| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 34th | Best |
| Demographics | 53rd | Best |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 433 Genesee St, Olean, NY, 14760, US |
| Region / Metro | Olean |
| Year of Construction | 1973 |
| Units | 24 |
| Transaction Date | 2023-04-13 |
| Transaction Price | $132,500 |
| Buyer | MENEFFEE JACOB |
| Seller | MCGAVISK MICHAEL L |
433 Genesee St, Olean NY — 24-Unit Multifamily Opportunity
Neighborhood-level occupancy has trended stable with investor-friendly rent-to-income dynamics, according to WDSuite’s CRE market data, supporting a steady renter base for a 24-unit asset.
Located in Olean’s suburban fabric, the property benefits from neighborhood fundamentals that are competitive among 58 metro neighborhoods. The area carries an A neighborhood rating and sits near the upper tier locally (rank 4 of 58), a constructive backdrop for multifamily demand and day-to-day livability.
Renter demand signals are balanced. Neighborhood occupancy is 93.8% (rank 10 of 58; above the metro median), while the share of renter-occupied housing units is 27.8%, indicating a larger owner presence that can temper turnover and concentrate rental demand into well-located properties. Within a 3-mile radius, households have grown modestly with small household-size drift lower, supporting a gradual expansion of the renter pool and helping sustain occupancy stability. This context aligns with measured rent growth locally rather than volatile swings often seen in larger metros.
Amenity access is serviceable for a smaller market. Dining and café density rank in the stronger cohort locally (restaurants rank 6 of 58; cafés rank 3 of 58), while grocery options are respectable (rank 4 of 58). Parks and pharmacies are limited in the immediate neighborhood (both rank 58 of 58), an operational consideration for positioning and resident services. From a commercial real estate analysis perspective, this mix supports workforce housing appeal with a focus on convenience over destination amenities.
Affordability remains a relative advantage for resident retention. The neighborhood rent-to-income ratio sits near the U.S. middle, and median home values are lower than many national peers (national percentile 17). In practice, elevated ownership accessibility can create some competition with for-sale options; however, it also keeps rental payments manageable, which can support lease renewals and reduce collection volatility for well-maintained assets.
Vintage context matters: the average neighborhood housing stock skews older (early 20th century on average). A 1973 asset is newer than much of the surrounding inventory, which can enhance competitive positioning versus older properties, while still warranting selective modernization to systems and common areas to meet today’s renter expectations.
Comparable neighborhood safety metrics are not available in WDSuite’s current dataset for this submarket. Investors typically benchmark local conditions against city and county trend lines and property-level history to gauge resident retention and insurance considerations.
Given the absence of ranked crime data, a prudent approach is to compare recent trends to regional averages, review police blotter summaries, and incorporate on-site observations during lease-up and renewal cycles. This frames risk management without overstating precision at the block level.
This 24-unit, 1973-vintage property offers a durable, needs-based renter base in a suburban Olean setting. Neighborhood occupancy trends are above the metro median, and within a 3-mile radius the household count has inched higher with smaller household sizes, pointing to incremental renter pool expansion. Median home values trail national peers, which can introduce ownership competition but also helps keep rent burdens moderate—supporting renewals and stable collections for well-run assets.
Based on CRE market data from WDSuite, amenity access favors everyday convenience (strong local ranks for restaurants and cafés), while limited parks/pharmacies warrants attention to on-site features and service quality. Relative to the area’s older housing stock, a 1973 asset can compete effectively with targeted capital for system updates and cosmetic improvements, positioning for steady occupancy and measured rent growth rather than outsized swings.
- Above-median neighborhood occupancy supports leasing stability versus many local peers.
- 3-mile trends show modest household growth and smaller household sizes, expanding the renter base.
- 1973 vintage is newer than much of the area’s stock; targeted upgrades can enhance competitiveness.
- Balanced affordability (lower home values, mid-range rent burdens) supports retention and collections.
- Risk: Limited nearby parks/pharmacies and accessible ownership options can pressure pricing power; focus on operations and amenities to offset.