| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 31st | Fair |
| Demographics | 73rd | Best |
| Amenities | 35th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5 Wakeman Rd, Vestal, NY, 13850, US |
| Region / Metro | Vestal |
| Year of Construction | 2000 |
| Units | 42 |
| Transaction Date | 2004-02-05 |
| Transaction Price | $325,000 |
| Buyer | NEW WAKEMAN LLC |
| Seller | 5 WAKEMAN ROAD LLC |
5 Wakeman Rd, Vestal NY Multifamily Opportunity
Neighborhood occupancy has trended stable and above national medians, pointing to steady tenant retention potential according to WDSuite’s CRE market data. Positioned in Vestal’s suburban fabric, the asset benefits from a broad renter pool without relying on luxury pricing.
Vestal’s neighborhood surrounding 5 Wakeman Rd is rated A and ranks 8 out of 111 in the Binghamton metro, placing it in the top quartile among metro neighborhoods. That relative strength is supported by a college-educated resident base and household incomes that sit above many peer areas, which together underpin renter demand and support consistent leasing performance.
Daily needs are convenient: grocery and pharmacy access score competitively versus national benchmarks, while restaurants are also relatively accessible. Parks and cafes are limited within the immediate neighborhood, so on-site amenities and unit features can play a larger role in leasing appeal and renewal decisions.
Schools are a notable advantage for family renters: average school ratings are the highest in the Binghamton metro (1 of 111) and sit in the top quartile nationally. For investors, that typically supports longer stays among renter households seeking stability.
Multifamily context: the neighborhood’s occupancy rate is competitive among Binghamton neighborhoods (42 of 111) and above the national median, and unit turnover pressures are moderated by a low rent-to-income profile. Within a 3-mile radius, approximately 36% of housing units are renter-occupied, indicating a sizable tenant base for a 42-unit property while still leaving room to capture demand from nearby owners who prefer more flexible housing options.
Affordability dynamics are balanced. Elevated local incomes and relatively accessible ownership costs mean some households may weigh buying versus renting, yet rent levels remain manageable relative to incomes (a positive for lease retention and collections). Effective positioning, modest upgrades, and operational execution can sustain occupancy and support incremental rent growth.
Neighborhood-level crime metrics are not available from WDSuite for this location at this time. Investors typically benchmark municipal and county sources alongside metro comps to gauge relative safety trends and their potential influence on leasing and insurance costs. Use consistent time frames and like-for-like geography when comparing any third-party data.
Built in 2000, the property is newer than much of the area’s housing stock, offering a competitive edge versus older assets and potential for targeted modernization rather than full-system overhauls. According to CRE market data from WDSuite, the surrounding neighborhood posts solid occupancy and sits in the metro’s top quartile, supported by strong household incomes and high-performing schools that encourage lease stability.
Within a 3-mile radius, population and household counts have been growing and are projected to expand further, which supports a larger tenant base and steady absorption. Affordability reads favorable for retention—rents sit low relative to incomes—though relatively accessible ownership costs in the broader area can create competition, making value-focused positioning and amenity upgrades important for sustained pricing power.
- Newer 2000 vintage versus older neighborhood stock supports competitive positioning with selective value-add.
- Top-quartile neighborhood standing in the Binghamton metro with occupancy above national medians.
- Growing 3-mile population and households expand the renter pool and aid leasing stability.
- Favorable rent-to-income dynamics bolster retention and collections potential.
- Risk: accessible homeownership options may compete with rentals—prioritize value-forward renovations and operations.