| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Best |
| Demographics | 25th | Poor |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 162 Chapin St, Binghamton, NY, 13905, US |
| Region / Metro | Binghamton |
| Year of Construction | 1975 |
| Units | 31 |
| Transaction Date | 2022-05-12 |
| Transaction Price | $1,200,000 |
| Buyer | LINE REALTY LLC |
| Seller | 162 CHAPIN LLC |
162 Chapin St Binghamton Multifamily Investment Opportunity
Neighborhood renter demand is supported by a high share of renter-occupied housing, while occupancy has been softer at the neighborhood level, according to WDSuite’s CRE market data.
The property sits in Binghamton’s Urban Core, with a neighborhood rating of B+ and a rank of 41 out of 111 metro neighborhoods, making it competitive among Binghamton submarkets. Local housing skews renter-heavy: renter-occupied units account for a substantial share of housing (ranked 3 of 111 in the metro and in the 94th percentile nationally), which supports depth of the tenant base and recurring leasing activity for multifamily assets.
Amenity access is mixed. Grocery availability is among the highest nationally (99th percentile), and restaurants trend modestly above national norms (around the 60th percentile). However, parks, cafés, childcare, and pharmacies are limited within the immediate neighborhood footprint, which may shift some convenience needs to nearby districts. Among 111 metro neighborhoods, overall amenity positioning ranks 31st, which is competitive among Binghamton neighborhoods.
Neighborhood rents have risen over the past five years, and median contract rent levels are mid-pack nationally. At the same time, the neighborhood’s rent-to-income ratio sits at a very high level (low national percentile), signaling affordability pressure that investors should manage through leasing strategy and renewal optimization. Occupancy at the neighborhood level is below both metro and national norms but has trended upward in recent years, suggesting potential for stabilization with active management and positioning, per WDSuite’s commercial real estate analysis.
The area’s housing stock is older on average (typical construction around 1931 and low nationally by percentile), while the subject property’s 1975 vintage is newer than much of the surrounding inventory. That relative age can support competitive positioning versus prewar assets, though investors should still plan for system updates or modernization to meet today’s renter expectations. Schools in the broader area trend below national benchmarks (around the 26th percentile), which may matter for family-oriented leasing but is less central for workforce-oriented demand.
Within a 3-mile radius, demographics indicate a modest increase in population and households in recent years, with forecasts pointing to additional growth through the mid-term. This implies gradual renter pool expansion that can support occupancy stability and lease-up velocity if product quality and pricing align with local incomes.
Comparable, property-level crime data for this neighborhood was not available in WDSuite’s dataset. Investors typically benchmark safety by reviewing city and county reports, insurer guidance, and recent police blotter trends, and by comparing to peer neighborhoods across the Binghamton metro. Framing safety in this way helps set leasing expectations and informs on-site measures that can support retention.
Built in 1975 with 31 units, the asset is newer than much of the surrounding prewar stock, offering a platform for value-add upgrades and operational improvements that can out-compete older properties. The neighborhood shows a strong renter concentration (high within-metro rank and top national percentile), which supports tenant base depth even as neighborhood occupancy has run soft. Within a 3-mile radius, household counts have been rising and are projected to grow further, pointing to a larger renter pool over time. According to CRE market data from WDSuite, rent growth has been solid relative to incomes, so prudent pricing and renewal management will be important to balance demand with affordability.
Relative home values remain modest in absolute terms but high versus local incomes, which tends to sustain reliance on rental housing and can support long-term multifamily demand. Near-term execution likely hinges on targeted renovations, expense control, and careful lease management to capture demand without elevating retention risk.
- 1975 vintage vs. prewar neighborhood stock supports competitive positioning with focused modernization
- High renter-occupied share indicates a deep tenant base and recurring leasing opportunities
- 3-mile household and population growth point to gradual renter pool expansion supporting occupancy stability
- Ownership costs relative to local incomes reinforce long-term reliance on rental housing
- Risk: neighborhood occupancy is below broader norms and rent-to-income pressure requires careful pricing and renewal strategy