| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Fair |
| Demographics | 29th | Poor |
| Amenities | 6th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2276 County Road 139, Ovid, NY, 14521, US |
| Region / Metro | Ovid |
| Year of Construction | 1982 |
| Units | 52 |
| Transaction Date | --- |
| Transaction Price | $2,400,000 |
| Buyer | VERO DEVELOPMENT FUN |
| Seller | OVID HOUSING LLC |
2276 County Road 139 Ovid NY Multifamily Investment
Stabilization potential in a rural submarket with modest renter concentration and neighborhood occupancy near the lower half of the metro, according to WDSuite’s CRE market data. Signals point to steady workforce demand at the neighborhood level, not the property, with pricing supported by local affordability dynamics.
Located in rural Seneca County, the neighborhood sits toward the lower half of the 22 Seneca Falls, NY metro neighborhoods on overall performance (C- rating). Amenities are sparse and daily convenience relies on regional drives, which is typical for rural locations and should be underwritten as a leasing friction factor. Median contract rents in the neighborhood are moderate relative to incomes, supporting lease retention when managed with disciplined renewals and resident experience.
The neighborhood’s renter-occupied share is about one-quarter of housing units, indicating a thinner but serviceable tenant pool for a 52-unit asset. For investors, that suggests stable—but not deep—multifamily demand, where marketing reach and unit mix strategy matter to sustain occupancy. Neighborhood occupancy trends place the area in the lower half of the metro’s 22 neighborhoods, so pro forma assumptions should lean conservative on downtime and concessions.
Vintage context matters: the average neighborhood housing stock skews older (late 1930s), while the subject’s 1982 construction is newer than much of the local inventory. That positioning can be a leasing advantage versus prewar stock, while still leaving room for targeted capital planning around aging systems, interiors, and energy efficiency to maintain competitiveness.
Within a 3-mile radius, recent population growth alongside a smaller increase in households suggests a larger tenant base today; forward-looking projections show households continuing to rise even as total population is expected to contract, implying smaller household sizes and a possible shift toward more rental demand. For underwriting, that combination points to occupancy stability supported by a gradually expanding household count and manageable rent steps rather than outsized rent growth.
Ownership costs in the neighborhood are comparatively accessible (home values sit in lower national percentiles), which can create some competition with entry-level ownership. At the same time, rent-to-income levels are manageable, a setup that can support renewals and pricing power for well-maintained units and professionally managed operations.
Comparable safety benchmarking for this neighborhood is limited in the current dataset, and no crime rank or national percentile is available among the 22 Seneca Falls metro neighborhoods. Investors should evaluate third-party reports and historical incident trends at the neighborhood and municipal level, and avoid drawing block-level conclusions from incomplete data.
Regional employment is diversified across manufacturing, life sciences, packaging, and beverage producers, supporting workforce housing demand via commuting patterns to nearby hubs listed below.
- Corning — specialty materials & manufacturing (38.5 miles) — HQ
- Thermo Fisher Scientific In Fairport Ny — life sciences (40.8 miles)
- WestRock — packaging & paper (41.2 miles)
- Constellation Brands — beverage & consumer goods (41.2 miles) — HQ
- ADP Syracuse — business services (43.6 miles)
The 1982-vintage, 52-unit asset is relatively newer than much of the surrounding housing stock, positioning it competitively versus older inventory while offering value-add pathways through targeted system updates and interior modernization. Neighborhood-level occupancy sits in the lower half of the metro’s 22 neighborhoods, so the investment case tilts toward operational execution, resident retention, and cost control rather than aggressive rent growth assumptions.
Within a 3-mile radius, recent population growth and an expected increase in households indicate a gradually expanding renter pool, even as projections point to smaller household sizes ahead. Ownership remains comparatively accessible locally, which can introduce competition, but rent-to-income levels are manageable; according to CRE market data from WDSuite, these conditions support steady leasing with measured pricing power for well-managed communities.
- Newer-than-neighborhood vintage (1982) offers relative competitiveness and targeted value-add potential.
- Moderate rents versus incomes support renewal strategies and occupancy stability.
- 3-mile household growth outlook supports a larger tenant base and consistent leasing velocity.
- Risk: Rural location with limited amenities and school ratings near the lower end may slow lease-up and require marketing spend.
- Risk: Accessible ownership options can compete with rentals; underwriting should assume conservative rent growth and modest concessions.