| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 15th | Poor |
| Demographics | 38th | Fair |
| Amenities | 27th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 28 Chestnut St, Salamanca, NY, 14779, US |
| Region / Metro | Salamanca |
| Year of Construction | 1996 |
| Units | 51 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
28 Chestnut St Salamanca NY 51-Unit Multifamily
Neighborhood fundamentals point to steady renter demand supported by nearby household growth within three miles, according to WDSuite’s CRE market data. Metrics cited reflect neighborhood conditions, not the property’s own occupancy.
Located in a Rural pocket of the Olean, NY metro, the neighborhood carrying a B rating ranks 23 of 58 locally — competitive among Olean neighborhoods. For investors, that positioning suggests stable but measured demand drivers rather than top-tier momentum.
Amenity access is modest. Neighborhood data show limited grocery, park, and pharmacy presence, while cafes and childcare options are comparatively better represented for the area. This mix aligns more with value-oriented housing than lifestyle-driven demand and may require emphasizing on-site conveniences to aid retention.
Rents in the neighborhood benchmark on the low end nationally, and the rent-to-income ratio indicates relatively manageable tenant budgets — a potential tailwind for collections and renewal strategies rather than aggressive short-term pricing power. Median home values also trend low versus national norms, which can increase competition from ownership; lease management and product differentiation become important to sustain occupancy.
Tenure patterns differ by lens. Neighborhood tenure data indicate a lower share of renter-occupied housing, pointing to an ownership-leaning micro market. However, demographics aggregated within a 3-mile radius show a deeper renter pool and a rising household count over the past five years with further growth projected, supporting a larger tenant base for multifamily and aiding occupancy stability near the property.
Built in 1996, the asset is newer than much of the surrounding housing stock (neighborhood average vintage skews earlier). That positioning can be competitive versus older alternatives, though investors should still plan for targeted system upgrades or light renovations to keep the property relevant.
Comparable, neighborhood-level safety metrics are limited in the current dataset. Investors typically benchmark conditions against broader Olean-area and county trends, focusing on multi-year direction rather than single-period readings. Standard due diligence—reviewing recent trend data and speaking with local stakeholders—can help contextualize on-the-ground conditions without over-relying on block-level anecdotes.
This 51-unit, 1996-vintage property offers scale in a value-oriented pocket of the Olean metro, where neighborhood rents and home values are low relative to national norms. Demographics within a 3-mile radius show population and household growth, expanding the local tenant base and supporting occupancy stability and renewal strategies. According to CRE market data from WDSuite, the neighborhood’s positioning is competitive locally rather than top-tier, favoring steady cash flow over outsized growth assumptions.
The vintage should compare well against older area stock, with scope for selective upgrades to bolster leasing and retention. While an ownership-leaning neighborhood and modest amenity density can temper rent growth, the combination of manageable rent-to-income dynamics and a growing nearby household count supports a durable renter demand story for investors underwriting long-term holds.
- 51-unit scale in a value-oriented submarket supports operational efficiency and stable leasing.
- 1996 construction offers competitive positioning versus older local stock with targeted upgrade potential.
- 3-mile household and population growth expands the tenant base, aiding occupancy stability.
- Low neighborhood rent levels and manageable rent-to-income dynamics favor retention over aggressive pricing.
- Risks: ownership-leaning neighborhood and modest amenity density may cap near-term rent growth; active asset management recommended.