| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Best |
| Demographics | 54th | Good |
| Amenities | 42nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 135 Water St, Bath, NY, 14810, US |
| Region / Metro | Bath |
| Year of Construction | 1978 |
| Units | 52 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
135 Water St, Bath NY Multifamily Investment Opportunity
Neighborhood occupancy trends are stable in the mid-90s and renter demand is supported by small household sizes, according to WDSuite s CRE market data. This positions the asset for durable leasing in a rural node with practical access to daily amenities.
Bath sits within the Corning, NY metro and this neighborhood carries an A rating with a rank of 6 among 71 metro neighborhoods, making it competitive among Corning neighborhoods based on WDSuite s commercial real estate analysis. The area is rural, with a practical mix of groceries and pharmacies nearby, but limited parks and childcare options, which points to convenience for day-to-day needs rather than lifestyle-oriented amenities.
Occupancy for the neighborhood is strong (ranked 5 of 71 in the metro and above the national median), supporting an investor view of steady leasing and fewer vacancy-driven cash flow swings. Median contract rents in the area trend on the lower side nationally, which can aid lease-up velocity and retention but may temper near-term rent growth expectations.
Within a 3-mile radius, households are relatively small and trending smaller, and the renter-occupied share is meaningful at roughly four in ten units. This suggests a stable tenant base for multifamily, with a depth of demand for one- and two-bedroom formats. Meanwhile, elevated homeownership accessibility relative to major metros can introduce some competition from for-sale options, so operators may benefit from emphasizing value, convenience, and professional management to sustain pricing power.
Local incomes have improved over recent years and WDSuite data indicate neighborhood demographics sit around the national middle on education and amenities. Forward-looking projections within 3 miles point to an increase in households alongside modest declines in household size, which typically supports occupancy stability as more households form even if population growth is modest.
Neighborhood-level crime metrics were not available in WDSuite for this location. Investors should benchmark conditions against Steuben County and the Corning metro using public sources to understand directionality (improving, stable, or deteriorating) rather than relying on block-level anecdotes.
When underwriting, a practical approach is to pair county and metro trends with on-the-ground observations and property-level security measures, recognizing that safety perceptions can vary within rural neighborhoods.
Regional employment is anchored by advanced materials and manufacturing. The following nearby employer supports commuter demand and leasing stability from skilled and office workers.
- Corning — advanced materials & manufacturing (19.5 miles) — HQ
Built in 1978, the 52-unit property at 135 Water St offers a value-add path through targeted renovations and systems upgrades while leveraging a neighborhood with high occupancy and a renter base reinforced by smaller household sizes. Based on CRE market data from WDSuite, the immediate area s rents skew lower versus national norms, which can underpin retention and consistent lease-up, with pricing power more likely to come from upgrades and operational execution.
Within a 3-mile radius, projections indicate growth in households and a modest reduction in average household size over the next five years, which typically expands the renter pool and supports occupancy stability. Counterbalancing factors include relatively accessible ownership costs in the region and a rural amenity mix, both of which warrant prudent rent and renewal assumptions.
- Neighborhood occupancy is strong versus metro and national benchmarks, supporting steady cash flow potential.
- 1978 vintage offers renovation and systems-upgrade upside for rent lift and competitive positioning.
- Lower prevailing rents aid retention and lease-up; value-focused operations can drive incremental pricing.
- Household growth and smaller household sizes within 3 miles point to a broader tenant base over time.
- Risks: competition from for-sale options and rural amenity depth; underwrite conservative rent growth and capex.