| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Best |
| Demographics | 38th | Poor |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4702 Vestal Pkwy E, Vestal, NY, 13850, US |
| Region / Metro | Vestal |
| Year of Construction | 2004 |
| Units | 26 |
| Transaction Date | 2014-08-13 |
| Transaction Price | $34,767,443 |
| Buyer | UP COMMONS LLC |
| Seller | UNIVERSITY PLAZA LLC |
4702 Vestal Pkwy E, Vestal NY Multifamily Investment
Neighborhood renter-occupied share and newer 2004 construction point to durable leasing fundamentals, according to WDSuite’s CRE market data. Focus is on steady renter demand in Vestal rather than outsized growth assumptions.
Located in Vestal’s inner suburb setting, the property benefits from a neighborhood rated A and ranked 9 out of 111 Binghamton metro neighborhoods, indicating competitive positioning among local peers. Schools in the area average 4.0 out of 5 and rank 1 of 111 in the metro, placing the neighborhood in the top quartile nationally for school quality—often supportive of tenant retention for family-oriented renters.
Amenity access is mixed. Cafes rank 6 of 111 (top quartile locally) and parks rank 9 of 111, while grocery and pharmacy options are comparatively limited within the neighborhood. For investors, this suggests daily needs may require slightly longer trips, but lifestyle convenience for coffee, dining (mid-pack nationally), and green space remains respectable.
The housing stock trends newer than much of the metro: the neighborhood’s average construction year is 1983, and this asset’s 2004 vintage provides relative competitiveness against older inventory. That positioning can reduce near-term capital friction, though prudent planning for mid-life building systems and targeted modernization can sustain appeal.
Neighborhood renter-occupied share is 39.5% (79th percentile nationally), signaling a solid renter base that supports depth of demand. By contrast, neighborhood occupancy is below many Binghamton peers (ranked 100 of 111 and lower nationally), so active leasing strategy and asset-level differentiation may be needed to maintain stability. Median contract rents benchmark near the metro middle nationally, aligning with a value-oriented renter profile. These dynamics, based on CRE market data from WDSuite, point to steady demand with a focus on retention and amenities that resonate with renters.
Within a 3-mile radius, population and household counts have grown recently and are projected to expand further over the next five years, implying a larger tenant base over time. Income distributions are mixed, with a sizable cohort in moderate-income bands, which underscores the importance of balanced rent positioning and thoughtful lease management to preserve occupancy while capturing measured growth.
Comparable safety insights at the neighborhood level are limited in the current dataset. Without ranked crime data for this specific neighborhood, investors should benchmark property performance and resident feedback against broader Binghamton metro trends when available and monitor any multi-year trend updates from WDSuite for directional context.
Built in 2004, this 26-unit asset offers competitive positioning versus older neighborhood stock and serves a renter base that is substantial locally. Neighborhood-level occupancy trends are softer relative to the metro, but a higher renter-occupied share and growing 3-mile population and households suggest a durable tenant pipeline when paired with focused leasing and pragmatic upgrades. According to multifamily property research from WDSuite, local rents sit near national mid-range benchmarks, supporting a value-oriented strategy that prioritizes retention.
Forward-looking demographic momentum within 3 miles points to a larger pool of renters over time, while the property’s vintage helps mitigate some immediate capex intensity. Active management should target unit finishes and common-area relevance to sustain competitiveness, with attention to affordability pressure to protect lease stability.
- 2004 vintage versus older neighborhood stock supports competitive positioning with manageable modernization needs
- Solid neighborhood renter-occupied share indicates demand depth for multifamily
- 3-mile population and household growth expand the tenant base, supporting occupancy over time
- Value-oriented rent context favors retention-focused operations and disciplined pricing
- Risk: neighborhood-level occupancy trails metro peers, requiring active leasing and ongoing product differentiation