| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 20th | Poor |
| Demographics | 35th | Poor |
| Amenities | 42nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1281 Pennsylvania Ave, Pine City, NY, 14871, US |
| Region / Metro | Pine City |
| Year of Construction | 2010 |
| Units | 36 |
| Transaction Date | 2009-06-30 |
| Transaction Price | $68,000 |
| Buyer | PART TERRACE APTS ASSOCIATES LP |
| Seller | 36 DEVELOPMENT CORPORATION |
1281 Pennsylvania Ave, Pine City NY Multifamily Investment
2010 construction provides a competitive edge versus older local stock, with renter demand shaped by a rural setting and steady commuting patterns, according to WDSuite’s CRE market data.
Pine City sits within the Elmira, NY metro and is categorized as a Rural neighborhood with a B rating. Amenity access is balanced for daily needs: grocery and pharmacy availability track near or above national midpoints, while cafes and childcare are sparse. Within the metro context, amenities rank in the top quartile among 39 neighborhoods, supporting day-to-day livability for residents even without an urban amenity mix.
For schools, average ratings trend below national norms, which some residents may weigh when choosing housing. Neighborhood occupancy is softer compared with much of the metro, and WDSuite’s CRE market data indicates the occupancy rate cited here reflects the neighborhood, not the property. Investors should underwrite leasing with a pragmatic view on marketing and renewal strategies in a low-density, car-oriented location.
Vintage matters: the neighborhood’s average construction year skews older (mid-20th century), while this property was built in 2010. That newer vintage can enhance competitive positioning against nearby inventory, with potential for durable operations; however, investors should still plan for system updates and light modernization typical of a 2010 asset over a hold period.
Tenure patterns differ by geography. At the neighborhood level, renter-occupied share is relatively low, suggesting a thinner immediate renter base. Within a 3-mile radius, renter-occupied housing accounts for roughly 37%, indicating a broader pool of potential tenants across nearby communities and commute sheds. This mix points to stable, workforce-driven demand rather than transient leasing, but it also implies that targeted marketing to capture the wider radius will matter.
Affordability context supports investor underwriting. Median home values in the neighborhood are lower than national averages, which can create competition from ownership options. In investor terms, this may moderate pricing power and place a premium on operational execution and resident retention. Conversely, 3-mile data show rising incomes and contract rents over recent years and forecasts, with projections for population growth and a faster increase in household counts alongside smaller household sizes—dynamics that can expand the renter pool and support occupancy stability over time.
Neighborhood safety trends are comparatively favorable within the Elmira metro, with crime ranking in the top quartile among 39 neighborhoods and a national safety profile that is stronger than average. According to WDSuite data, violent offense rates benchmark well nationally (high percentile indicates safer conditions), while the neighborhood has seen a recent uptick in property offenses. Investors should view the trajectory as mixed: solid relative standing metro- and nationwide, alongside near-term property-crime volatility that warrants ongoing monitoring.
The area draws on a regional employment base supportive of workforce housing, with a major advanced materials employer within a commutable distance that can aid leasing and retention.
- Corning — advanced materials & manufacturing (13.2 miles) — HQ
This 36-unit, 2010-vintage asset offers newer construction relative to the surrounding mid-century housing stock, supporting competitive positioning on finishes and systems versus older properties. The rural setting provides day-to-day essentials and commuter access, while the broader 3-mile radius shows a meaningful renter-occupied share and expectations for population growth and a larger household base—signals that can underpin a wider tenant pool and support occupancy stability over the hold. According to CRE market data from WDSuite, neighborhood occupancy trends are softer than metro averages, so execution around leasing velocity and renewals will be key.
Home values in the immediate neighborhood are comparatively low, which can introduce competition from ownership and temper near-term pricing power. Offsetting factors include the property’s newer vintage, commutable access to a major employer, and forward-looking income growth within a 3-mile radius. Taken together, the underwriting case favors steady operations with selective value-add or modernization to sustain competitiveness and retention.
- 2010 vintage versus older local stock enhances leasing appeal and reduces near-term capex risk.
- Broader 3-mile renter base and projected population/household growth support tenant demand and occupancy stability.
- Regional employment, including a major HQ within commuting distance, contributes to retention and lease-up consistency.
- Lower neighborhood home values imply competition with ownership—manage pricing, renewals, and amenities accordingly.
- Softer neighborhood occupancy versus metro norms is a risk—plan for targeted marketing and diligent lease management.