| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 34th | Best |
| Demographics | 53rd | Best |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3100 Cranberry Rd, Olean, NY, 14760, US |
| Region / Metro | Olean |
| Year of Construction | 2001 |
| Units | 32 |
| Transaction Date | 2000-03-17 |
| Transaction Price | $50,000 |
| Buyer | RB-3 ASSOC |
| Seller | BRUBET CORP |
3100 Cranberry Rd, Olean NY Multifamily Investment
Neighborhood occupancy is in the top quartile among 58 Olean metro neighborhoods, supporting durable cash flows, according to WDSuite’s CRE market data. A 2001 vintage positions the asset competitively versus older local stock while still allowing for selective upgrades.
Located in a suburban pocket of Olean, the property benefits from steady neighborhood fundamentals and everyday conveniences. Cafes, childcare, and grocery options track around mid-to-upper tiers nationally, while restaurants are comparatively dense for the area, supporting day-to-day livability for residents and potential leasing velocity.
The average construction year in the neighborhood skews early 20th century (1916), so a 2001 asset can compete on condition and functionality versus older stock; investors should still plan for aging systems and modernization to maintain an edge. Neighborhood occupancy ranks competitive in the metro (top quartile among 58 neighborhoods), which indicates stable housing utilization rather than property-level performance.
Tenure patterns suggest a meaningful base of renter-occupied units at the neighborhood level, with a deeper renter pool across the 3-mile radius where renters represent a substantial share of households. This breadth of renter-occupied housing supports consistent multifamily demand and retention, though ownership alternatives remain present in this market.
Within a 3-mile radius, recent years show modest population growth and an increase in households, with smaller average household sizes over time. This dynamic often expands the renter pool and can support occupancy stability and absorption even when population trends are flat. Median home values are relatively accessible for the region, which can introduce some competition with ownership; however, rent-to-income levels indicate manageable affordability pressure, aiding lease renewals and pricing discipline.
Standardized neighborhood-level crime metrics are not available from WDSuite for this location. Investors typically triangulate safety using multiple sources and time frames, comparing neighborhood trends with broader Olean and Cattaraugus County context to understand trajectory rather than relying on block-level snapshots.
This 32-unit, 2001-vintage property offers a relative quality advantage versus much older surrounding stock, with neighborhood occupancy performing in the top quartile of the Olean metro. The setting provides everyday amenities and a renter base supported by a broader 3-mile market that has seen an increase in households and smaller average household sizes, both of which can expand the tenant pool and support steady absorption and renewals.
According to CRE market data from WDSuite, neighborhood livability indicators sit in competitive ranges for this area while rent-to-income levels suggest manageable affordability pressure—favorable for retention but requiring disciplined revenue management. The vintage provides an avenue for targeted value-add (systems, interiors, and curb appeal) to sharpen positioning against older comparables, while acknowledging that Olean’s smaller market scale can influence liquidity and exit timing.
- 2001 vintage competes well versus older neighborhood stock, with selective upgrade potential
- Neighborhood occupancy ranks in the metro’s top quartile, supporting income stability
- 3-mile household growth and smaller household sizes broaden the renter pool
- Manageable rent-to-income levels aid retention, supporting consistent leasing
- Risks: competition from ownership options and smaller-market liquidity/exit timing