| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 42nd | Good |
| Demographics | 58th | Good |
| Amenities | 13th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 173 Rand Hill Rd, Morrisonville, NY, 12962, US |
| Region / Metro | Morrisonville |
| Year of Construction | 1996 |
| Units | 25 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
173 Rand Hill Rd Morrisonville Multifamily Investment
Neighborhood occupancy is strong and trending higher, supporting stable tenancy for a 25-unit asset; according to WDSuite’s CRE market data, this rural pocket of the Plattsburgh metro shows resilient renter demand at practical rent levels.
The property sits in a rural neighborhood of the Plattsburgh, NY metro rated B+ by WDSuite, with neighborhood occupancy around 96.6% and improving over the last five years. Within the metro, the area’s occupancy performance ranks 12 out of 50 neighborhoods, placing it in the top quartile locally and above most neighborhoods nationally for stability. For investors, that backdrop points to steady lease rolls and reduced downtime when units turn.
Construction year is 1996, newer than the neighborhood’s older housing stock (average vintage 1957). This positioning can reduce near‑term capital needs relative to older comparables while still offering targeted value‑add through system upgrades and common‑area refresh to remain competitive against newer deliveries.
Renter concentration in the immediate area remains measured (roughly one‑fifth to one‑quarter of housing units are renter‑occupied when viewed at the neighborhood and 3‑mile radius scales). That mix suggests a defined but selective tenant base where lease retention and local employment connectivity matter. Median contract rents are modest for the metro, and the rent‑to‑income ratio sits near the mid‑teens, a combination that can support occupancy and limit turnover risk with disciplined pricing.
Local livability is characteristic of low‑density submarkets: limited café, park, and childcare density, with basic grocery access. Compared with national CRE trends, amenities track below average (amenities percentile ~13 nationally), but the trade‑off is practical housing costs (home values and value‑to‑income measures sit below national medians). For multifamily investors, this context can sustain day‑to‑day demand while capping outsized rent growth expectations and favoring an operations‑first strategy.
Comparable crime metrics for this neighborhood are not available in WDSuite’s current dataset. Investors typically benchmark local police or county reports and compare trends to the broader Plattsburgh metro to contextualize property‑level risk.
Given the rural setting and stable neighborhood occupancy, many investors focus on on‑site management practices (lighting, access control, tenant screening) and monitor regional trendlines rather than block‑level statistics.
This 1996 vintage, 25‑unit property benefits from a neighborhood with high and rising occupancy, modest rent levels, and a measured renter pool that supports steady leasing. Based on CRE market data from WDSuite, the area ranks in the top quartile for occupancy within the Plattsburgh metro, aligning with a thesis centered on income durability and operational consistency rather than outsized rent growth.
Within a 3‑mile radius, population and household counts have been expanding and are projected to continue growing through 2028, while average household size trends lower. For multifamily, that points to a gradually larger tenant base and support for occupancy stability. Newer‑than‑average vintage versus local stock suggests manageable capital planning today with selective value‑add to drive returns, while acknowledging that limited amenity density and relatively accessible homeownership can temper pricing power.
- Top‑quartile local occupancy supports income stability and reduces downtime risk
- 1996 construction offers relative competitive positioning versus older neighborhood stock
- Expanding 3‑mile population and households indicate a gradually larger renter base
- Modest rent levels and mid‑teens rent‑to‑income ratio support retention with disciplined pricing
- Risk: low amenity density and accessible ownership may cap rent growth and slow lease‑ups