| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Best |
| Demographics | 35th | Poor |
| Amenities | 70th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 161 S 25th St, Olean, NY, 14760, US |
| Region / Metro | Olean |
| Year of Construction | 1988 |
| Units | 83 |
| Transaction Date | 2011-10-12 |
| Transaction Price | $9,200,000 |
| Buyer | Olean Holding, LLC |
| Seller | Eden Heights of Olean Associates |
161 S 25th St Olean Multifamily Investment
Neighborhood occupancy has trended stable and sits in the upper tier for the metro, supporting lease retention and cash flow consistency according to WDSuite’s CRE market data. With renter demand anchored by everyday amenities and moderate rent-to-income levels, this location favors steady operations over cycle timing.
The property sits in a suburban pocket of Olean that ranks 2nd out of 58 metro neighborhoods overall, signaling competitive location fundamentals for multifamily. Daily needs are well-covered: the area is top quartile nationally for grocery access and parks, and cafes/restaurants also index in the top quartile, reducing reliance on long commutes for essentials and leisure.
Neighborhood occupancy is approximately 94.5% and has improved over the last five years, indicating durable demand rather than temporary tightness. Median asking rents in the neighborhood remain in lower national brackets with measured growth, which can support lease-up and retention without overstretching local incomes. The neighborhood’s rent-to-income dynamics imply manageable affordability pressure, a constructive backdrop for multifamily property research focused on stabilized operations.
Vintage considerations matter: built in 1988, the asset is newer than much of the local housing stock (which skews early 20th century). This relative youth can enhance competitive positioning versus older product, while still warranting periodic system updates or selective renovations to meet current renter expectations.
Tenure patterns show a meaningful renter presence at both the neighborhood level (renter-occupied share measured locally) and within a 3-mile radius (approximately 46% renter-occupied), supporting a consistent tenant base. Within that 3-mile radius, households and the renter pool are projected to expand modestly, with household counts expected to increase and average household size to trend smaller by 2028—factors that typically support occupancy stability and depth of demand.
Safety indicators compare favorably in this part of the Olean metro. On a national basis, the neighborhood sits in the 90th percentile for lower violent offense rates and the 99th percentile for lower property offense rates, placing it in the top quartile nationally on both measures. Within the metro, the neighborhood ranks among the strongest (1st of 58 for these metrics), underscoring a comparatively safer operating context relative to many peer areas.
Year-over-year trends show further improvement in property-related incidents, while violent offense trends warrant continued monitoring like any submarket. For investors, the comparative standing supports leasing and retention narratives, but standard underwriting and on-the-ground diligence remain prudent.
This 83-unit, 1988-vintage asset benefits from a neighborhood that is competitive among Olean, NY submarkets, with strong proximity to daily amenities and occupancy that has held in the upper metro tier. According to CRE market data from WDSuite, neighborhood rents are comparatively accessible versus national benchmarks, supporting retention and steady absorption rather than relying on outsized rent lifts. The property’s relative youth versus the area’s older stock can provide positioning upside with targeted upgrades.
Demographic indicators within a 3-mile radius point to a modest increase in households and a smaller average household size by 2028, effectively broadening the renter pool and supporting demand depth. Combined with favorable neighborhood safety positioning and stable occupancy trends, the thesis centers on durable cash flows with value-add potential through selective modernization and operational execution.
- Occupancy in the neighborhood remains above metro median with positive five-year momentum, supporting cash flow stability.
- Rents sit in lower national brackets, aiding lease-up and retention while preserving pricing flexibility.
- 1988 construction offers an edge versus older local stock, with scope for targeted renovations to enhance competitiveness.
- 3-mile household growth and smaller household sizes point to a broader renter base and demand durability.
- Risk: income levels in the wider area trend below national medians; underwriting should assume disciplined rent growth and continued attention to value-for-money positioning.