| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Good |
| Demographics | 78th | Best |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 709 Triphammer Rd, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1980 |
| Units | 27 |
| Transaction Date | 2022-07-06 |
| Transaction Price | $512,500 |
| Buyer | BEER PROPERTIES LLC |
| Seller | INDELICATO CHARLES W EST |
709 Triphammer Rd Ithaca NY 27-Unit Multifamily Investment
Renter demand is supported by a sizable tenant base within a 3-mile radius and steady amenity access, according to WDSuite’s CRE market data. The asset’s 1980 vintage suggests competitive positioning versus older neighborhood stock while leaving room for targeted upgrades.
Located in Ithaca’s inner suburb, the neighborhood rates near the top among 38 metro neighborhoods (A+ rating; rank 2), signaling competitive fundamentals within the local context. Amenity access is a relative strength: cafes and pharmacies perform in the top quartile nationally, and park access is similarly strong, helping with day-to-day livability that supports leasing.
Rents in the surrounding neighborhood sit above national medians (upper-quartile nationally), while rent-to-income levels indicate manageable affordability pressure for many households. For investors, this combination can support pricing power without overly stressing retention, particularly with professional lease management.
Occupancy at the neighborhood level trends below national medians, implying the need for active marketing and renewal strategies to sustain stability. However, a large share of housing units within a 3-mile radius are renter-occupied, providing a deep tenant pool and reinforcing multifamily demand across cycles.
Ownership costs are elevated versus many U.S. neighborhoods, which tends to sustain reliance on rental housing and can aid lease retention. Average school ratings are above national norms, another support for household stability.
The property’s 1980 construction is slightly newer than the neighborhood’s average vintage from the mid-1970s. That positioning can offer a competitive edge over older stock while still warranting capital planning for aging systems and selective value-add upgrades to meet current renter expectations.
Demographic statistics are aggregated within a 3-mile radius and show essentially flat population alongside growth in households and families historically, with forecasts pointing to additional household growth and smaller average household sizes. For multifamily, this points to a larger tenant base over time and support for occupancy stability.
Comparable neighborhood safety insights are important for underwriting. Current crime ranks and rates for this neighborhood are not available in the provided WDSuite dataset, so investors should benchmark the immediate area against the broader Ithaca, NY region using multiple sources and on-the-ground diligence. Use trend and comparative views at the metro level to contextualize property performance rather than block-level assumptions.
- Corning — materials and specialty glass (36.7 miles) — HQ
- WestRock — packaging and paper products (43.8 miles)
Regional employers contribute to commuting demand that can support leasing durability for workforce and professional renters. The following nearby corporate offices illustrate potential employment anchors relevant to this submarket.
709 Triphammer Rd offers 27 units with neighborhood fundamentals that are competitive within the Ithaca metro. Based on CRE market data from WDSuite, amenity access ranks well by national standards while neighborhood occupancy trends below national medians, suggesting a focus on leasing execution. The area’s high renter concentration within a 3-mile radius and above-average household incomes support a deep tenant base and potential for steady renewals.
Built in 1980, the asset is slightly newer than the neighborhood average, which can aid positioning versus older properties. Investors may still plan for system updates and targeted value-add to match today’s renter expectations, especially given elevated ownership costs locally that can sustain multifamily demand over time.
- Competitive neighborhood standing in Ithaca with strong amenity access
- Large renter-occupied housing base within 3 miles supports demand depth
- 1980 vintage offers relative competitiveness plus value-add/CapEx potential
- Elevated ownership costs bolster reliance on rentals and lease retention
- Risk: Neighborhood occupancy below national medians requires proactive leasing and renewals