| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Best |
| Demographics | 57th | Good |
| Amenities | 31st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 50 Truman Ave, Plattsburgh, NY, 12901, US |
| Region / Metro | Plattsburgh |
| Year of Construction | 1974 |
| Units | 72 |
| Transaction Date | 2022-01-14 |
| Transaction Price | $12,000,000 |
| Buyer | BEEKMAN TWRS HSN DEV CORP |
| Seller | LIH BEEKMAN TWRS ASOC LLC |
50 Truman Ave, Plattsburgh NY Multifamily Investment
Stabilized neighborhood fundamentals and a deep renter base suggest durable demand, according to WDSuite’s CRE market data. Positioning in an inner-suburban corridor supports steady lease-up and retention rather than outsized volatility.
This inner-suburban location benefits from strong neighborhood standing within the Plattsburgh metro (A-rated, competitive among metro peers) and a renter-oriented housing mix. The neighborhood occupancy rate is 93.5% (neighborhood metric, not property-level), indicating stable absorption and supporting cash flow consistency for multifamily operators.
Renter-occupied housing accounts for an estimated 61.9% of units in the neighborhood, pointing to a sizable tenant pool and demand depth for multifamily assets. Within a 3-mile radius, households have grown while average household size has trended smaller, expanding the pool of prospective renters and supporting occupancy stability. Median contract rents in the area remain accessible relative to incomes, which can aid renewal rates and reduce turnover risk.
Local livability is defined by access to parks and childcare options, while everyday retail (grocery, pharmacy, cafes, restaurants) is limited within neighborhood boundaries. For investors, that mix often aligns with workforce housing where commute convenience and essential services matter more than boutique retail. School ratings for nearby public schools are lower on average, which can modestly narrow family-driven demand but tends to have limited impact on renter demand where 1–2 person households dominate.
Compared with broader metro and national CRE trends, this submarket’s lower home values by national standards help sustain reliance on rental housing without severely pressuring rent-to-income ratios. Forward-looking demographics within 3 miles indicate gradual population growth and a notable increase in households over the next five years, which supports a larger tenant base. These dynamics, based on WDSuite’s multifamily property research, underpin a practical, income-focused thesis rather than speculative appreciation.
Neighborhood safety indicators compare favorably to many areas nationwide, with property-offense measures sitting in a high national safety percentile. Overall crime levels trend better than average nationally, according to WDSuite’s CRE market data, which can support tenant retention and reduce non-operational disruptions.
That said, recent year-over-year movement shows some uptick in violent-offense estimates despite remaining comparatively favorable on a national basis. Investors should factor ongoing monitoring and standard security measures into operations rather than assuming static conditions.
Built in 1974, this 72-unit asset offers scale with larger average unit sizes relative to many vintage peers, and its vintage positions it newer than much of the surrounding housing stock. That combination typically supports competitive leasing against older properties, while still warranting capital planning for aging systems and select renovations to sustain rentability.
Demand fundamentals are reinforced by a renter-heavy neighborhood, stable neighborhood occupancy, and 3-mile trends showing modest population growth and a meaningful increase in households—signals of a larger tenant base and support for occupancy stability. According to CRE market data from WDSuite, neighborhood rents remain manageable relative to incomes, which can aid retention and limit concessions, while lower home values by national standards temper ownership pull in a way that generally sustains multifamily demand. Key watch items include limited retail amenities within the neighborhood footprint and below-average school ratings.
- Renter-heavy neighborhood and steady neighborhood occupancy support durable leasing
- 1974 vintage with larger average unit sizes offers competitive positioning vs. older stock
- 3-mile household growth and smaller household sizes expand the renter pool
- Rents manageable relative to incomes aid renewals and limit concessions
- Risks: limited neighborhood retail and lower school ratings may narrow some demand segments