| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Best |
| Demographics | 32nd | Poor |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 54 Pine St, Plattsburgh, NY, 12901, US |
| Region / Metro | Plattsburgh |
| Year of Construction | 1975 |
| Units | 28 |
| Transaction Date | 2020-09-14 |
| Transaction Price | $152,000 |
| Buyer | BRAID JAMES J |
| Seller | WEST TAYLOR R |
54 Pine St, Plattsburgh NY Multifamily Investment
The neighborhood shows durable renter demand, with renter-occupied housing notably concentrated for the metro, according to WDSuite’s CRE market data. This positioning can support occupancy stability while offering potential value-add upside at this scale.
Rated A and positioned 6th of 50 metro neighborhoods, the area sits in the top quartile among Plattsburgh submarkets, signaling solid fundamentals for workforce-oriented multifamily. Neighborhood occupancy is around the low-90% range, and median asking rents sit near the metro middle, indicating steady but competitive leasing dynamics rather than outsized pricing power.
Local living amenities skew practical: grocery access is strong (competitive nationally), restaurants are dense for the area, and parks are comparatively available. By contrast, cafes, childcare, and pharmacies are limited within the immediate neighborhood, which may modestly affect convenience perceptions for some tenants but typically does not derail leasing for well-managed assets.
Tenure patterns matter for demand depth. The share of renter-occupied units is among the highest in the metro and sits near the top nationally, pointing to a large tenant base and generally resilient absorption for well-priced units. Given the neighborhood’s high value-to-income ratio relative to U.S. norms, ownership can be expensive in local terms, which tends to reinforce reliance on rental housing and can aid retention.
Within a 3-mile radius, household counts have increased and are projected to keep rising through 2028, while average household size trends smaller. This combination expands the renter pool and supports occupancy stability. Median contract rents in the immediate neighborhood track below national medians, but rent-to-income readings suggest some affordability pressure, making thoughtful lease management and renewal strategies important for investors.
Vintage context: the property was built in 1975, newer than the neighborhood’s average vintage. That positioning can enhance competitiveness versus older stock, though investors should plan for ongoing modernization of systems and common areas to meet current renter expectations.
Safety indicators compare favorably to many U.S. neighborhoods overall, landing in the upper tiers nationally. Recent data also points to a notable year-over-year decline in property incidents, which can support tenant retention and leasing traction.
That said, readings can diverge by category: violent-offense metrics appear comparatively favorable on a national basis, while some recent trend measures show upticks that merit monitoring. Relative positioning within the metro can differ from national comparisons, so prudent underwriting should incorporate both local trends and building-level controls such as lighting, access, and security protocols.
This 28-unit asset benefits from a renter-heavy neighborhood, practical amenity access, and stable occupancy patterns. The area ranks in the top quartile among 50 metro neighborhoods, with restaurant and grocery coverage that supports day-to-day livability. Based on CRE market data from WDSuite, the neighborhood’s rent levels and occupancy trends indicate steady demand rather than peak pricing leverage, making operational execution and unit positioning the primary drivers of performance.
Built in 1975, the property is newer than the neighborhood average, offering a relative edge versus older stock while still presenting value-add potential through targeted renovations and system updates. Within a 3-mile radius, growth in households and a shrinking average household size point to a larger tenant base over time, while a high local value-to-income landscape reinforces renter reliance on multifamily housing. Investors should balance these strengths against affordability pressure signals by leaning on disciplined leasing and renewal strategies.
- Renter-heavy neighborhood supports depth of tenant demand and leasing stability
- Top-quartile metro positioning with strong grocery and restaurant access enhances livability
- 1975 vintage offers relative competitiveness plus clear value-add and modernization avenues
- Risk: rent-to-income pressure and mixed safety trends call for careful underwriting and proactive lease management