| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 53rd | Poor |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 311 E Green St, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 2007 |
| Units | 27 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
311 E Green St, Ithaca NY Multifamily Investment Thesis
Renter concentration and amenity density in the immediate neighborhood support a durable tenant base, according to WDSuite’s CRE market data, though submarket occupancy trends warrant disciplined lease management.
The property sits in a high-amenity pocket of Ithaca where restaurants, groceries, cafes, parks, and pharmacies cluster at levels that rank in the top percentiles nationally. Within the metro, this neighborhood places first out of 38 for amenity access, indicating daily-needs convenience and foot traffic that can aid leasing and retention. Based on CRE market data from WDSuite, the neighborhood’s overall rating is strong (A+) and performance is competitive among Ithaca neighborhoods.
Neighborhood housing stock skews older than the property, with an average construction year of 1942 (31st of 38 metro neighborhoods). By contrast, the asset’s 2007 vintage positions it as relatively newer inventory versus much of the local stock, supporting competitive appeal while still requiring routine modernization planning over the hold.
Investor-relevant tenure metrics are favorable: a high share of housing units are renter-occupied (1st of 38 in the metro; top national percentile), signaling depth of the tenant pool and steady demand for multifamily product. Neighborhood occupancy trends are currently below the metro median (29th of 38; mid-pack nationally), so active leasing strategy and targeted renovations can be important to sustain stability.
Within a 3-mile radius, demographics point to a growing renter base. Population has expanded in recent years with further population growth and a notable increase in households projected, alongside smaller average household sizes. This combination typically widens the renter pool, supporting occupancy and absorption for well-positioned units.
Home values in the neighborhood are moderate by national standards while value-to-income metrics trend higher, indicating a high-cost ownership market relative to local incomes. For investors, this context can reinforce reliance on rental housing and support pricing power, though it also calls for attention to rent-to-income ratios when managing renewals.
Comparable neighborhood crime benchmarks are not available in WDSuite’s current dataset for this location. Investors typically assess safety using citywide trends and property-level measures (lighting, access control, management presence) alongside insurance and loss data. In practice, evaluating trends relative to the broader Ithaca region and peer neighborhoods provides the most decision-useful context.
Regional employment exposure supports renter demand via commutable access to established corporate and industrial employers listed below.
- Corning — materials and specialty glass (35.3 miles) — HQ
Built in 2007, the property is newer than much of the neighborhood’s pre-war housing stock, offering relative competitiveness and potential to capture demand from renters seeking modern layouts while planning for selective updates over time. Strong amenity access and a high renter-occupied share point to a wide tenant base, even as neighborhood occupancy trends track below the metro median. According to CRE market data from WDSuite, this positioning favors a value-focused strategy emphasizing leasing execution and targeted CapEx to defend occupancy and rents.
Within a 3-mile radius, recent and projected growth in households alongside smaller household sizes indicates renter pool expansion that can support absorption. Ownership remains a higher-cost path relative to local incomes, which can sustain rental demand; however, elevated rent-to-income levels and lower average school ratings introduce retention and family-renter appeal risks that should be reflected in underwriting.
- 2007 vintage competes well versus older local stock; plan selective modernization to enhance leasing velocity.
- High renter concentration and dense amenities support a deep tenant base and day-to-day convenience.
- 3-mile household growth and smaller household sizes point to renter pool expansion supporting occupancy.
- Market context of higher ownership costs versus incomes can sustain rental demand and pricing power.
- Risks: below-metro neighborhood occupancy, elevated rent-to-income ratios, and lower school ratings may affect renewal rates and family demand.