| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Good |
| Demographics | 67th | Good |
| Amenities | 33rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3489 Carman Rd, Schenectady, NY, 12303, US |
| Region / Metro | Schenectady |
| Year of Construction | 2002 |
| Units | 48 |
| Transaction Date | 1999-07-20 |
| Transaction Price | $75,000 |
| Buyer | CARMAN ASSOCIATES LP |
| Seller | SHAVE MICHAEL E |
3489 Carman Rd Schenectady Multifamily Investment Opportunity
Stabilized renter demand in a suburban Albany-Schenectady-Troy location, with high neighborhood occupancy and household incomes that support durable leasing, according to WDSuite s CRE market data.
The property sits in a suburban neighborhood rated A- and ranked 66 out of 295 in the Albany-Schenectady-Troy metro, placing it in the top quartile among metro neighborhoods. Local fundamentals favor multifamily stability, with neighborhood occupancy in the top quartile nationally and above the metro median, based on CRE market data from WDSuite.
Livability indicators are broadly supportive. Caf e9, grocery, and childcare densities rank competitive among Albany-Schenectady-Troy neighborhoods (each within roughly the top two-fifths out of 295), which helps day-to-day convenience for residents. Public park and pharmacy counts are limited within the immediate neighborhood, though essential retail access is balanced by the area b4s grocery presence. Average school ratings place the neighborhood in the top quartile nationally and near the top of the metro, an amenity that can bolster leasing among family households.
Tenure patterns point to a primarily owner-occupied area with a modest share of renter-occupied units at the neighborhood level. For multifamily investors, this typically indicates a shallower but stable tenant base, where leasing draws from households prioritizing convenience and schools rather than dense rental clusters. Home values trend higher than the national median (upper-third nationally), which can sustain reliance on rental housing and support pricing power and retention.
Demographic statistics aggregated within a 3-mile radius indicate recent population growth and a notable increase in households, with average household size trending smaller. This combination generally expands the renter pool and supports occupancy stability over time. Income levels in the 3-mile area are solid and rising, reinforcing the depth of qualified renters and supporting revenue management strategies.
On rents, neighborhood-level contract rents sit near the national middle, while household incomes are high for the metro (upper-decile nationally). The resulting low rent-to-income relationship suggests room for measured rent optimization and healthy lease retention, subject to asset quality and competitive set.
Neighborhood-level crime metrics are not available in WDSuite for this location, so investors typically review city and county trend reports alongside property-level security measures and insurer guidance. As a proxy for operating context, the area b4s strong school ratings and above-metro occupancy suggest stable neighborhood dynamics, but a property-specific diligence review remains essential.
Regional employment anchors within commuting range help support renter demand and retention, led by major corporate offices noted below.
- IBM d corporate offices (11.6 miles)
- McKesson d corporate offices (42.9 miles)
Built in 2002, the 48-unit asset is newer than much of the surrounding housing stock and should compare well against older properties while leaving room for targeted modernization over a typical hold. Neighborhood occupancy trends are strong and above metro norms, and a predominantly owner-oriented area can translate into a stable, needs-based renter segment. According to CRE market data from WDSuite, incomes are high relative to contract rents, which supports pricing power and lease retention when balanced with competitive positioning.
Within a 3-mile radius, population growth, a larger household base, and smaller average household sizes point to incremental renter pool expansion. Higher local home values relative to national norms further sustain multifamily demand by making ownership a higher-cost alternative, which can reinforce occupancy stability and reduce leasing volatility.
- Newer 2002 vintage vs. older neighborhood stock supports competitive positioning and reduces near-term obsolescence risk.
- Strong neighborhood occupancy and high incomes underpin demand and rent growth potential relative to nearby older assets.
- 3-mile growth in households with smaller sizes expands the renter pool and supports lease-up and retention.
- Elevated home values locally reinforce reliance on rental housing, aiding pricing power and stability.
- Risks: limited nearby parks/pharmacies and a modest renter-occupied share may temper velocity; evaluate capex for systems typical of early-2000s construction.