| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 34th | Best |
| Demographics | 47th | Good |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 500 E Spring St, Olean, NY, 14760, US |
| Region / Metro | Olean |
| Year of Construction | 1989 |
| Units | 37 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
500 E Spring St, Olean NY Multifamily Investment
Neighborhood metrics point to steady renter demand and competitive amenity access, according to WDSuite’s CRE market data, with renter-occupied housing concentrated at the neighborhood level rather than at the property. This location may offer durable workforce appeal with measured pricing power in a value-oriented submarket.
This Inner Suburb neighborhood in Olean ranks competitive among the metro’s 58 neighborhoods for overall livability, supported by strong day-to-day convenience. Food-and-beverage density tests well above national averages, and childcare and pharmacy access also index high nationally, which can support retention for workforce-oriented renters. Limited park and grocery presence within the neighborhood, however, suggests residents may rely on adjacent areas for those needs.
Multifamily demand fundamentals show a deeper renter base locally: the share of housing units that are renter-occupied sits in a high national percentile, indicating breadth of tenant prospects and potential leasing stability. Neighborhood occupancy has trailed broader benchmarks in recent years, so asset selection and property operations remain important to outperform submarket averages.
Within a 3-mile radius, population has held essentially flat in recent years while households edged higher and are projected to expand further alongside smaller average household sizes. This points to a gradual renter pool expansion and supports unit absorption for well-managed assets. Median contract rents in the immediate neighborhood remain value-positioned versus larger metros, which can help sustain leasing while allowing for targeted rent growth tied to unit quality and service.
Home values in the neighborhood are comparatively low for New York State, but the value-to-income relationship is elevated relative to many U.S. neighborhoods. For investors, that context often reinforces renter reliance on multifamily housing and can aid lease retention, though rent-to-income levels should be monitored for affordability pressure and renewal risk. Construction in the area skews older on average; by contrast, this property’s 1989 vintage is newer than much of the local stock, supporting relative competitiveness against prewar assets while still warranting capital planning for aging systems or repositioning.
Neighborhood-level safety data specific to this area is not available in WDSuite’s current release for direct comparison. Investors typically benchmark property-level incident trends against city and county sources and evaluate on-site measures (lighting, access control, and management presence) to support tenant retention and lender diligence.
Employer proximity data with verified distances is not available for this address in WDSuite’s current release. Investors commonly evaluate commute patterns to nearby medical, education, manufacturing, and service employers to gauge workforce housing demand and renewal stability.
The 37-unit, 1989-vintage asset offers relative competitive positioning versus the neighborhood’s predominantly older housing stock, with average unit sizes around 819 square feet that suit workforce households. Based on CRE market data from WDSuite, the surrounding neighborhood shows a high renter-occupied share—supporting demand depth—alongside amenity convenience that can aid retention. Neighborhood occupancy has lagged, so execution on leasing, turns, and service differentiation will be central to sustaining performance.
Three-mile demographics indicate a stable population with an expected increase in households and smaller household sizes over the next five years, a setup that can expand the tenant base. Value-oriented neighborhood rents create room for programmatic upgrades and selective rent advancement, while investors should calibrate pricing to local rent-to-income conditions and the area’s limited grocery and park access.
- 1989 vintage is newer than much of the local stock, supporting competitive positioning with targeted CapEx for systems and finishes.
- High renter-occupied share at the neighborhood level signals demand depth and potential leasing stability.
- Amenity convenience (dining, childcare, pharmacy) supports day-to-day livability and renewal prospects.
- 3-mile outlook shows more households and smaller sizes, expanding the renter pool and supporting occupancy over time.
- Risk: Neighborhood occupancy trails broader benchmarks; proactive leasing and affordability-aware pricing are key to outperform.