| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Best |
| Demographics | 43rd | Good |
| Amenities | 46th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 301 W Henley St, Olean, NY, 14760, US |
| Region / Metro | Olean |
| Year of Construction | 1994 |
| Units | 28 |
| Transaction Date | 2023-04-20 |
| Transaction Price | $100,000 |
| Buyer | BARLETT SANDRA G |
| Seller | MORRIS SHAWN W |
301 W Henley St, Olean NY Multifamily Investment
Renter demand is supported by a high neighborhood share of renter-occupied units and steady occupancy, according to WDSuite’s CRE market data. For investors, the location’s everyday conveniences and stable tenant base point to durable income over a hold period.
The property sits in an Inner Suburb pocket of Olean where everyday services are close at hand. Neighborhood grocery and pharmacy density rank among the strongest within the metro (measured against 58 neighborhoods) and post high national percentiles, which helps resident convenience and supports lease retention. Restaurant availability is also comparatively strong, while limited parks, cafes, and childcare options suggest amenity depth is service-oriented rather than lifestyle-driven.
Neighborhood occupancy is stable and near the middle of the pack locally, and the share of renter-occupied housing is high (competitive among the 58 metro neighborhoods and in a strong national percentile). For multifamily owners, that renter concentration broadens the tenant pool and can help sustain leasing velocity through cycles. Median contract rents trend on the lower end nationally, pointing to an attainable price point for residents and potentially steadier renewal behavior.
Within a 3-mile radius, demographics show a largely steady population in recent years with modest household growth and small average household sizes. WDSuite’s data indicates projections for additional household growth alongside further downsizing in household size, which typically favors demand for 1–2 bedroom units and can support occupancy stability.
The average neighborhood building stock skews older, while this asset’s 1994 construction positions it as newer than much of the immediate area. That relative vintage can be a competitive advantage versus older properties and may reduce near-term capital exposure, while still leaving room for targeted modernization to drive rent premiums where feasible.
Home values in the neighborhood are low compared with national levels. In practice, that creates a nuanced backdrop: ownership is more accessible than in high-cost metros, which can introduce some competition from entry-level ownership, yet attainable rents and proximity to daily needs can reinforce renter reliance on multifamily housing and support retention.
Comparable neighborhood-level safety metrics are not available in WDSuite for this location. Investors typically benchmark crime trends to metro and county data and corroborate with local law enforcement and property management records to evaluate on-the-ground conditions and their potential impact on leasing and operations.
Built in 1994 with 28 units, this asset competes favorably against an older neighborhood housing stock while tapping into a deep renter base and steady neighborhood occupancy. Daily-needs retail access is strong locally, and median rents in the area sit at the lower end nationally—factors that can underpin leasing stability and renewal rates. According to CRE market data from WDSuite, the surrounding neighborhood shows a high renter concentration and service-rich amenity mix, supporting consistent demand for conventional multifamily.
Forward-looking 3-mile demographics point to a larger household count and smaller average household size, which typically expands the renter pool for 1–2 bedroom layouts. Risks to monitor include affordability pressure (elevated rent-to-income ratios in the neighborhood) and potential competition from attainable homeownership; disciplined rent setting and selective unit upgrades can help balance absorption and retention.
- Newer 1994 vintage versus older local stock, with potential for targeted value-add
- High neighborhood share of renter-occupied units supports a deeper tenant base
- Strong access to daily-needs retail (groceries, pharmacies) aids retention and leasing
- 3-mile outlook shows household growth and smaller household sizes, supporting occupancy
- Risks: affordability pressure and entry-level ownership competition may temper pricing power