| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Best |
| Demographics | 49th | Good |
| Amenities | 53rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 102 W Spring St, Olean, NY, 14760, US |
| Region / Metro | Olean |
| Year of Construction | 1972 |
| Units | 21 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
102 W Spring St, Olean NY — 21-Unit Value‑Add Opportunity
Neighborhood-level occupancy trends are stable and renter demand is supported by a meaningful renter-occupied share, according to WDSuite’s CRE market data. With a 1972 vintage, the asset offers modernization and operational upside in a workforce-oriented pocket of Olean.
Livability supports everyday convenience. Neighborhood data indicate grocery and pharmacy access ranks in the top quartile among 58 Olean metro neighborhoods, while restaurants are also competitive within the metro. Cafes and parks are limited locally, which places more weight on on-site amenities and property programming to enhance resident experience.
Renter fundamentals are a positive signal for demand depth. The neighborhood’s share of renter-occupied housing units is elevated versus many peers (top quartile locally), reinforcing a wider tenant base and helping support leasing stability. Neighborhood occupancy trends around 90% suggest baseline stability rather than peak tightness, leaving room for asset-level performance to differentiate through renovations and management.
Schools in the immediate area trend modest based on average ratings, which may matter for family-oriented leasing. However, strong childcare availability (top quartile locally and above national norms) can support working households and day-to-day convenience.
Within a 3-mile radius, demographics point to a broadly stable population with a small recent increase and projections for further population growth alongside a notable rise in household counts and smaller average household sizes. This combination typically expands the renter pool and supports occupancy stability for well-positioned properties. Median home values remain relatively accessible for the region, which can introduce some competition from ownership options; investors should calibrate pricing power to retention goals.
Comparable safety metrics for this neighborhood are not reported in WDSuite’s dataset for Olean, and crime ranks or national percentiles are unavailable. Investors should benchmark the property against broader city and county trends and rely on customary diligence steps (e.g., local law enforcement data, site visits at different times of day) to contextualize resident experience and potential operating practices.
The 1972 vintage creates a clear value‑add path through unit and systems modernization while benefiting from a renter-heavy neighborhood profile that supports a durable tenant base. Neighborhood occupancy near 90% indicates steady demand with room for property-level outperformance via renovations, resident services, and disciplined leasing strategy. Median home values are comparatively accessible for the area, so competitive positioning and retention-focused lease management will be important.
Within a 3‑mile radius, recent population stability and projected household growth suggest a larger pool of renters and support for occupancy over the medium term. According to CRE market data from WDSuite, local amenities are strongest in daily-needs categories (grocery, pharmacy, restaurants), helping underpin workforce housing appeal even as limited parks and café density shift emphasis to on-site offerings.
- 1972 vintage supports targeted renovations for rent and NOI uplift
- Renter-occupied share is elevated locally, reinforcing tenant base depth
- Daily-needs retail access (grocery/pharmacy/restaurants) supports leasing and retention
- Demographic trends within 3 miles point to renter pool expansion and occupancy stability
- Risks: modest school ratings, limited parks/cafes, and regional homeownership accessibility may temper pricing power