| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 34th | Best |
| Demographics | 47th | Good |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 401 Alder St, Olean, NY, 14760, US |
| Region / Metro | Olean |
| Year of Construction | 1972 |
| Units | 60 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
401 Alder St, Olean NY Multifamily Investment
Solid workforce renter demand and a 1972 vintage position this 60-unit asset for practical value-add and leasing stability, according to WDSuite’s CRE market data. Neighborhood amenity access is strong, while prudent asset management should account for aging systems and selective modernization.
The property sits in an Inner Suburb location within Olean where everyday convenience is a core strength. Neighborhood amenity access is competitive among Olean a0NY neighborhoods (58 total), with especially dense concentrations of restaurants, cafes, childcare, and pharmacies ranking at or near the top of the metro; several of these categories also place in the top quartile nationally. This mix supports renter retention by reducing commute time for essentials and services.
Amenity depth contrasts with limited grocery and park access in the immediate neighborhood (both rank near the bottom among 58 metro neighborhoods), which suggests residents may rely on a broader trade area for certain needs. For investors, on-site features and partnerships with delivery services can help offset this dynamic and support leasing.
Housing stock in the surrounding neighborhood skews older than regional norms, with many buildings predating mid-20th century. A 1972 asset can compete well against this backdrop, while investors should plan for ongoing capital improvements common to properties of this vintage to sustain curb appeal and operating efficiency.
Tenure patterns indicate a renter-occupied share around half of housing units in the neighborhood, signaling a stable tenant base for multifamily. Within a 3-mile radius, demographic statistics show households have inched higher recently and are projected to grow further, pointing to a larger tenant pool and supporting occupancy over time. Population within that same radius is broadly stable with small shifts in age mix, which typically benefits workforce-oriented product through steady leasing demand.
Home values in the neighborhood are lower than many U.S. markets, yet relative to local incomes the ownership market still leans high-cost, which can reinforce reliance on multifamily rentals. At the same time, rent-to-income ratios warrant attentive lease management to maintain retention. Together, these factors suggest measured pricing power with a focus on renewals and operational execution.
Comparable crime rankings are not available for this neighborhood in the current dataset. Investors should benchmark property-level safety measures and recent trend data against Olean and Cattaraugus County sources to contextualize risk and align operating practices with local norms.
401 Alder St offers a practical value-add path: a 1972, 60-unit asset in a neighborhood with strong day-to-day amenity access and a renter base near half of occupied housing. According to CRE market data from WDSuite, local amenity density ranks competitively in the metro and compares favorably at the national level in several categories, supporting tenant retention and day-to-day convenience. The surrounding housing stock is older, giving a renovated 1970s property relative competitive positioning, while prudent capital planning for aging systems remains important.
Within a 3-mile radius, households have been edging higher and are projected to increase further, indicating a larger tenant pool and potential support for occupancy stability. Ownership remains relatively high-cost versus local incomes, which can sustain renter reliance on multifamily housing, though rent-to-income levels suggest careful lease management to preserve renewals. Limited nearby parks and grocery options are manageable with on-site conveniences and resident services.
- Amenity-rich neighborhood supports retention and daily convenience.
- 1972 vintage provides value-add and modernization upside versus older local stock.
- Renter concentration near half and projected household growth (3-mile radius) expand the tenant base.
- Ownership costs relative to incomes reinforce steady multifamily demand.
- Risk: limited parks/grocery nearby and lower neighborhood housing occupancy call for strong operations and resident services.