally expands the renter pool. Projections indicate rising household counts and smaller household sizes, both of which tend to favor apartments and support occupancy stability over the medium term.
Median home values in the neighborhood test well above national norms (around the 85th percentile), which signals a high‑cost ownership market. For multifamily investors, elevated ownership costs typically sustain reliance on rental housing and can bolster pricing power and lease retention for well‑positioned assets.
Neighborhood rent levels have grown over the past five years while the neighborhood’s occupancy rate sits below national medians (around the lower third nationally). For operators, that combination points to selective demand and an emphasis on product differentiation, customer service, and targeted upgrades to capture absorption and reduce turnover.
Neighborhood-level crime statistics were not available in WDSuite for this location. Investors typically benchmark property performance against city and metro trends and monitor owner-reported incidents, insurance feedback, and resident sentiment to contextualize safety alongside leasing and retention outcomes.
Regional employers support the broader renter base through skilled and industrial employment, providing commute-accessible jobs that can aid leasing and retention for workforce-oriented units. Key nearby names include Corning and WestRock.
- Corning — materials & technology manufacturing (36.0 miles) — HQ
- WestRock — paper & packaging (44.5 miles)
Built in 1980, the property is newer than much of the local housing stock (which skews 1960s), offering a relative competitiveness advantage versus older buildings while still presenting potential modernization and value‑add opportunities. The immediate neighborhood shows strong amenity access and above‑average home values, which supports sustained renter reliance on multifamily housing. According to CRE market data from WDSuite, neighborhood occupancy has trailed broader benchmarks recently, so execution should prioritize product quality and retention strategies.
Within a 3‑mile radius, population is growing and households are projected to expand with smaller average sizes, signaling a larger tenant base for efficiently sized units. Rising household incomes and rent levels suggest capacity for disciplined revenue management, while the property’s scale (33 units) supports hands‑on asset management without institutional overhead.
- 1980 vintage offers competitive positioning versus older neighborhood stock, with scope for targeted modernization
- Strong local amenity access and high ownership costs reinforce renter demand and lease retention
- 3‑mile household growth and smaller household sizes expand the renter pool and support occupancy stability
- Revenue management supported by rising household incomes and demonstrated rent growth in the area
- Risk: neighborhood occupancy is below national medians, requiring differentiation and active leasing to capture demand