| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 27th | Good |
| Demographics | 40th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 25 N Main St, Portville, NY, 14770, US |
| Region / Metro | Portville |
| Year of Construction | 1986 |
| Units | 25 |
| Transaction Date | 2019-06-25 |
| Transaction Price | $670,516 |
| Buyer | DEV FUND CO I PROVIDENCE |
| Seller | PORTVILLE MANOR |
25 N Main St Portville NY Multifamily Investment
Neighborhood occupancy is competitive among Olean metro areas and has trended up in recent years, according to WDSuite’s CRE market data, suggesting stable tenant retention potential rather than volatility. Renter demand is supported by a modest rent-to-income profile at the neighborhood level, while the rural setting may limit rapid lease-up and amenity-driven premiums.
Portville is a rural neighborhood within the Olean, NY metro where day-to-day convenience is thinner than urban cores, and investors should underwrite with limited immediate retail, grocery, and café density in mind. Even with lighter amenity coverage, the neighborhood’s occupancy rate is in the top quartile among 58 metro neighborhoods and sits above national medians, indicating comparatively steady in-place tenancy at the neighborhood level (not the property).
The local housing stock skews older, but a 1986 vintage positions this asset newer than the neighborhood average. That relative youth can support competitiveness versus pre-war stock, though investors should still anticipate normal modernization and systems updates typical for assets approaching four decades.
Within a 3-mile radius, demographics indicate a smaller, slowly contracting population and fewer households versus five years ago, which points to a tighter leasing funnel. At the same time, renter-occupied housing shares near one-quarter imply a tangible, if limited, tenant base for multifamily. These dynamics suggest emphasizing renewals and conservative lease-up pacing rather than relying on outsized absorption.
Home values in the neighborhood are comparatively low versus national benchmarks. In investor terms, more accessible ownership options can compete with rental demand, so pricing discipline and resident retention strategies matter. Neighborhood-level rent levels have risen over the last five years while the rent-to-income ratio remains moderate, which can support occupancy stability but still warrants attention to affordability pressure and lease management.
Comparable neighborhood crime benchmarks are not available in the current dataset for this location. Investors should evaluate broader Olean metro and Cattaraugus County trend lines to contextualize safety, and pair that review with property-level measures (lighting, access control, and visibility). When rank or percentile data are available, they should be interpreted relative to the 58 neighborhoods in the Olean metro and national distributions for a balanced view.
This 25-unit, 1986-vintage asset offers relative competitiveness versus older neighborhood stock while benefiting from neighborhood occupancy that ranks in the top quartile among 58 Olean metro neighborhoods. Based on CRE market data from WDSuite, the neighborhood’s directionally improving occupancy and moderate rent-to-income profile point to durable in-place demand, though the rural setting and smaller leasing funnel call for measured growth assumptions.
Investor focus should be on steady operations: retention, cost control, and targeted upgrades to sustain pricing power against more accessible ownership alternatives nearby. Value-add scope likely centers on updating aging systems and finishes typical for mid-1980s construction, with returns realized through stabilization rather than aggressive rent premiums.
- Neighborhood occupancy is competitive locally and above national medians, supporting stability.
- 1986 vintage is newer than much of the area’s housing stock, aiding leasing relevance.
- Moderate rent-to-income dynamics support retention when paired with disciplined renewals.
- Rural context and smaller 3-mile renter pool warrant conservative lease-up expectations.
- Potential risks: limited nearby amenities, competition from low ownership costs, and capex for mid-1980s systems.