| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Best |
| Demographics | 25th | Poor |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 91 Chapin St, Binghamton, NY, 13905, US |
| Region / Metro | Binghamton |
| Year of Construction | 1980 |
| Units | 38 |
| Transaction Date | 2015-11-03 |
| Transaction Price | $92,000 |
| Buyer | K & A HOLDINGS LLC |
| Seller | LUCKANICK |
91 Chapin St, Binghamton Multifamily Investment
Renter concentration in the surrounding neighborhood supports depth of demand, while occupancy has shown variability, according to WDSuite’s CRE market data. Positioning and asset management will be key to translating location strengths into stable performance.
Located in Binghamton’s Urban Core, the neighborhood is rated B+ and is competitive among Binghamton neighborhoods (ranked 41 out of 111). For investors, this indicates solid local fundamentals without relying on top-decile positioning, with performance driven by practical access and everyday conveniences rather than destination amenities.
Daily-needs retail is a relative strength: grocery availability ranks near the top of the metro (3 of 111) and in the top percentile nationally, while restaurants are adequate for the submarket. By contrast, parks, pharmacies, cafes, and childcare are sparse within neighborhood bounds, suggesting residents rely on broader trade areas for discretionary services. This mix tends to support workforce renters who prioritize essentials and commute convenience.
The area skews renter-occupied: neighborhood renter concentration is high (61.2% of housing units), reinforcing a larger tenant base for multifamily. Neighborhood occupancy is below most of the metro but has improved over the past five years, a signal that leasing velocity can be sensitive to product quality and management but benefits from a deep renter pool. Median home values are modest for New York but, relative to local incomes, ownership remains a high-cost option (value-to-income ranks near the top of the metro), which supports sustained reliance on rentals and can aid retention and pricing power when managed carefully.
Demographics within a 3-mile radius show recent population and household growth, with projections indicating further renter pool expansion by 2028. Household sizes are relatively stable, and the share of younger adults is sizable, aligning with sustained demand for smaller, well-managed units. Average school ratings in the neighborhood sit below national medians, which may matter for family renters but is less determinative for student and workforce segments.
Vintage context: neighborhood housing skews older (average 1931). Built in 1980, the subject property is newer than much of the local stock, offering a competitive edge on systems and layout while still leaving room for targeted modernization to drive value-add returns.
Comparable, recent crime statistics at the neighborhood level are not available in the provided dataset. Investors typically benchmark neighborhood safety against city and county trend reports, property-level incident histories, and insurer/lender assessments to understand risk, mitigation needs, and impacts on leasing and retention.
This 38-unit, 1980-vintage asset sits in an Urban Core neighborhood with strong day-to-day convenience and a deep renter base. The area shows high renter-occupied share and improving neighborhood occupancy, while ownership costs relative to incomes support ongoing reliance on rentals. According to CRE market data from WDSuite, neighborhood NOI performance benchmarks strongly versus national peers, indicating potential for solid operating margins where execution aligns with local demand.
Demographic trends within a 3-mile radius indicate recent growth with projections for a larger household base by 2028, supporting tenant demand and lease-up prospects. Given the property’s vintage, a focused capital plan aimed at modernization and curb appeal can help capture value-add upside and stabilize occupancy relative to older competitive stock nearby.
- Urban Core location with high grocery access supports everyday convenience and renter appeal
- Renter concentration in the neighborhood provides a broad tenant base for multifamily leasing
- 1980 vintage offers competitive positioning versus older local stock with targeted value-add potential
- Neighborhood NOI benchmarks strongly versus national peers, per WDSuite data, supporting margin potential
- Risks: below-metro neighborhood occupancy and rent-to-income pressure require disciplined leasing and expense management