| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 27th | Good |
| Demographics | 40th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 90 S Main St, Portville, NY, 14770, US |
| Region / Metro | Portville |
| Year of Construction | 1991 |
| Units | 27 |
| Transaction Date | 2019-06-25 |
| Transaction Price | $642,336 |
| Buyer | DEV FUND COMPANY I PROVID |
| Seller | PORTVILLE SQUARE APARTMEN |
90 S Main St, Portville NY Multifamily Investment
Occupancy in the surrounding neighborhood has trended resilient, supporting steady cash flow potential according to WDSuite’s CRE market data. The asset’s small scale can fit local renter demand while keeping operational complexity manageable.
This rural pocket of Portville offers a quiet setting with limited immediate retail and services, so residents typically rely on nearby towns for daily needs. Neighborhood occupancy sits in a competitive range among the 58 Olean metro neighborhoods and trends above national medians, which can help stabilize lease-up and renewals for smaller multifamily assets.
The area skews toward larger households than the U.S. overall, and renter-occupied share is lower than many urban submarkets. For investors, that implies a more targeted but durable tenant base where pricing discipline and resident retention programs matter more than frequent turnover. Median contract rents are modest for the region yet have risen over the past five years, signaling consistent renter demand even as the amenity base remains thin.
Within a 3-mile radius, demographics indicate a stable population with recent softness in household counts but an uptick in average household size. This points to steady but measured demand for rental units rather than rapid expansion, reinforcing a focus on retention and value delivery. Home values are comparatively low for New York, which can introduce some competition from ownership; however, rent-to-income levels suggest manageable affordability pressure, supporting lease stability.
Vintage matters: most nearby housing stock averages earlier construction, while this property’s 1991 build offers a relative edge versus older inventory. That positioning can aid marketing and occupancy, even as investors should plan for mid-life system updates. Overall, the submarket profile favors practical operations and tenant retention over aggressive rent growth, aligning with patient multifamily property research priorities.
Neighborhood-level safety indicators are not available for this location in the current dataset. Investors typically benchmark conditions against broader Olean metro trends and observed property operations (turnover, delinquency, and retention) rather than relying on block-level claims. A conservative underwriting approach would assume average metro conditions unless on-the-ground diligence shows a different pattern.
As with most rural locales, perceptions can vary by corridor and time of day. Prospective owners often corroborate third-party data with local management feedback and drive-by assessments to calibrate leasing assumptions and marketing strategies.
Built in 1991 with 27 units averaging roughly 827 square feet, the property competes well against older neighborhood stock while remaining a manageable scale for hands-on operations. Based on CRE market data from WDSuite, the surrounding neighborhood posts competitive occupancy versus the Olean metro and above national medians, which supports income stability when paired with disciplined renewal strategies. Rents remain modest in context, suggesting room to prioritize retention while pursuing selective upgrades.
Within a 3-mile radius, the renter pool is steady but not rapidly expanding, and ownership remains relatively accessible—factors that favor a value-focused positioning and careful pricing. The 1991 vintage reduces immediate obsolescence risk versus pre-war comparables, yet capital plans should anticipate mid-life replacements and targeted interior refreshes to defend occupancy and NOI.
- Competitive neighborhood occupancy versus metro and national benchmarks supports stable tenancy
- 1991 construction offers an edge over older local stock with practical value-add potential
- Modest rent levels and manageable rent-to-income dynamics favor retention-focused operations
- Rural setting with thin amenities requires thoughtful marketing and resident services
- Risk: accessible ownership options can compete with rentals, moderating pricing power