| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Best |
| Demographics | 63rd | Best |
| Amenities | 36th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 280 Cornelia St, Plattsburgh, NY, 12901, US |
| Region / Metro | Plattsburgh |
| Year of Construction | 1977 |
| Units | 45 |
| Transaction Date | 2004-06-30 |
| Transaction Price | $1,070,717 |
| Buyer | MERON MARLENE |
| Seller | SOLOMON ERIC |
280 Cornelia St, Plattsburgh NY Multifamily Investment
Neighborhood occupancy is in the low-90s and has trended upward, supporting stable renter demand, according to WDSuite’s CRE market data. Position in an inner-suburban corridor offers everyday convenience and defensible leasing fundamentals without relying on luxury pricing.
Situated in Plattsburgh’s inner-suburban fabric, the neighborhood carries an A rating and ranks in the top quartile among 50 Plattsburgh neighborhoods, based on WDSuite’s CRE market data. Occupancy for the neighborhood is above the metro median with a multi‑year upward trend, pointing to steady leasing conditions rather than volatility.
Daily-needs access is a core strength: pharmacy density is well above national norms (top quartile nationally), and grocery access is above average nationwide. Amenities tilt toward essentials over lifestyle—cafes and parks are less concentrated here—so properties that emphasize convenience, parking, and functional layouts tend to match local demand.
Schools benchmark slightly above national averages, and neighborhood demographics score competitively within the metro (top quartile among 50 neighborhoods). Construction in the surrounding area skews older (average mid‑1960s), while this property’s 1977 vintage is comparatively newer than much of the nearby stock, which can help competitive positioning; investors should still plan for system modernization and selective renovations common to late‑1970s assets.
Tenure dynamics and demand depth are supportive for multifamily: within a 3‑mile radius, a majority of housing units are renter‑occupied, indicating a sizable tenant base. Household counts in the same 3‑mile area have increased over the past five years and are projected to grow further, even as average household size trends lower—conditions that typically expand the renter pool and support occupancy stability.
Affordability indicators are balanced for retention. Neighborhood rent-to-income sits in a moderate range, and home values are comparatively accessible versus large coastal markets. That context supports stable renewals, though it also means some households have ownership options; underwriting should assume steady demand with measured pricing power rather than outsized rent lifts.
Comparable crime detail for this neighborhood is limited in WDSuite’s current dataset, so precise rankings versus other Plattsburgh neighborhoods are not available. Investors typically benchmark property‑level risk by referencing citywide trends, owner operations, and insurer loss runs rather than block‑level claims; the same approach is appropriate here.
As with most secondary metros, monitoring management practices (lighting, access control, parking visibility) and staying current with local law‑enforcement and municipal reports can help maintain leasing quality and retention without relying on speculative assumptions.
This 45‑unit, 1977 asset offers exposure to an inner‑suburban Plattsburgh location where neighborhood occupancy is above the metro median and trending upward. The property is newer than the area’s average vintage, supporting competitive positioning against older stock while still leaving scope for targeted modernization. Within a 3‑mile radius, the renter‑occupied share is substantial and household counts are rising, which expands the tenant base and supports leasing stability. According to CRE market data from WDSuite, local affordability reads balanced—supportive of retention but unlikely to deliver outsized rent spikes—favoring steady operations.
Forward indicators in the 3‑mile area point to additional household growth and a slightly smaller average household size, both of which typically increase demand for rental units. Ownership costs are comparatively accessible versus major metros, so underwriting should account for some competition from entry‑level ownership while leaning on demand durability from the local renter pool.
- Above‑median neighborhood occupancy with an upward trend supports stable leasing
- 1977 vintage is newer than much of nearby stock, with selective value‑add potential
- Large 3‑mile renter base and projected household growth expand the tenant pool
- Daily‑needs amenity access (groceries, pharmacies) aligns with workforce demand
- Risk: relatively accessible ownership may temper pricing power—underwrite to steady, not outsized, rent growth