| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 36th | Good |
| Demographics | 40th | Poor |
| Amenities | 64th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 124 Port Watson St, Cortland, NY, 13045, US |
| Region / Metro | Cortland |
| Year of Construction | 1998 |
| Units | 73 |
| Transaction Date | 1995-10-04 |
| Transaction Price | $125,000 |
| Buyer | PIONEER CORP |
| Seller | L D WILLCOX & SON INC WILLCOX |
124 Port Watson St Cortland Multifamily Opportunity
Renter demand is supported by a high share of renter-occupied housing and neighborhood occupancy trending stable, according to WDSuite’s CRE market data. This positioning favors consistent leasing with room for selective value-add on a 1998-vintage, 73-unit asset.
Positioned in an Inner Suburb of Cortland, the neighborhood is competitive among Cortland, NY metro areas and sits in the top quartile among 29 metro neighborhoods by overall rating, per WDSuite. Amenity access is strong for daily needs and dining (notably restaurants, cafes, and pharmacies), while grocery and park access are thinner, which investors should consider for resident convenience.
Neighborhood occupancy is near 90% and has improved over the past five years, supporting revenue stability relative to similar small-metro locations. The renter-occupied share is elevated, indicating a deep tenant base for multifamily product rather than scattered single-family rental competition.
Demographic statistics aggregated within a 3-mile radius show households have inched higher recently even as population edged down, and projections point to household growth and smaller average household sizes by 2028. That trend typically expands the renter pool and supports occupancy stability for well-managed assets.
Home values are comparatively modest in this submarket, which can create some competition from entry-level ownership; however, rent-to-income levels around one-quarter suggest manageable affordability pressure and potential for steady retention with disciplined lease management. Based on CRE market data from WDSuite, median asking rents in the area remain accessible versus larger metros, reinforcing demand for practical, well-maintained units.
The 1998 construction year is newer than much of the local housing stock (which skews older), giving this property a relative competitive edge on layouts and systems, while still warranting targeted capital planning for aging building components and potential modernization to capture value-add upside.
Comparable neighborhood safety metrics are not available in WDSuite for this specific area. Investors typically benchmark property- and neighborhood-level trends against city and metro data, conduct on-site observations at different times of day, and review management practices (lighting, access controls, and resident engagement) to assess risk and support leasing stability.
Regional employers within commuting distance help underpin renter demand for workforce housing. Notable nearby corporate offices include packaging, telecommunications, and HR services firms.
- WestRock — paper & packaging (32.1 miles)
- Frontier Communications — telecommunications (34.8 miles)
- ADP Syracuse — payroll & HR services (34.9 miles)
This 73-unit, 1998-vintage asset benefits from a renter-heavy neighborhood with occupancy near 90%, supporting consistent lease-up and renewal potential. According to CRE market data from WDSuite, the area ranks competitively within the Cortland metro, with strong amenity access for dining and daily services that can aid resident satisfaction, even as grocery and park options are more limited.
Households within a 3-mile radius are projected to increase and average household size to decline, indicating a larger renter pool over the next few years. Newer vintage relative to much of the surrounding housing stock provides a competitive position versus older product, while selective renovations and system updates can target value-add upside. Key watch items include modest local incomes, limited nearby grocery/park access, and reliance on a smaller regional employer base.
- Renter-heavy neighborhood and stable occupancy support leasing durability
- 1998 vintage offers competitive positioning versus older local stock with targeted value-add potential
- 3-mile household growth and smaller household sizes expand the tenant base
- Amenity access for dining/pharmacy supports retention despite thinner grocery/park options
- Risks: modest incomes and a smaller regional employer base may temper pricing power