| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Best |
| Demographics | 28th | Poor |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 150 Harriet St, Elmira, NY, 14901, US |
| Region / Metro | Elmira |
| Year of Construction | 1975 |
| Units | 106 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
150 Harriet St, Elmira 106-Unit Multifamily
Neighborhood-level occupancy has improved in recent years while renter concentration remains high, according to WDSuite’s CRE market data. This commercial real estate analysis points to steady renter demand in a service-rich pocket of Elmira.
Located in Elmira’s Suburban segment, the area around 150 Harriet St benefits from everyday convenience that supports leasing and retention. Grocery access and parks rank competitively within the Elmira metro (among 39 neighborhoods) and sit in the mid‑90s nationally, according to CRE market data from WDSuite. Pharmacies are also comparatively plentiful, while café density is limited. School ratings in the neighborhood are currently low, which investors should factor into positioning for family renters.
For housing dynamics, the neighborhood has a very high share of renter‑occupied units — the strongest renter concentration in the Elmira metro (1 of 39) and in the top tier nationally. That depth of renters can underpin leasing velocity and renewals, though it also heightens the importance of property management and customer service to stand out among alternatives. Neighborhood occupancy has trended higher over the last five years, supporting the case for stability at the submarket level; this refers to neighborhood occupancy, not performance at this property.
Demographic statistics aggregated within a 3‑mile radius show households roughly flat in recent years with smaller average household sizes, and forecasts point to growth in both population and households by 2028. A rising renter pool alongside projected rent gains suggests continued demand for multifamily units, though affordability pressure should be monitored. Median household incomes in the 3‑mile radius have grown and are projected to continue rising, which can support rent collections and measured rent growth.
Vintage positioning: the property was built in 1975, newer than the neighborhood’s older average housing stock (1940). This relative age can provide a competitive edge versus pre‑war assets, while still requiring capital planning for aging systems or targeted renovations to meet contemporary renter expectations.
Safety indicators for the neighborhood are below the national median and sit below the metro median among 39 Elmira neighborhoods, according to WDSuite. Recent data show property and violent offenses trending higher year over year, suggesting investors should underwrite with prudent security measures and insurance assumptions. Comparatively, the area is not in the top quartile nationally for safety; monitoring trend lines and coordinating with local resources can help manage operating risk.
The local employment base combines healthcare, education, and advanced manufacturing within a commutable radius, supporting workforce housing demand. Key nearby employer:
- Corning — advanced materials & glass (14.1 miles) — HQ
This 106‑unit asset offers exposure to a renter‑heavy neighborhood where occupancy has improved and daily‑needs amenities are strong. Based on CRE market data from WDSuite, neighborhood‑level rent trends and rising household incomes within a 3‑mile radius point to a durable tenant base that can support steady operations. The 1975 construction is newer than much of the surrounding housing stock, providing relative competitiveness versus older assets while still calling for focused capital planning.
Forward‑looking demographics within 3 miles indicate population and household growth by 2028, suggesting a larger renter pool and support for lease‑up and renewals. At the same time, affordability pressures and safety metrics below national medians warrant conservative underwriting, proactive resident services, and asset‑level security investments.
- Renter‑heavy neighborhood and improving occupancy support leasing stability
- Strong daily‑needs amenity access (groceries, parks, pharmacies) aids retention
- 1975 vintage is newer than surrounding stock, with value‑add and modernization potential
- 3‑mile forecasts indicate population and household growth, expanding the renter pool
- Risks: affordability pressure and below‑median safety call for conservative assumptions and active management