| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 34th | Best |
| Demographics | 20th | Poor |
| Amenities | 46th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 38 N Main St, Alfred, NY, 14802, US |
| Region / Metro | Alfred |
| Year of Construction | 2002 |
| Units | 36 |
| Transaction Date | 1999-02-12 |
| Transaction Price | $113,750 |
| Buyer | ALEX BRO LLC |
| Seller | ALFRED DOMBEC LTD |
38 N Main St Alfred Multifamily Investment
Positioned in a small upstate New York market with older housing stock, this 2002-vintage asset offers relatively newer construction and a defined renter base at the neighborhood level, according to WDSuite’s CRE market data. Stability is supported by steady neighborhood occupancy trends, while pricing should reflect modest local incomes and demand depth.
Alfred sits within a rural part of Allegany County, where daily-needs amenities are present and competitive among county neighborhoods. Neighborhood amenity access (cafes, groceries, pharmacy) is solid locally, though overall density tracks closer to national mid-range levels, supporting convenience for renters without relying on urban-scale retail.
The property’s 2002 construction stands newer than the area’s average vintage. For investors, this positions the asset competitively versus older stock on systems and curb appeal, while still planning for mid-life building updates and targeted renovations to sustain leasing performance.
Neighborhood-level occupancy is around the metro median and has trended upward in recent years, which supports income stability during hold periods. Median contract rents remain modest for the area and have been relatively soft over the past five years, implying that rent growth should be balanced with tenant retention goals and unit-level value-add execution.
Within a 3-mile radius, population has grown over the past five years, expanding the potential renter pool even as incomes trail national averages. The share of housing units that are renter-occupied is meaningful at the neighborhood level, indicating a defined tenant base for multifamily; however, more accessible ownership options in the broader market can compete with rentals, so lease strategy and finish-level differentiation matter.
Neighborhood-level crime statistics are not available in WDSuite for this location. Without comparable ranks or national percentiles, investors commonly benchmark safety using county and state sources alongside insurer and lender data for corroboration.
Underwriting should reflect a conservative stance in the absence of verified trend data at the neighborhood scale, with attention to lighting, access control, and resident experience to support retention and leasing.
Regional employment is anchored by established manufacturers and corporate offices accessible by highway, supporting workforce housing demand; the list below highlights a key nearby employer relevant to commuting patterns.
- Corning — materials & manufacturing (38.4 miles) — HQ
This mid-sized, 36-unit property offers newer-than-area construction (2002) in a rural New York market where the neighborhood’s housing stock skews older. Based on CRE market data from WDSuite, neighborhood occupancy trends have improved and sit near the metro median, supporting baseline stability, while modest local rents suggest that returns will be driven by disciplined operations and selective value-add rather than outsized mark-to-market.
Population growth within a 3-mile radius expands the tenant base, and a meaningful share of renter-occupied units at the neighborhood level supports demand for multifamily housing. At the same time, relatively accessible ownership costs in the broader market and income levels below national norms point to a focus on affordability, retention, and unit differentiation to maintain pricing power.
- 2002 vintage offers competitive positioning versus older neighborhood stock, with manageable mid-life capex planning.
- Neighborhood occupancy has trended upward and is near metro median, supporting income stability.
- 3-mile population growth expands the renter pool, aiding leasing and retention.
- Modest rent levels favor steady absorption but may temper near-term pricing power—value-add should be selective and data-driven.
- Rural location and accessible ownership options introduce competition risk; align underwriting with local income levels and amenity expectations.