| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Best |
| Demographics | 59th | Good |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 508 Tokos Grove Rd, Johnson City, NY, 13790, US |
| Region / Metro | Johnson City |
| Year of Construction | 1988 |
| Units | 24 |
| Transaction Date | 2019-10-23 |
| Transaction Price | $1,306,600 |
| Buyer | MB3 HOLDINGS LLC |
| Seller | JAMES PROPERTIES LLC |
508 Tokos Grove Rd Johnson City Multifamily Investment
Neighborhood occupancy has held in the mid-90s, supporting durable cash flow and steady leasing, according to WDSuite’s CRE market data.
Located in an Inner Suburb setting of the Binghamton, NY metro, the neighborhood carries an A+ rating and ranks 1st out of 111 metro neighborhoods. For multifamily owners, this signals strong local fundamentals and a resident base that supports stable operations.
Occupancy across the neighborhood sits above national medians and is competitive among Binghamton neighborhoods, while roughly half of housing units are renter-occupied—indicating a deep tenant base and consistent demand for professionally managed units. A rent-to-income profile near one-fifth suggests manageable affordability pressure that can aid lease retention and minimize turnover risk.
Livability is supported by everyday amenities: parks, cafes, and childcare access rank in the top quartile nationally, which helps with resident satisfaction and leasing velocity. Pharmacy presence is limited locally, so some residents may rely on nearby submarkets for prescriptions and specialty health needs.
Demographic statistics aggregated within a 3-mile radius show modest recent population gains and a projected increase in both population and households by 2028, expanding the local renter pool and supporting occupancy stability. Median home values remain relatively low for the region, which can introduce some competition from entry-level ownership; however, rising household incomes and steady renter demand provide counterbalance from an operations standpoint. Average school ratings are below national norms, a factor to underwrite for family-oriented tenant profiles and marketing strategy.
The property’s 1988 construction is newer than the neighborhood’s average vintage. This positioning can enhance competitiveness versus older stock, though investors should still plan for system updates and modernization to meet current renter expectations.
Comparable neighborhood-level safety benchmarks were not available in the provided dataset. Investors typically evaluate conditions relative to the broader Binghamton, NY metro and to peer submarkets, corroborating with property-level history and on-the-ground diligence. Without verified neighborhood crime ranks or percentiles, a conservative underwriting approach and local comp review are prudent.
This 24-unit, 1988-vintage asset benefits from a renter-heavy neighborhood with competitive occupancy and everyday amenities that support retention. The property’s vintage is newer than the area’s average stock, offering relative positioning against older comparables while leaving room for targeted upgrades to capture rent premiums. Demographic data within a 3-mile radius points to a growing tenant base over the next five years, reinforcing demand durability.
According to CRE market data from WDSuite, the neighborhood’s occupancy performance sits above national medians and is competitive in the Binghamton metro, while rent-to-income levels indicate manageable affordability pressure—favorable for lease stability. Ownership remains relatively accessible locally, so thoughtful amenity and operations strategies are important to differentiate from entry-level ownership alternatives.
- Competitive neighborhood occupancy supports cash-flow stability
- 1988 vintage offers positioning versus older stock with value-add upside
- 3-mile radius shows projected growth in population and households, expanding the renter pool
- Amenity access (parks, cafes, childcare) aids resident satisfaction and leasing
- Risk: Below-average school ratings and relatively accessible ownership may require targeted marketing and amenity differentiation