| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Fair |
| Demographics | 57th | Good |
| Amenities | 16th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 116 Beethoven St, Binghamton, NY, 13905, US |
| Region / Metro | Binghamton |
| Year of Construction | 1975 |
| Units | 20 |
| Transaction Date | 2004-09-02 |
| Transaction Price | $475,000 |
| Buyer | SPIRO SPILIOTIS & ASSOCIATES LLC |
| Seller | 116 BEETHOVEN LLC |
116 Beethoven St, Binghamton — 20-Unit Investment Opportunity
Neighborhood occupancy trends run below the metro median while the broader 3-mile area shows a growing household base that supports a larger renter pool, according to WDSuite’s CRE market data.
Located in Binghamton’s inner-suburb fabric, the immediate neighborhood posts an occupancy level below the metro median, suggesting the need for active leasing and asset management to sustain stability. At the same time, demographics aggregated within a 3-mile radius indicate recent population and household growth with projections for further expansion, which supports a deeper tenant base and potential lease-up resilience over the medium term.
The local amenity mix is thin for daily needs like groceries, restaurants, and cafes, but pharmacy access is a relative strength, ranking competitive within the Binghamton metro and in the top quartile nationally by density. School quality in the neighborhood reads weaker versus national benchmarks, which may be a consideration for family-oriented renters and could modestly influence leasing velocity for larger floor plans.
Tenure patterns diverge between scales: the neighborhood’s share of renter-occupied units is modest, implying a smaller immediate tenant base, while the 3-mile radius shows a higher renter concentration and projected increases in households. For investors, this suggests demand is more regional than block-level, with nearby submarkets likely contributing to leasing depth and supporting occupancy over time.
Home values in the area are comparatively accessible and rent-to-income levels are manageable by national standards, which can support retention and reduce turnover risk. However, more attainable homeownership options also introduce competition for certain cohorts, requiring attention to unit finishes, management quality, and pricing to maintain positioning within the local rental stack.
Comparable crime rankings for this neighborhood were not available in the current dataset. Investors typically benchmark neighborhood safety using city and county sources alongside property-level history to assess leasing implications and retention. Without a published rank or percentile, treat safety as a standard diligence item and compare trends to broader Binghamton patterns rather than block-level anecdotes.
Built in 1975, the property is newer than much of the surrounding housing stock, offering relative competitiveness versus older assets while leaving room for selective system upgrades or renovations to sharpen positioning. Neighborhood occupancy sits below the metro median, but the 3-mile area shows population growth and rising household counts, pointing to a broader tenant base that can support leasing. Affordability metrics indicate manageable rent-to-income levels, aiding retention, while comparatively accessible homeownership means pricing and finish quality remain important to defend absorption.
Based on commercial real estate analysis from WDSuite, the area’s amenity pattern is limited in food-and-beverage but strong in pharmacy access, and school quality is a potential headwind for family renters. The 20-unit scale fits local workforce demand drivers, with value-add potential tied to targeted updates and hands-on operations to navigate below-median neighborhood occupancy.
- 1975 vintage offers competitive positioning versus older local stock with selective upgrade potential
- 3-mile population and household growth supports a larger renter pool and occupancy stability
- Manageable rent-to-income dynamics support retention; focus on service and finishes to sustain pricing power
- Amenity scarcity (food-and-beverage) and weaker school quality may temper family demand
- Below-metro-median neighborhood occupancy requires active leasing and asset management