169 Murray St Auburn NY 50-Unit Multifamily

Located in Auburn’s inner-suburb fabric, the property benefits from neighborhood fundamentals that are competitive among Auburn, NY neighborhoods (ranked 1 of 54 with an A+ neighborhood rating). Amenity access is a relative strength at the local level, with grocery, pharmacy, and restaurant density ranking near the top of the metro, which helps day-to-day convenience for residents and supports retention. Childcare and park access are limited within the neighborhood, which may modestly narrow the appeal for some family renters.

Occupancy for the neighborhood has hovered around the low-90% range and is competitive among Auburn neighborhoods (rank 17 of 54), suggesting steady renter demand and manageable turnover risk. Median rents in the area are modest by national standards, and the rent-to-income profile indicates moderate affordability pressure, which can aid lease stability and broaden the tenant base.

Tenure patterns indicate a renter-occupied share near half of neighborhood housing units (rank 4 of 54), pointing to a deep local renter pool for multifamily. Home values are lower than many national markets, which suggests ownership is relatively more accessible; investors should consider that this can create some competition with for-sale options and temper pricing power in certain vintages and unit types.

Within a 3-mile radius, recent demographic data shows slight population softening but a stable household count, and WDSuite points to projections for household growth alongside smaller average household sizes by 2028. For multifamily owners, a larger household count with smaller sizes typically supports a broader renter base and can reinforce occupancy stability over time.

The asset’s 2000 construction is newer relative to much of the local housing stock, which skews older. This positioning can be competitive versus pre-war buildings while still warranting capital planning for systems modernization and targeted renovations to capture value-add upside.