| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 34th | Best |
| Demographics | 47th | Good |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 350 Front St, Olean, NY, 14760, US |
| Region / Metro | Olean |
| Year of Construction | 1980 |
| Units | 85 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
350 Front St, Olean NY Multifamily Value-Add Opportunity
Neighborhood renter-occupied housing is prevalent, supporting tenant demand, while occupancy has shown variability according to WDSuite’s CRE market data.
Situated in Olean’s inner-suburb fabric, the property benefits from a neighborhood rated A+ and ranked 1 out of 58 in the metro, signaling strong local fundamentals relative to nearby areas. Amenity access is competitive among Olean neighborhoods (ranked 2 of 58), with cafes, restaurants, childcare, and pharmacies performing in the top quartile nationally, which helps leasing appeal and day-to-day convenience.
The renter-occupied share in the neighborhood is substantial (about half of housing units are renter-occupied), indicating depth in the tenant base for multifamily owners. At the same time, the neighborhood occupancy level has trended softer than many parts of the metro in recent years, so active leasing and renewals remain important to stabilize revenue. These occupancy observations reflect neighborhood conditions, not this specific property.
Within a 3-mile radius, demographics are broadly stable with modest population growth and a projected increase in total households through the next five years, implying a larger tenant pool even as average household size trends smaller. This combination can support leasing velocity and backfill risk, particularly for functional unit mixes.
Ownership costs in the area remain elevated relative to local incomes even as headline home values are lower than many U.S. markets. For investors, this tends to sustain reliance on rental housing and can aid retention, though rent-to-income dynamics warrant prudent lease management to mitigate affordability pressure.
Comparable neighborhood-level safety data are not available in this release. Investors typically benchmark conditions against city and county trends and monitor multi-year trajectories rather than block-level snapshots. When new data become available, tracking whether the area performs above or below metro norms can help calibrate leasing assumptions and insurance planning.
Built in 1980, this 85-unit asset is materially newer than much of the surrounding housing stock, which skews early-1900s. That vintage offers a competitive edge versus older properties while still leaving room for targeted system upgrades or interior modernization that can support rent positioning and lower near-term capex volatility.
The neighborhood shows strong amenity access and a sizable renter base, and, within a 3-mile radius, households are expected to increase—supporting a broader tenant pool and potential occupancy stability. According to CRE market data from WDSuite, local occupancy has been variable at the neighborhood level, suggesting value can be created through leasing discipline, renewals, and unit turns. Balanced against these positives, incomes are modest and grocery/park access is limited nearby, so underwriting should incorporate affordability and convenience sensitivities.
- 1980 vintage is newer than much of the area, with potential to modernize interiors/systems for rent positioning.
- Strong amenity access and a substantial renter-occupied share support tenant demand depth.
- Within 3 miles, households are projected to grow, expanding the renter pool and supporting leasing.
- Leasing and renewal execution can capture value where neighborhood occupancy has been variable.
- Risks: modest local incomes and limited nearby grocery/park options warrant careful rent-to-income and retention management.