| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 36th | Good |
| Demographics | 61st | Best |
| Amenities | 39th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 524 Castle Creek Rd, Binghamton, NY, 13901, US |
| Region / Metro | Binghamton |
| Year of Construction | 1975 |
| Units | 82 |
| Transaction Date | 2023-04-27 |
| Transaction Price | $122,491 |
| Buyer | DAVIS EILEEN |
| Seller | GAGE SHAWN R |
524 Castle Creek Rd Binghamton Multifamily Opportunity
Neighborhood occupancy has been resilient and sits near local norms, according to WDSuite’s CRE market data, supporting steady renter demand for well-managed assets. Positioning within Binghamton s rural north side offers a stable, value-focused tenant base rather than transient traffic.
The property sits in a rural neighborhood of Binghamton rated A by WDSuite and ranked 11 out of 111 metro neighborhoods, placing it competitive among Binghamton neighborhoods. The area 27s fundamentals skew toward stability over rapid growth, with modest amenity density but reliable access to essentials like groceries and pharmacies relative to similar rural locations.
Neighborhood occupancy is measured for the neighborhood, not the property. It has held near the metro baseline in recent years, reinforcing a view of steady leasing conditions rather than sharp swings. Median contract rents in the immediate area remain accessible relative to incomes, suggesting lower affordability pressure and supporting retention.
Within a 3-mile radius, demographics show a larger share of family-age and older households, with recent population growth giving way to projections for smaller average household sizes and an increase in total households. For investors, a shift toward more, smaller households can expand the addressable renter pool and support occupancy stability even if headline population growth moderates.
Home values in the area are moderate by national standards. This ownership landscape typically supports multifamily retention where apartments offer more accessible monthly costs, giving owners room to manage pricing while maintaining lease continuity. The property 27s 1975 vintage is slightly newer than the neighborhood average year built and may benefit from targeted renovations to drive rent lift and reduce future capital exposure compared with older local stock.
Comparable safety data for this neighborhood are limited in WDSuite for the current period. Investors typically benchmark neighborhood trends against metro and national baselines to gauge positioning; in absence of a clear rank or percentile, it 27s prudent to underwrite to market-average assumptions and focus on asset-level controls, lighting, and management protocols.
Regional employment is diversified, with tenants often commuting by car to jobs spread across the Binghamton area and nearby counties. Notable regional employer presence includes telecommunications, which can support steady workforce housing demand.
- Frontier Communications telecommunications (39.8 miles)
This 82-unit, 1975-vintage community offers a durable, value-oriented play in a rural Binghamton submarket where neighborhood occupancy has tracked close to the metro baseline. Based on CRE market data from WDSuite, rents remain aligned with local incomes, which supports retention and reduces volatility risk for stabilized operations. Vintage positioning slightly newer than the area 27s average year built creates a manageable path for selective upgrades that can enhance competitiveness versus older stock.
Investor considerations include a thinner renter-occupied housing base locally and modest amenity density, balanced by steady household formation trends within a 3-mile radius as average household sizes are projected to decline. Underwriting that prioritizes operational execution, targeted renovations, and conservative growth assumptions should align well with the submarket 27s long-run fundamentals.
- Stable neighborhood occupancy supports consistent leasing conditions relative to metro norms.
- 1975 vintage allows targeted value-add to outperform older local stock while managing near-term capex.
- Rent levels aligned with incomes, per WDSuite data, aid retention and reduce downside volatility.
- Demographic shift toward smaller households within 3 miles can broaden the renter pool.
- Risks: lower renter concentration and modest amenity density; mitigate with marketing focus and operational controls.