| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Best |
| Demographics | 56th | Best |
| Amenities | 43rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 40 W William St, Corning, NY, 14830, US |
| Region / Metro | Corning |
| Year of Construction | 1984 |
| Units | 49 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
40 W William St Corning Multifamily Investment
Stable renter demand and competitive neighborhood occupancy support income durability in Corning, according to WDSuite’s CRE market data.
Located in Corning’s inner-suburb fabric, the neighborhood ranks 4 out of 71 metro neighborhoods (A-rated), indicating strong overall fundamentals relative to the local market. Neighborhood occupancy is competitive among Corning neighborhoods (ranked 28 of 71), helping support income stability for well-managed multifamily assets.
Renter concentration is elevated (ranked 5 of 71; 86th percentile nationally for renter-occupied share), signaling a deep tenant base and consistent leasing velocity for multifamily. Median contract rents in the immediate area skew on the lower end of the national distribution, which can aid retention while leaving room for measured rent optimization with asset improvements.
Within a 3-mile radius, households have held steady with modest growth expected over the next five years, and forecasts point to population growth and an increase in households that expands the local renter pool. Rising incomes in the 3-mile trade area further support pricing power over time, while smaller average household sizes indicate ongoing demand for multifamily units.
Daily-life amenities are mixed: restaurants and parks are strengths (both ranked near the top among 71 metro neighborhoods), and childcare access ranks favorably. By contrast, grocery and pharmacy counts are limited in the immediate vicinity, suggesting residents may rely on a broader retail radius. Average school ratings are slightly above national norms (61st percentile), which can bolster family-oriented renter demand.
Safety indicators compare favorably in a regional and national context. The neighborhood’s crime profile ranks 1 out of 71 within the Corning metro, and overall conditions sit above the national average (67th percentile for safety), indicating comparatively lower reported crime versus many U.S. neighborhoods.
Violent offense risk benchmarks in the top tier nationally (99th percentile), supporting resident peace of mind and leasing stability. Property offenses remain relatively favorable in national context (93rd percentile), though recent year-over-year data shows a local uptick. Investors should monitor trendlines, but the broader safety standing remains a strength compared with both the metro and national landscape.
Proximity to a major corporate anchor supports workforce housing demand and commuter convenience for residents, reinforcing leasing stability tied to a large local employer.
- Corning — materials science (0.4 miles) — HQ
Built in 1984, the 49-unit asset offers potential value-add and systems modernization opportunities to enhance competitiveness against older local stock while maintaining a pragmatic CapEx plan. Neighborhood fundamentals are supportive: competitive occupancy, a high renter-occupied share, and improving 3-mile household income trends suggest durable demand and room for thoughtful rent positioning. According to CRE market data from WDSuite, the area’s restaurant, park, and childcare access outperform most local peers, while grocery and pharmacy options are thinner and should be considered in tenant profiling and marketing.
Forward-looking demographics within 3 miles point to population growth and a notable increase in households over the next five years, expanding the tenant base and supporting occupancy stability. Affordability indicators are favorable for retention, though relatively accessible home values in the area can create some competition with ownership; underwriting should reflect measured rent steps aligned with value delivered through renovations.
- Competitive neighborhood occupancy and elevated renter-occupied share support consistent leasing
- 1984 vintage presents value-add and systems modernization potential to drive NOI
- 3-mile outlook shows population and household growth, expanding the renter pool
- Proximity to a major employer underpins workforce housing demand
- Risks: limited nearby grocery/pharmacy options, ownership competition, and a recent uptick in property offenses warrant ongoing monitoring