| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Best |
| Demographics | 28th | Poor |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 551 E Church St, Elmira, NY, 14901, US |
| Region / Metro | Elmira |
| Year of Construction | 1998 |
| Units | 43 |
| Transaction Date | 1998-03-13 |
| Transaction Price | $66,500 |
| Buyer | CARPENTER HOUSING DEV FUN |
| Seller | ST JOSPEHS HOSPITAL |
551 E Church St Elmira Multifamily Investment
High renter concentration in the immediate neighborhood supports tenant depth and leasing durability; according to WDSuite’s CRE market data, grocery, parks, and daily-needs access outperform much of the metro, while occupancy trends are improving from a lower base.
Elmira’s 551 E Church St sits in a suburban neighborhood rated A (ranked 3 among 39 metro neighborhoods), offering investors a mix of daily-needs convenience and workforce housing dynamics. Grocery and park access rank at the top of the metro (both ranked 1 of 39) and score in the mid‑90s nationally, with pharmacies also strong. Restaurant density is competitive locally, while cafe options are limited, signaling everyday amenity strength over lifestyle retail.
The neighborhood shows a very high share of renter‑occupied housing units (ranked 1 of 39; top percentile nationally), indicating a deep tenant base that can support multifamily demand and retention. Neighborhood occupancy is below the metro median (ranked 34 of 39) but has trended higher over the past five years, suggesting some stabilization potential as demand normalizes. Median contract rents are on the lower side within the region, which can help sustain absorption in value-oriented product.
Within a 3‑mile radius, population has softened in recent years while household counts have been relatively stable; forward‑looking projections indicate growth in both households and population, which would expand the renter pool and support occupancy stability. Income measures in the 3‑mile radius have improved over the last five years, and projections call for further gains alongside rising asking rents, implying ongoing affordability management and lease retention planning for operators.
The average neighborhood building vintage skews older (around mid‑20th century), while the subject asset was built in 1998. This newer vintage relative to local stock can offer competitive positioning on layout and systems; however, investors should still plan for selective modernization and aging‑system upgrades to meet current renter expectations. Average school ratings in the neighborhood are lower, which may temper family‑driven demand relative to other segments.
Safety indicators for the immediate neighborhood trend below national norms (national percentiles in the low 20s), and the area sits on the higher‑crime side of the Elmira metro (crime rank 17 out of 39 metro neighborhoods). Recent year‑over‑year readings show an uptick in both property and violent offense estimates. Investors typically account for this by emphasizing security measures, active property management, and tenant screening to support retention and asset performance.
At the metro level, safety varies block‑to‑block and tends to improve with targeted community investment. Positioning a multifamily asset with visible maintenance, lighting, and access controls can help mitigate perception risk and support leasing traction compared with older, less well‑managed properties.
Regional employment is anchored by advanced materials and manufacturing, supporting steady renter demand from commuters. The following nearby employer underpins the area’s workforce housing profile.
- Corning — advanced materials & manufacturing (13.8 miles) — HQ
This 43‑unit, 1998‑vintage asset benefits from a renter‑heavy neighborhood with strong daily‑needs access (grocery, parks, pharmacies) and improving occupancy momentum from a lower base. The asset’s newer vintage versus much of the local stock supports competitive positioning, while selective upgrades can capture value‑add upside. Within a 3‑mile radius, projections point to growth in households and incomes, expanding the tenant base and supporting leasing durability as rents trend upward.
According to CRE market data from WDSuite, the neighborhood’s occupancy ranks below the metro median but has risen over five years, while the share of renter‑occupied units is among the highest locally—conditions that can support absorption and retention, particularly for well‑managed, mid‑market product. Key watch‑items include safety perceptions and rent‑to‑income pressure in the immediate area, which call for disciplined lease management and amenity programming.
- Renter‑heavy neighborhood supports tenant depth and leasing stability
- 1998 vintage relative to older local stock enables value‑add repositioning
- Daily‑needs access (grocery, parks, pharmacy) enhances livability and retention
- Projected household and income growth within 3 miles supports demand
- Risks: below‑median occupancy, safety considerations, and affordability pressure require active management