| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 16th | Poor |
| Demographics | 44th | Good |
| Amenities | 34th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9 Franklin St, Franklinville, NY, 14737, US |
| Region / Metro | Franklinville |
| Year of Construction | 1990 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
9 Franklin St Franklinville NY 24‑Unit Multifamily Opportunity
Neighborhood occupancy is competitive among Olean neighborhoods and rents remain accessible, according to WDSuite’s CRE market data.
Located in Franklinville’s rural setting within the Olean, NY metro, the immediate neighborhood rates A- and is competitive among Olean neighborhoods (rank 14 of 58). Amenity access trends better than many nearby areas (rank 7 of 58, top quartile locally), while schools test above national averages (around 3 of 5; top quartile locally), providing day‑to‑day livability that supports resident retention.
Renter concentration is modest for the neighborhood (roughly one in six housing units are renter‑occupied), which implies a smaller but stable tenant pool. In a rural context, this typically skews demand toward workforce renters who prioritize value and proximity over lifestyle amenities, and it can help limit turnover for well‑managed assets. At the same time, underwriting should recognize that a smaller renter base can lengthen lease‑up in weaker seasons.
The property’s 1990 vintage is newer than much of the local housing stock (neighborhood average construction year skews early‑20th century). That relative youth can be an advantage versus older comparables, though investors should still plan for system modernization and common‑area upgrades typical of 1990s assets to preserve competitiveness.
Home values in the neighborhood are low relative to national norms, and rent‑to‑income ratios trend favorable for renters. This combination reinforces retention but can also increase competition from ownership options. According to WDSuite’s commercial real estate analysis, neighborhood occupancy sits at 89% (rank 19 of 58, competitive among Olean neighborhoods), suggesting lease stability for well‑positioned units. Within a 3‑mile radius, population and household counts have grown recently and are projected to continue expanding, supporting a gradually larger tenant base, though projections also indicate a tilt toward ownership that investors should incorporate into pricing and renewal strategies.
Comparable neighborhood crime metrics are not available in the current WDSuite release for this location. Investors commonly benchmark against county and metro trends and rely on property‑level history, insurance quotes, and management reports to contextualize safety during underwriting.
Regional corporate offices within commuting distance provide employment anchors that can support renter demand and retention, including McKesson and M&T Bank Corp. noted below.
- McKesson — corporate offices (37.9 miles)
- M&T Bank Corp. — corporate offices (43.6 miles) — HQ
This 24‑unit property built in 1990 offers relative competitive positioning versus older neighborhood stock while benefiting from accessible rents and a stable, value‑oriented renter base. Within a 3‑mile radius, recent growth in population and households signals a gradually expanding tenant pool that can support occupancy over time, even as the area remains predominantly owner‑occupied. According to CRE market data from WDSuite, neighborhood occupancy is competitive within the Olean metro, reinforcing the case for steady leasing with pragmatic rent setting.
Key considerations include moderating rent expectations in a high‑value‑for‑money market and planning for targeted 1990s‑vintage upgrades to sustain the property’s edge over older comparables. Ownership accessibility locally can create competition for renters, so asset strategy should emphasize unit quality, reliability, and professional management to maximize retention.
- 1990 vintage provides a competitive edge versus older neighborhood stock with manageable modernization needs
- Occupancy competitive among Olean neighborhoods supports leasing stability for well‑positioned units
- 3‑mile population and household growth expands the renter pool and underpins long‑term demand
- Accessible rents and low rent‑to‑income dynamics aid retention with disciplined rent management
- Risks: smaller renter base and accessible ownership options can slow lease‑up and cap near‑term pricing power