| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Best |
| Demographics | 38th | Poor |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4712 Vestal Pkwy E, Vestal, NY, 13850, US |
| Region / Metro | Vestal |
| Year of Construction | 2004 |
| Units | 26 |
| Transaction Date | 2015-06-25 |
| Transaction Price | $79,332,700 |
| Buyer | ACC OF BINGHAMTON I LLC |
| Seller | VESTAL PARK LLC |
4712 Vestal Pkwy E, Vestal Multifamily Opportunity
Investor positioning centers on steady renter demand supported by a sizable renter-occupied housing base in the surrounding neighborhood, according to WDSuite’s CRE market data. The asset’s Inner Suburb location offers durable appeal for workforce tenants even as neighborhood occupancy trends vary across the metro.
Located in Vestal within the Binghamton, NY metro, the neighborhood is rated A and ranks 9 of 111 neighborhoods, which is competitive among Binghamton neighborhoods. Caf e9 and restaurant density ranks 6 and 25 of 111 respectively, placing food-and-beverage access in the top quartile nationally for caf e9s and around the national midpoint for restaurants. Park access also ranks 9 of 111 and sits well above national averages, while grocery and pharmacy access are limited locally, indicating some errands may require short drives.
School quality is a relative strength: the average school rating is 4.0 out of 5, ranking 1 of 111 and in the 84th percentile nationally. This school performance can support leasing interest from households seeking stability, a positive for retention and renewal dynamics.
From a housing and tenure perspective, about two-fifths of neighborhood housing units are renter-occupied (rank 22 of 111; 79th percentile nationally), signaling a meaningful renter base that supports multifamily absorption. Neighborhood occupancy is lower relative to peers (rank 100 of 111; 20th percentile nationally), so underwriting should consider competitive positioning and leasing strategies to sustain occupancy.
Within a 3-mile radius, population and household counts have grown in recent years and are projected to expand further, pointing to a larger tenant base over the next five years. Median contract rents in the radius remain accessible relative to incomes, and ownership costs trend higher on a value-to-income basis (66th percentile nationally), which can reinforce reliance on rental housing a0 3 a0a factor investors often track in multifamily property research, based on CRE market data from WDSuite.
Vintage matters: the property was built in 2004, newer than the neighborhood a0average built environment (1983). This generally supports competitive positioning versus older stock, though investors should still plan for system updates and modernization consistent with a 2000s vintage.
Comparable crime data at the neighborhood level was not available from WDSuite for this location. Investors typically benchmark safety by reviewing multi-year trends and how the neighborhood compares to the broader Binghamton, NY metro and national context, focusing on directionality rather than block-level claims.
This 2004 vintage, 26-unit asset in Vestal benefits from a deep renter pool, strong local schools, and amenity access that outperforms much of the metro in parks and caf e9s. The neighborhood a0renter-occupied share is above metro norms, supporting absorption and renewal potential, while ownership costs measured against income trend higher than the national midpoint a0 3 a0factors that can sustain rental demand. According to commercial real estate analysis from WDSuite, neighborhood occupancy sits below metro leaders, so business plans should emphasize leasing execution and unit positioning.
Forward-looking 3-mile demographics indicate population and household growth, expanding the tenant base and supporting occupancy stability over time. The 2004 construction provides a competitive edge versus older inventory, though prudent capital planning for mid-life systems and targeted renovations can help drive rent attainment and retention.
- Newer 2004 construction versus local average supports competitive positioning with moderate modernization needs.
- Strong school ratings (1 of 111 metro neighborhoods) bolster household-driven leasing and retention.
- Renter-occupied share above metro median indicates depth of tenant demand and absorption potential.
- Amenities skew positive (parks and caf e9s rank well), though limited grocery and pharmacy options may affect convenience.
- Risk: neighborhood occupancy ranks near the lower tier in the metro; execution on leasing and renewals is critical.