| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Good |
| Demographics | 63rd | Good |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 800 S Plain St, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1980 |
| Units | 84 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
800 S Plain St Ithaca Multifamily Investment
Neighborhood fundamentals point to durable renter demand and competitive positioning, according to WDSuite’s CRE market data. Expect steady leasing potential supported by a high renter concentration and amenity access within the Ithaca metro.
The property is situated in an Ithaca neighborhood rated A and ranked 5th among 38 metro neighborhoods, indicating top-quartile local fundamentals. Amenity access is also a relative strength, with the area performing in the top quartile among metro peers and above the national median for restaurants, pharmacies, and parks. This combination tends to support day-to-day convenience and leasing retention at multifamily communities.
Renter-occupied housing accounts for a majority of local units, with the neighborhood’s renter concentration placing in a high national percentile. For investors, that depth of renter-occupied stock signals a sizable tenant base and potential demand stability for professionally managed apartments. Neighborhood occupancy has trailed the metro median in recent years, which suggests leasing execution and asset quality will matter for maintaining performance.
Within a 3-mile radius, demographics show recent population growth and a notable increase in households, with forecasts pointing to further gains and smaller average household sizes through 2028. For multifamily, a growing household count and a large 18–34 age cohort translate to a broader renter pool and support for occupancy over the hold period. These trends are based on CRE market data from WDSuite.
Home values in the neighborhood sit near the national midpoint, while median contract rents rank above the national median. In practice, this mix can sustain rental demand: ownership remains a viable alternative for some households, but professionally managed rentals retain appeal for convenience and flexibility. Investors should balance pricing power with rent-to-income levels when planning renewals and new lease-ups.
Safety indicators are comparatively favorable in this neighborhood relative to both metro and national benchmarks. Violent offense rates are in the top decile for safety nationally, and the neighborhood ranks among the stronger areas within the Ithaca metro (3rd of 38). Property offenses also benchmark well nationally; however, recent year-over-year trends show some volatility, so operators may wish to reinforce on-site security and resident communication as standard risk management.
- Corning — materials science HQ (34.6 miles) — HQ
Regional employers provide a broad base of professional and manufacturing roles that can support renter demand; the list below reflects notable headquarters access within commuting distance.
At 84 units and built in 1980, the asset offers scale with a vintage that is newer than much of the local housing stock (neighborhood average skewing mid-20th century). This positioning can be competitively advantageous versus older properties, while still leaving room for targeted upgrades to modernize systems and finishes. Neighborhood-level metrics show top-quartile standing within the Ithaca metro and strong national benchmarking for renter concentration, supporting depth of tenant demand.
According to commercial real estate analysis from WDSuite, neighborhood NOI per unit benchmarks in a high national percentile, while occupancy has run below the metro median—underscoring the importance of asset quality, leasing execution, and amenity strategy. Demographic trends within a 3-mile radius—more households, a sizable renter-age cohort, and projected growth through 2028—support a larger tenant base and potential occupancy stability over the hold.
- Newer 1980 vintage versus older neighborhood stock, with value-add and systems modernization potential
- High renter concentration and amenity access support demand and lease retention
- 84-unit scale enables operational efficiencies and professional management
- Household growth within 3 miles expands the renter pool, aiding occupancy stability
- Risks: neighborhood occupancy below metro median and recent property crime volatility require focused leasing and security practices