| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Best |
| Demographics | 68th | Best |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 50 Olcott Rd S, Big Flats, NY, 14814, US |
| Region / Metro | Big Flats |
| Year of Construction | 2004 |
| Units | 25 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
50 Olcott Rd S, Big Flats NY Multifamily Investment
Neighborhood occupancy is solid and rent burdens are low, supporting steady renter demand according to WDSuite’s CRE market data. The 2004 vintage provides competitive positioning versus older local stock while leaving room for targeted upgrades.
Big Flats sits near the top of the Elmira metro for livability and fundamentals, with an A+ neighborhood rating and a rank of 2 among 39 metro neighborhoods. That places it in the top quartile locally and signals stable housing dynamics for multifamily investors.
Neighborhood occupancy is 95.2%, which is above the metro median based on WDSuite’s CRE market data. Typical contract rents in the area are moderate relative to household incomes, and the local rent-to-income profile (measured for the neighborhood) points to manageable affordability pressure—an advantage for lease retention and pricing power.
The property’s 2004 construction is newer than the neighborhood’s older housing stock (average vintage 1954). For investors, this suggests fewer immediate capital needs versus pre-1970 assets, while still allowing for value-add through modernization of interiors, common areas, or building systems over time.
Within a 3-mile radius, demographics indicate a modest population contraction in recent years but a high-income resident base and an increase in median household income. This combination supports a resilient tenant base and can help sustain occupancy. Renter-occupied share is relatively low at both the neighborhood and 3-mile levels, implying a more selective but stable pool of renters; marketing and operations should focus on capturing demand tied to local employers and convenience.
Daily needs are accessible, with grocery and pharmacy availability around the national mid-range and a school environment that ranks above the metro average (average ratings around 3 out of 5, top tier locally). These livability factors, together with balanced amenity density, underpin leasing stability without relying on destination retail.
Safety indicators for the neighborhood are competitive within the Elmira metro, with the area performing better than many peers (ranked 13 out of 39). Nationally, estimates place local property and violent offense rates in stronger percentiles, suggesting comparatively safer conditions than the average U.S. neighborhood.
That said, recent year-over-year changes show some volatility in violent offense trends. Investors should monitor updated readings and focus on property-level measures (lighting, access control, and resident engagement) that help maintain renter confidence over the hold period.
Proximity to established employers supports a steady renter base and commute convenience for residents. The following nearby employer anchors local demand.
- Corning — advanced materials & manufacturing (5.9 miles) — HQ
This 25-unit asset built in 2004 benefits from a high-performing neighborhood where occupancy is above the metro median and rent burdens remain manageable—factors that support leasing stability and retention. According to CRE market data from WDSuite, local households demonstrate strong incomes relative to area rents, reinforcing the depth of demand for well-managed workforce housing.
The vintage is competitive versus the area’s older housing stock, offering operational efficiency and a platform for targeted value-add (interiors, amenities, curb appeal) without the heavier capital profile of pre-1970 assets. While renter concentration is lower than urban cores and the Elmira market is smaller, proximity to an anchor employer base provides a steady renter pipeline, and prudent expense and lease management can capture durable cash flow.
- Above-metro neighborhood occupancy supports stable leasing
- Strong household incomes vs. area rents aid retention and pricing
- 2004 construction offers efficiency with value-add modernization potential
- Employer proximity underpins tenant demand and commute convenience
- Risks: smaller-market depth, lower renter concentration, and monitoring of safety trend volatility