| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Best |
| Demographics | 63rd | Best |
| Amenities | 31st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1210 W Water St, Elmira, NY, 14905, US |
| Region / Metro | Elmira |
| Year of Construction | 1980 |
| Units | 46 |
| Transaction Date | 2000-01-06 |
| Transaction Price | $3,100,000 |
| Buyer | COURTSAGE COLONY PARK LLC |
| Seller | ALTOD CORP |
1210 W Water St, Elmira NY — 46-Unit Multifamily Position
Neighborhood occupancy sits in the top quartile for the Elmira metro, indicating demand resilience for rentals in this area, according to WDSuite’s CRE market data.
The property is in a suburban neighborhood ranked 5 out of 39 in the Elmira metro, placing it in the top quartile locally. Neighborhood-level occupancy is above the metro median and tracks in the upper tiers nationally, which supports lease stability for multifamily operators. Median contract rents in the neighborhood have risen over the past five years, reinforcing the case for sustained renter demand and professional lease management.
Vintage across nearby housing skews older (average year 1940 across the neighborhood), while this asset was built in 1980. The relatively newer vintage can be competitively positioned versus older stock, though investors should plan for system updates typical of 1980s construction when underwriting capital programs.
Within a 3-mile radius, demographic data indicate a broad tenant base with a material share of renter-occupied housing units, supporting demand for multifamily. While the immediate neighborhood shows a lower renter concentration, the surrounding 3-mile area exhibits a deeper renter pool, which can help sustain occupancy for professionally managed assets drawing from nearby employment and services. Projections within 3 miles show an increase in households and a smaller average household size over the next five years, which typically expands the renter pool and supports absorption.
Local amenity density is mixed. Parks and childcare options score above metro medians, while café and restaurant density is limited. Grocery access is moderate. Average school ratings trend below national norms, which may influence unit mix strategy and marketing but does not preclude stable renter demand where employment access and value positioning are strong.
Ownership costs in the neighborhood remain comparatively accessible relative to income levels (low value-to-income ratio nationally), which can introduce competition from entry-level ownership. However, a low rent-to-income ratio indicates manageable affordability pressure for renters, supporting retention and steady collections with disciplined pricing.
Neighborhood safety benchmarks compare favorably. The area ranks 1 out of 39 Elmira metro neighborhoods on crime, and sits in a high national safety percentile, indicating fewer reported incidents than most neighborhoods nationwide. Recent year-over-year trends also show sharp declines in both property and violent offense estimates, suggesting improving conditions. These are neighborhood-level indicators and may vary by block.
Regional employment is anchored by advanced materials and manufacturing, which supports commuter demand and leasing stability for workforce-oriented rentals. The following nearby employer is a notable driver for the area.
- Corning — advanced materials & manufacturing (12.1 miles) — HQ
1210 W Water St offers a 46-unit footprint in a neighborhood that ranks in the top quartile among 39 Elmira metro neighborhoods, with occupancy tracking above local medians. According to CRE market data from WDSuite, neighborhood rents and occupancy have strengthened over the last five years, and a low rent-to-income ratio points to manageable affordability pressure that can aid renewal rates. Within a 3-mile radius, projections call for an increase in households and smaller average household sizes, expanding the renter pool that supports steady absorption.
Constructed in 1980, the asset is newer than much of the surrounding housing stock, providing a competitive edge versus older properties, while leaving room for targeted capital improvements to modernize systems and interiors. Investors should also weigh competitive homeownership options and limited nearby amenity density when planning unit mix, finishes, and marketing.
- Top-quartile neighborhood rank (5 of 39) with above-median occupancy supports leasing stability
- 1980 vintage offers relative competitiveness versus older local stock, with value-add potential via updates
- 3-mile outlook shows household growth and smaller household sizes, expanding the renter base
- Low rent-to-income ratio indicates manageable affordability pressure that can support retention
- Risks: lower immediate renter concentration, limited dining/retail density, and accessible ownership options that can compete with rentals