| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 26th | Poor |
| Demographics | 45th | Fair |
| Amenities | 28th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 21 New St, Binghamton, NY, 13903, US |
| Region / Metro | Binghamton |
| Year of Construction | 1980 |
| Units | 47 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
21 New St, Binghamton NY Multifamily Investment
Renter-occupied housing is prevalent in the surrounding area and supports a durable tenant base, according to WDSuite’s CRE market data. This commercial real estate analysis points to stable day-to-day demand with pricing power driven more by operations than amenity premiums.
The property sits in an Inner Suburb neighborhood rated B by WDSuite, ranking above the metro median (50th of 111 Binghamton neighborhoods). Grocery access and parks are relative strengths, with the area in the top quartile nationally for both, while dining, childcare, and pharmacy density are limited—suggesting residents rely on broader trade areas for some services.
Amenity access is competitive among Binghamton neighborhoods (29th of 111), but national positioning is mixed: grocery and park access test well, whereas cafés and restaurants per square mile are sparse. Average school ratings trail national norms, which can temper family-driven demand but does not preclude workforce leasing performance when rents remain positioned to value.
Neighborhood occupancy trends track below metro and national averages, signaling that performance hinges on hands-on leasing and retention instead of automatic lease-up. At the same time, renter concentration is high for the metro (top quintile by share of renter-occupied units), indicating a deep tenant pool for well-managed multifamily assets.
Demographic statistics aggregated within a 3-mile radius show modest population growth recently and a projected increase in households by 2028, expanding the renter pool and supporting occupancy stability. Median contract rents in the area remain accessible relative to national levels, which can aid lease retention; framed through multifamily property research, this favors steady absorption for competitively finished units.
WDSuite does not report sufficient neighborhood-level safety metrics for this location. Investors typically benchmark site safety by comparing neighborhood trends to Binghamton and Broome County averages and by confirming on-the-ground conditions with local property managers and public records.
Given the absence of comparable rank and percentile data, prudent underwriting may incorporate conservative assumptions and emphasize property-level security measures and tenant experience to support retention.
Employer proximity data with reliable distance measurements is not available from WDSuite for this address. Investors often evaluate leasing resilience here by focusing on the region’s education, healthcare, and public-sector employment base and validating commute patterns during diligence.
Built in 1980, this 47-unit asset is newer than the neighborhood’s early-20th-century housing stock, which can translate into a relative edge on systems and functionality while still leaving room for targeted modernization to drive rent premiums. According to CRE market data from WDSuite, neighborhood occupancy sits below metro and national norms, so the thesis leans on operations: curated unit upgrades, disciplined renewals, and targeted marketing to the area’s substantial renter-occupied base.
Home values in this submarket are comparatively low in national terms, which can create some competition from ownership; however, rent-to-income levels remain manageable locally, supporting lease retention when properties are well-maintained. Within a 3-mile radius, households are projected to increase, expanding the tenant base and helping sustain stabilized occupancy for well-positioned units.
- 1980 vintage offers relative competitiveness versus older neighborhood stock, with selective value-add potential
- Deep renter-occupied housing base supports demand and renewal potential
- Household growth within 3 miles points to a larger tenant pool over the medium term
- Accessible rent levels favor occupancy stability when paired with focused operations
- Risk: Below-metro occupancy requires active leasing, competitive finishes, and prudent underwriting