| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 15th | Poor |
| Demographics | 55th | Best |
| Amenities | 27th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7475 Seneca Rd N, Hornell, NY, 14843, US |
| Region / Metro | Hornell |
| Year of Construction | 2008 |
| Units | 20 |
| Transaction Date | 2010-02-12 |
| Transaction Price | $150,000 |
| Buyer | HORNELLSVILLE HOUSING DEV ELOPMENT FUND COMPA |
| Seller | CROWE SHARON |
7475 Seneca Rd N Hornell Multifamily Opportunity
Renter demand is supported by a sizable 3-mile renter-occupied base and accessible rents, according to CRE market data from WDSuite, while 2008 construction provides competitive positioning versus older stock in this rural corridor.
The property sits in a rural neighborhood of the Corning, NY metro that is competitive among Corning neighborhoods (ranked 18 out of 71), per WDSuite’s CRE market data. Local access skews toward daily-needs amenities rather than lifestyle options: grocery access tracks around the metro median and parks availability trends above many peer areas, while cafes and pharmacies are sparse. For investors, this points to workforce-oriented housing with straightforward demand drivers rather than amenity-led premium positioning.
Neighborhood occupancy is measured for the neighborhood, not this property, and trends on the softer side by national standards; however, within a 3-mile radius, households have increased over the last five years and are projected to continue rising as average household size declines. That combination typically broadens the tenant base even where population growth is muted, supporting leasing velocity and day-to-day occupancy management.
Within a 3-mile radius, roughly half of housing units are renter-occupied, indicating a meaningful renter concentration that helps underpin multifamily demand depth. Median contract rents in the area have risen from prior periods and are projected to continue increasing, yet rent-to-income levels remain comparatively manageable; this can support retention and steady renewal performance while calling for disciplined rent optimization rather than aggressive pushes.
Home values in the surrounding area are relatively low versus national norms. In practice, that can introduce some competition from ownership alternatives, but it also keeps multifamily options attractive for residents seeking flexibility or avoiding ownership costs. Operators should emphasize value, convenience, and larger floor plans to sustain pricing power and reduce turnover.
Comparable, neighborhood-level safety benchmarks are not available in the current WDSuite release for this location. Investors typically contextualize property-level security measures with broader city and county trends and monitor changes over time. Given the rural setting, underwriting should incorporate standard diligence on recent trend data and any property-specific mitigation practices rather than relying on block-level estimates.
Regional employment is anchored by advanced materials manufacturing, with commuting access to Corning supporting workforce housing dynamics and aiding tenant retention among residents willing to trade a longer drive for value.
- Corning — materials & specialty glass (34.7 miles) — HQ
Built in 2008, this 20-unit asset offers relatively modern systems and larger-than-typical floor plans for the area, which can enhance leasing appeal and renewal stability versus older rural inventory. Based on CRE market data from WDSuite, the surrounding neighborhood shows a meaningful renter base and rising household counts within a 3-mile radius despite slower population growth, pointing to a wider tenant pool as household sizes trend smaller. Affordability remains a strength, suggesting room for steady rent optimization while maintaining retention.
Key considerations include a small-market location with limited lifestyle amenities and commuting distances to major employers, which places a premium on operational execution, unit quality, and value positioning. Investors may find upside in light value-add or amenity enhancements that leverage the property’s newer vintage to differentiate against older stock.
- 2008 vintage supports competitive positioning and reduces near-term capital planning versus older rural assets.
- 3-mile household growth and renter concentration expand the tenant base, supporting occupancy stability.
- Manageable rent-to-income dynamics favor retention and steady, disciplined rent optimization.
- Larger floor plans can drive leasing appeal and renewal performance relative to smaller legacy units.
- Risks: small-market depth, softer neighborhood occupancy, and longer commutes to anchor employers.