| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 33rd | Good |
| Demographics | 60th | Best |
| Amenities | 67th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 150 Dean St, Owego, NY, 13827, US |
| Region / Metro | Owego |
| Year of Construction | 2007 |
| Units | 24 |
| Transaction Date | 2007-06-20 |
| Transaction Price | $135,000 |
| Buyer | OWEGO HOUSING DEV FUND CORP |
| Seller | FRANDSEN WILLIAM |
150 Dean St Owego 24-Unit Multifamily Opportunity
Positioned in an Inner Suburb setting with steady neighborhood occupancy and a high share of renter-occupied housing units, this 2007 asset offers durable demand dynamics, according to WDSuite’s CRE market data.
The property sits in Owego within the Binghamton, NY metro, where the immediate neighborhood is rated A+ and ranks competitively among 111 metro neighborhoods. Amenity access is a local strength: parks and grocery options track in the top quartile nationally, and cafes and pharmacies also score above national medians. For investors, this mix supports day-to-day convenience that can aid leasing and resident retention.
Neighborhood rental fundamentals are balanced. WDSuite indicates occupancy in the area has edged higher over the past few years, while the renter-occupied share of housing units is elevated for the region, signaling a deeper tenant base for multifamily. Median contract rents benchmark below national norms, which helps sustain retention and lease stability, though it can temper near-term pricing power.
Schools in the area post an average rating around the national mid-to-upper tier and rank well within the Binghamton metro, which can support family renter appeal. Home values are lower than national medians, suggesting a more accessible ownership market; however, the neighborhood’s higher renter concentration indicates continued reliance on rental housing, which is constructive for occupancy durability.
Demographic indicators aggregated within a 3-mile radius show essentially stable population trends recently, with a modest increase in households—pointing to smaller household sizes and a gradual expansion of the renter pool. Forward-looking metrics in WDSuite point to incremental growth in households over the next few years, which should support steady demand for rental units in this submarket.
From a competitive positioning standpoint, the asset’s 2007 vintage stands newer than much of the surrounding housing stock. That relative youth can reduce near-term capital needs compared with older buildings and offers a platform for targeted upgrades to further differentiate against legacy inventory.
Neighborhood-level crime metrics are not available in WDSuite for this location. Investors typically benchmark safety using multiple sources, including local law enforcement summaries and municipal reports, to understand how conditions compare with nearby Binghamton-area neighborhoods and broader regional trends over time.
Regional employment anchors help support renter demand through commute-driven leasing. The list below highlights a nearby headquarters employer within practical regional reach.
- Corning — advanced materials & glass (40.7 miles) — HQ
This 24-unit, 2007-vintage property offers a favorable balance of renter demand and operational defensibility relative to older neighborhood stock. According to CRE market data from WDSuite, the surrounding area maintains steady occupancy with an above-average share of renter-occupied housing units—conditions that support leasing depth. Lower relative rents and a moderate rent-to-income profile point to manageable affordability pressure, aiding retention even as rent growth remains measured.
Amenity access (notably parks, groceries, and everyday services) exceeds typical small-metro benchmarks, reinforcing livability drivers for workforce households. Three-mile demographics indicate households are edging higher while population is essentially stable, and forward projections show incremental household growth—signaling a gradually expanding renter pool. The 2007 construction provides competitive positioning versus older local inventory, with scope for selective value-add to enhance unit finishes and common areas as systems age.
- Newer 2007 construction versus older neighborhood stock, reducing near-term CapEx and supporting competitive positioning
- Elevated renter-occupied housing share underpins tenant base depth and occupancy stability
- Livability drivers (parks, groceries, services) compare well to national small-metro benchmarks, aiding leasing and retention
- Balanced affordability supports retention and measured rent growth management
- Risks: relatively accessible ownership alternatives and measured regional demand can limit pricing power; ongoing maintenance and targeted upgrades remain important as the asset seasons