| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Best |
| Demographics | 63rd | Best |
| Amenities | 31st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1833 W Water St, Elmira, NY, 14905, US |
| Region / Metro | Elmira |
| Year of Construction | 1975 |
| Units | 59 |
| Transaction Date | 2022-11-30 |
| Transaction Price | $2,830,000 |
| Buyer | NEW WOODLANDS APARTMENTS |
| Seller | ROSKO-PHIL ELMIRA |
1833 W Water St, Elmira NY Multifamily Investment
Neighborhood fundamentals point to steady renter demand and above-average occupancy for this Elmira asset, according to WDSuite’s CRE market data. With low rent-to-income ratios at the neighborhood level, lease retention appears supported even as the broader metro remains value-oriented.
Set in a suburban pocket of Elmira, the neighborhood ranks within the top quartile among 39 metro neighborhoods, signaling solid livability and demand drivers without prime-core pricing. According to WDSuite’s CRE market data, neighborhood occupancy is above national medians and competitive within the Elmira metro, a constructive backdrop for stabilized multifamily operations.
Daily conveniences are present but limited: grocery access and parks are available locally, while dining and cafes are sparse. School ratings trend below regional and national benchmarks, which may temper family-driven demand; investors should underwrite lease-up and renewal assumptions with this in mind.
Within a 3-mile radius, demographics indicate modest population contraction but relatively stable household counts historically, with forecasts pointing to a larger number of households and smaller average household size. This shift can expand the renter pool and support occupancy stability even if population growth is flat to negative, an important consideration for multifamily property research and leasing plans.
The area skews more owner-occupied (roughly a quarter to a third of housing units are renter-occupied within the 3-mile radius), suggesting a smaller but steady renter base rather than a transient market. Median incomes are comparatively strong for the region and neighborhood rent-to-income levels are low, which supports tenant retention and measured pricing power. Home values remain in a high-accessibility range for ownership relative to income, so underwriting should account for some competition from for-sale alternatives even as rentals serve households prioritizing convenience and flexibility.
The property’s 1975 vintage is newer than the neighborhood’s older housing stock on average, offering relative competitiveness versus pre-war product. Investors should still plan for ongoing system modernization and targeted common-area upgrades to sustain positioning against renovated comparables.
Safety indicators compare favorably in a national context: the neighborhood sits in a high national percentile for lower violent and property offense rates, according to WDSuite’s CRE market data. Recent year-over-year trends also point to meaningful declines in estimated offense rates, reinforcing a stable operating environment relative to many U.S. neighborhoods.
At the metro level (39 neighborhoods), the area performs above average on safety measures. While no submarket is risk-free, comparative data suggests conditions that support resident retention and day-to-day operations without outsized security outlays.
Regional employment is anchored by advanced materials and manufacturing, offering a stable commuter base that supports renter demand and renewals. Key nearby employer:
- Corning — advanced materials & manufacturing (11.0 miles) — HQ
1833 W Water St offers 59 units with scale for professional management in a neighborhood that is competitive within the Elmira metro. Based on CRE market data from WDSuite, area occupancy trends are above national medians, incomes are comparatively strong, and neighborhood rent-to-income levels are low—factors that can support stable collections and measured rent growth. The 1975 vintage is newer than much of the local stock, providing a platform for selective renovations to drive yield without full repositioning.
Investors should underwrite to the market’s value orientation: homeownership is relatively accessible and amenities are thinner than in urban cores, while local school ratings trail regional norms. Even so, a steady employment base and projected household shifts toward smaller sizes within 3 miles suggest a durable tenant base and demand for professionally managed rentals.
- Competitive neighborhood standing in Elmira with occupancy above national medians
- Low neighborhood rent-to-income supports retention and pricing discipline
- 1975 vintage offers value-add via targeted unit and system upgrades
- Stable regional employer base within commuting distance supports leasing
- Risks: limited amenity density, below-average school ratings, and competition from ownership