| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 57th | Fair |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 119 Dryden Rd, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1990 |
| Units | 87 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
119 Dryden Rd, Ithaca NY — Urban Core Multifamily with Durable Renter Base
Neighborhood indicators point to a deep tenant pool and resilient leasing demand, according to WDSuite’s CRE market data, with area ownership costs likely sustaining reliance on rentals.
Located in Ithaca’s Urban Core, the neighborhood ranks 3rd of 38 metro neighborhoods, signaling competitive fundamentals among Ithaca submarkets. Amenity access is a standout: restaurants, groceries, parks, and cafes score near the top locally and in high national percentiles, supporting day-to-day convenience that helps leasing and retention.
Renter concentration is high at the neighborhood level, with a large share of housing units renter-occupied (ranked 2nd of 38). For investors, that depth of renter demand can support absorption and renewals, even as the neighborhood s occupancy rate (also a neighborhood metric) trends below many peers. Median contract rents sit above national midpoints and have risen over the last five years, while the rent-to-income ratio signals potential affordability pressure that calls for attentive lease and renewal management.
Vintage matters: built in 1990, the property is newer than the neighborhood 19s average 1970 construction year. That positioning typically offers competitive appeal versus older stock, though systems modernization and common-area updates may still be prudent for the next hold period.
Within a 3-mile radius, demographics show a large 18–34 cohort and growth in both population and households, with forecasts pointing to additional household increases and smaller average household sizes. For multifamily investors, this suggests a larger tenant base and ongoing renter pool expansion, which can support occupancy stability and leasing velocity. Home values in the neighborhood are elevated relative to incomes (high value-to-income rank and national percentile), indicating a high-cost ownership market that tends to reinforce sustained demand for rentals. Average school ratings in the area trail many metros, which may be less of a leasing driver in an Urban Core context but is worth noting for unit mix and marketing strategy.
Comparable neighborhood-level crime metrics were not available in WDSuite for this location at the time of publication. Investors commonly benchmark safety by comparing neighborhood trends to city and metro patterns and by reviewing multi-year trajectories rather than single-period snapshots to gauge operating risk.
Given the Urban Core setting, standard best practices apply: diligence on property-level security measures, lighting and sightlines, and coordination with local stakeholders to support resident experience and retention.
Regional employment is anchored by a mix of corporate and institutional employers. Proximity to these job centers can support renter demand and lease retention; notable nearby corporate presence includes:
- Corning — advanced materials & corporate offices (35.7 miles) — HQ
This 87-unit asset 201990 vintage a0positions it newer than much of the surrounding stock, creating relative appeal versus older Urban Core alternatives. Neighborhood data shows strong amenity access and a deep renter base, which, combined with a high-cost ownership landscape, supports durable demand. At the same time, neighborhood occupancy trails top local performers, suggesting investors should focus on asset-specific leasing strategy and renewal execution. According to CRE market data from WDSuite, the area 19s above-median rents and high renter concentration indicate pricing power may persist but should be paired with careful affordability and concession management.
Forward-looking demographics within a 3-mile radius point to continued household growth and a sizable 18–34 cohort, implying ongoing renter pool expansion that can aid absorption and stabilize tenancy. The combination of Urban Core convenience and newer-than-average vintage also creates a sensible canvas for targeted value-add, particularly modernization and common-area upgrades to defend and grow effective rents.
- Newer 1990 vintage vs. neighborhood average, supporting competitive positioning
- High renter concentration and strong amenities underpin sustained leasing demand
- 3-mile forecasts indicate household growth and smaller household sizes, expanding the tenant base
- Risks: neighborhood occupancy lags top peers and rent-to-income is elevated—plan for disciplined leasing, renewals, and capex