| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Best |
| Demographics | 43rd | Good |
| Amenities | 64th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 27 W Main St, Norwich, NY, 13815, US |
| Region / Metro | Norwich |
| Year of Construction | 1978 |
| Units | 28 |
| Transaction Date | 2003-08-19 |
| Transaction Price | $350,000 |
| Buyer | CHENANGO HOUSING IMPROVEMENT, INC |
| Seller | CURLEY FAMILY LLC |
27 W Main St Norwich Multifamily Investment
Stabilized renter demand and a high renter-occupied housing share in the immediate neighborhood support occupancy and leasing durability, according to WDSuite’s CRE market data. Positioned on Main Street, the asset offers day-to-day convenience in a compact downtown setting.
The neighborhood ranks 1st among 44 county neighborhoods with an A+ rating, indicating strong local fundamentals relative to the region. Occupancy in the neighborhood is about 95.0% and ranks 4th of 44, which is competitive among Chenango County neighborhoods and supports income stability for well-managed properties.
Renter-occupied housing concentration is high (ranked 1st of 44; near the top nationally), signaling a deep tenant base for multifamily. Median contract rents are modest versus national norms, and a rent-to-income ratio near 0.19 indicates manageable affordability pressure—factors that can aid retention and steady lease-up, with prudent lease management.
Amenities skew toward dining and third places, with restaurant and café density among the highest nationally and parks also well-represented. However, grocery and pharmacy options are sparse within the immediate neighborhood, so residents may rely on nearby corridors for essentials—an operational consideration for marketing and tenant expectations.
Home values are comparatively low versus national benchmarks, which can introduce some competition from ownership options. For investors, this typically favors properties that emphasize convenience, turn-key living, and value positioning to sustain demand against attainable-entry homeownership.
WDSuite does not provide verified, comparable crime metrics for this neighborhood in the current dataset. Investors should contextualize safety using city and county trend reports and rely on consistent, third-party sources for underwriting sensitivity rather than block-level anecdotes.
Employment access within commuting range adds to renter demand and retention potential; nearby roles include telecommunications operations.
- Frontier Communications — telecommunications operations (10.6 miles)
Built in 1978, the property is newer than much of the area’s housing stock, offering relative competitiveness versus older buildings while still warranting diligence on aging systems and potential modernization. Neighborhood occupancy around 95.0% and a top-ranked renter-occupied share point to a broad tenant base and leasing stability. Based on commercial real estate analysis from WDSuite, local rents remain modest with manageable rent-to-income levels, which can support retention and steady absorption when paired with disciplined operations.
Positioned on Main Street amid strong dining and park access, the asset benefits from visible, walkable convenience; however, limited nearby grocery and pharmacy options and more attainable ownership costs in the area suggest the value proposition should emphasize convenience, low-friction living, and thoughtful finishes. With 28 units and compact average layouts, the property aligns with efficiency-oriented renters, potentially enhancing occupancy durability in a value-focused segment.
- Competitive neighborhood fundamentals with ~95% occupancy and high renter-occupied share supporting depth of demand
- 1978 vintage is newer than much of the area, offering a positioning edge versus older stock; plan for system updates as needed
- Modest rent levels and manageable rent-to-income can aid retention and steady leasing, per WDSuite data
- Main Street visibility and strong dining/park access enhance livability; limited nearby groceries/pharmacies may require tenant guidance
- Risks: attainable ownership alternatives and smaller unit sizes could narrow the renter pool; proactive marketing and finish-level strategy are important