| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 33rd | Best |
| Demographics | 65th | Best |
| Amenities | 23rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6490 Pine Tree Rd, Ellicottville, NY, 14731, US |
| Region / Metro | Ellicottville |
| Year of Construction | 1985 |
| Units | 41 |
| Transaction Date | 2025-01-23 |
| Transaction Price | $2,763,500 |
| Buyer | COMMUNITY ACTION INC |
| Seller | ELLICOTTVILLE TERR ASSOC |
6490 Pine Tree Rd Ellicottville Multifamily Investment
Positioned in a rural pocket of the Olean metro, this 1985-vintage, 41-unit asset is newer than much of the local housing stock and can compete on quality while maintaining renter retention, according to WDSuite’s CRE market data.
Livability in this Ellicottville neighborhood reflects a small, rural setting with selective conveniences. Cafes and parks register stronger than many peer areas nationally, while overall amenities trend modest. The neighborhood ranks 8th among 58 Olean metro neighborhoods for amenities (competitive among Olean neighborhoods) and sits around the middle of national distributions for several convenience categories.
From an investor lens, the property’s 1985 construction is newer than the neighborhood s average vintage (1972). That relative youth can help it compete against older stock, though systems and common areas may still benefit from targeted modernization to support leasing and renewal outcomes.
Demographics aggregated within a 3-mile radius show largely stable population in recent years with a gradual shift toward smaller households and a higher share of older residents. Households have edged higher and are projected to expand further, implying more, smaller households entering the market — a trend that can support a broader tenant base for studios and smaller formats if pricing remains aligned.
Tenure patterns indicate a predominantly owner-occupied area, with renter-occupied housing representing a smaller share of units today and projected to increase over the next few years. For multifamily owners, a thinner renter base requires disciplined marketing, yet rising renter share suggests incremental demand depth over time. Home values sit near the national midpoint, and combined with moderate rent levels and a rent-to-income profile that signals limited affordability pressure, the backdrop supports lease retention more than aggressive near-term rent-upside.
Neighborhood housing occupancy levels are lower than most of the Olean metro (ranked 57th of 58), which can translate into slower lease-ups or more seasonal vacancy at the neighborhood level — underwriting should account for this dynamic rather than property-level performance assumptions.
Comparable, neighborhood-specific crime metrics were not available in the current WDSuite feed for this location. Investors typically benchmark safety using municipal reports and multi-year regional trends to understand directionality and relative positioning versus the Olean metro.
Given the rural context and small population base, property-level diligence — including historical incident logs, lighting and access controls, and management practices — will provide the most reliable read on resident experience and risk management.
Regional employment anchors within commuting range include healthcare distribution and banking, supporting workforce housing demand through diversified white-collar and logistics roles.
- McKesson — healthcare distribution (39.0 miles)
- M&T Bank Corp. — banking & corporate services (42.9 miles) — HQ
This 41-unit, 1985-built asset offers relative competitiveness versus older neighborhood stock, positioning it to capture tenants prioritizing functional quality in a rural setting. The surrounding renter base is smaller than urban peers, but households are trending upward and renter share is projected to rise, supporting steady absorption if pricing and unit mix remain calibrated.
Based on commercial real estate analysis from WDSuite, neighborhood-level housing occupancy trends trail most of the Olean metro, so investors should underwrite conservative lease-up and seasonality. At the same time, moderate rents relative to incomes point to manageable affordability pressure, favoring resident retention and stable collections when operations are disciplined.
- Newer vintage (1985) than neighborhood average supports competitive positioning with targeted upgrades
- Moderate rents versus incomes suggest retention strength and consistent collections
- Household growth and rising renter share (3-mile radius) indicate gradual expansion of the tenant base
- Risk: Neighborhood housing occupancy ranks near the bottom of the Olean metro; underwrite slower lease-ups and potential seasonality