| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 40th | Best |
| Demographics | 51st | Good |
| Amenities | 16th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 23 Roberts St, Kirkwood, NY, 13795, US |
| Region / Metro | Kirkwood |
| Year of Construction | 1982 |
| Units | 54 |
| Transaction Date | 2001-05-10 |
| Transaction Price | $750,000 |
| Buyer | KIRKVIEW ASSOCIATES LP |
| Seller | KATHLEEN COURT APTS LLC |
23 Roberts St, Kirkwood NY Multifamily Investment
Neighborhood occupancy has held in the mid-90s with recent improvement, supporting income stability according to WDSuite’s CRE market data.
Located in a rural pocket of the Binghamton, NY metro, the neighborhood carries a B rating and sits above the metro median overall (rank 42 of 111). Occupancy in the neighborhood is competitive among Binghamton neighborhoods, with rates near 95% and trending up over five years, indicating resilient renter demand and steady lease-up dynamics at the submarket level.
The property’s 1982 vintage is newer than the neighborhood’s average construction year (1963). For investors, that positioning can reduce near-term competitive pressure versus older stock, while still warranting capital planning for aging systems or targeted renovations to sharpen curb appeal and drive rent premiums where justified.
Renter-occupied housing accounts for roughly a quarter of neighborhood units (about 26%). That smaller renter concentration implies a more defined tenant base rather than broad, transient demand—favorable for retention if product quality and pricing align. Median contract rents in the neighborhood are modest, and the rent-to-income ratio sits in the top national percentile range for affordability, suggesting limited affordability pressure and supporting renewal rates; effective pricing strategy remains key to growth.
Amenities are limited locally—few cafes, parks, or pharmacies within immediate proximity—typical for rural settings. Groceries and restaurants are present at levels around or slightly below national averages, and average school ratings are above the national midpoint (around the 60th percentile). Compared with national CRE trends, this location leans on fundamentals like occupancy stability and affordability rather than amenity-driven premiums. Within the 3-mile radius, demographics show a recent dip in population alongside an increase in households and smaller household sizes, which can expand the renter pool. Forecasts point to household growth over the next five years, a potential tailwind for stabilized occupancy, as highlighted in WDSuite-enabled commercial real estate analysis.
Comparable neighborhood safety data is not available in WDSuite for this area at the time of publication. Investors typically evaluate safety using multi-year trends and broader regional context; absent definitive neighborhood-level metrics, it’s prudent to underwrite with conservative assumptions and corroborate with municipal reports and property-level history.
The employment base in the broader area is anchored by regional corporate offices that support commuter demand; proximity can aid retention for workforce renters.
- Frontier Communications — telecommunications operations (43.6 miles)
This 54-unit, 1982-vintage asset benefits from a neighborhood with occupancy near the mid-90s and improving over the last five years, supporting income durability. Newer positioning versus the area’s older housing stock offers a platform for selective value-add, while modest local rents and a high affordability profile can bolster renewal rates. Within a 3-mile radius, recent household growth alongside smaller household sizes suggests a broader tenant base ahead, which can help sustain leasing velocity.
Home values in the area are relatively accessible compared with many U.S. markets, which can create some competition with ownership; however, elevated renter stability and neighborhood-level occupancy underpin a steady demand story. According to CRE market data from WDSuite, the submarket’s strengths are rooted in occupancy resilience and affordability rather than amenity premiums—factors that can support consistent performance when paired with disciplined capital planning.
- Neighborhood occupancy near mid-90s with recent improvement supports income stability
- 1982 vintage offers value-add potential versus older local stock, with targeted system/finish updates
- Household growth and smaller household sizes within 3 miles point to a larger renter pool
- Modest rents and favorable rent-to-income dynamics can aid retention and steady cash flow
- Risks: rural amenity depth is limited, renter concentration is smaller, and ownership alternatives may compete on price