| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Fair |
| Demographics | 69th | Good |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1980 Elmira Rd, Newfield, NY, 14867, US |
| Region / Metro | Newfield |
| Year of Construction | 2011 |
| Units | 36 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1980 Elmira Rd, Newfield NY Multifamily Investment
Neighborhood occupancy is among the strongest in the Ithaca metro, supporting stable rent rolls, according to CRE market data from WDSuite. With a 2011 vintage relative to older local stock, the asset can compete on condition while preserving options for targeted upgrades.
The property sits in a rural Newfield location within the Ithaca, NY region, where local retail and services are sparse at the neighborhood level. This setting typically appeals to renters prioritizing space and value over walkable amenities, and it suggests a primarily car-dependent lifestyle for daily needs.
Neighborhood occupancy is at the high end of the metro (ranked 1 out of 38 neighborhoods), which points to resilient leasing conditions at the neighborhood level rather than at this specific property. Based on CRE market data from WDSuite, contract rents in the area are moderate and rent-to-income ratios indicate manageable affordability pressure, supporting tenant retention and steady collections.
Construction in the surrounding neighborhoods skews older (average 1977), while this asset was built in 2011. The newer vintage provides relative competitiveness versus older stock and may defer some near-term capital needs; investors should still plan for typical system refreshes as the property moves through its second decade.
Within a 3-mile radius, population has been roughly stable in recent years, while household counts are projected to edge higher over the next five years, which can expand the local renter pool and support occupancy stability. Renter-occupied housing represents roughly a quarter of units locally, indicating a modest but durable base of multifamily demand in this submarket context.
Home values in the neighborhood context are lower than in many coastal metros, which can create some competition from ownership options. For multifamily investors, that typically translates to measured pricing power but potential for solid retention when rents remain aligned with local incomes.
Neighborhood safety indicators compare favorably in the metro: the area ranks 9th out of 38 Ithaca neighborhoods, suggesting above-metro-average conditions. Nationally, violent offense metrics sit in a higher safety percentile, while property-related offenses track closer to the middle of the national distribution. Year over year, violent offense estimates have improved, which supports a cautious but constructive view of local operating risk. These statistics reflect the broader neighborhood, not the property itself.
Employment access is anchored by regional advanced manufacturing, which supports steady workforce housing demand and commute convenience for renters. Representative nearby employer:
- Corning — advanced materials & glass manufacturing (27.1 miles) — HQ
Built in 2011 and totaling 36 units, the property offers a newer-vintage alternative to surrounding older stock, giving it competitive positioning for tenants seeking modern layouts and systems. Neighborhood-level occupancy is among the highest in the Ithaca metro, which, according to CRE market data from WDSuite, supports a constructive view on leasing stability when paired with moderate rent burdens.
Within a 3-mile radius, demographics indicate a steady resident base and an outlook for modest household growth, pointing to a gradually expanding tenant pool. The local ownership market is more accessible than high-cost metros, which can temper rent growth but also encourage retention when rents are set in line with incomes; the renter-occupied share remains meaningful, underscoring consistent multifamily demand for a rural setting.
- Newer 2011 construction relative to the area’s older housing stock offers competitive positioning and potential capex savings.
- Neighborhood occupancy ranks at the top of the metro, supporting leasing stability at the submarket level.
- 3-mile household growth outlook suggests a slowly expanding renter base to support future absorption.
- Pricing power likely measured given a more accessible ownership market; focus on rent-to-income alignment to sustain retention.
- Risk: limited neighborhood amenities and a small rural market may narrow the renter pool and require active leasing and asset management.