| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Best |
| Demographics | 40th | Fair |
| Amenities | 24th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 309 County Highway 155, Gloversville, NY, 12078, US |
| Region / Metro | Gloversville |
| Year of Construction | 1997 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
309 County Hwy 155, Gloversville NY Multifamily Investment
1997 construction in a rural submarket with above-median neighborhood occupancy offers a practical entry to stable cash flow, according to WDSuite’s CRE market data. Newer vintage versus older local stock positions the asset competitively while keeping capital needs manageable.
The property sits in a rural neighborhood rated A- and ranked 6 out of 32 across the Gloversville metro, signaling balanced fundamentals relative to nearby areas. Neighborhood occupancy ranks 13 of 32 — above metro median — suggesting steady leasing conditions compared with many local peers, based on CRE market data from WDSuite. Amenities are thinner than urban cores, yet the area is competitive among Gloversville neighborhoods for overall amenity access (rank 10 of 32), with parks scoring stronger than national averages.
Vintage matters here: the submarket’s average construction year is 1965, while this asset was built in 1997. The newer vintage can support leasing versus older comparables and may reduce near-term system replacement, though investors should still underwrite for typical mid-life updates and potential modernization to meet current tenant expectations.
Tenure trends indicate a smaller renter-occupied base locally. Within a 3-mile radius, renter-occupied housing accounts for roughly one-fifth of units, pointing to a thinner but discernible tenant pool. For multifamily owners, that typically translates to steadier retention from existing renters, with a focus on value, basic amenities, and reliable operations to maintain occupancy.
Demographics aggregated within a 3-mile radius show recent population growth alongside a rising household count, with forecasts calling for modest population softening but continued household increases over the next five years. That mix implies smaller household sizes and a gradual expansion in the number of households, which can support leasing and occupancy stability even if the overall population plateaus.
Ownership context is also relevant: WDSuite’s commercial real estate analysis indicates the neighborhood’s value-to-income ratio sits higher than most U.S. neighborhoods (top quintile nationally). In practice, elevated ownership costs can sustain renter reliance on multifamily housing and support pricing power at pragmatic rent levels.
Comparable safety benchmarks at the neighborhood level are not available in the current WDSuite dataset for this location. Investors typically evaluate safety by comparing neighborhood trends to the broader Gloversville metro and national context, using consistent time periods and sources.
Given the rural setting, practical diligence includes reviewing recent municipal reports, county-level statistics, and property-level incident histories over multiple years to understand directional trends rather than single-period snapshots.
Regional employment access is supported by corporate offices within commuting range, which can help underpin renter demand and retention for workforce-oriented units. Nearby anchors include McKesson and IBM.
- McKesson — corporate offices (34.1 miles)
- IBM — corporate offices (36.6 miles)
This 24-unit, 1997-built property offers a newer-vintage alternative in a rural submarket where the average building stock skews older. Neighborhood occupancy ranks above the metro median, and a higher value-to-income ratio versus most U.S. neighborhoods reinforces reliance on renting, supporting demand durability and measured pricing power. Within a 3-mile radius, households have risen and are projected to continue increasing even as population growth moderates, indicating a larger pool of households and support for occupancy stability, according to CRE market data from WDSuite.
For investors, the thesis centers on steady workforce demand, competitive positioning against older local assets, and manageable capital planning. While amenities are limited relative to urban neighborhoods and major employers are a commute away, the combination of newer construction, rural living preferences, and sustained household formation can provide a resilient leasing base with value-oriented operations.
- Newer 1997 vintage versus older local stock supports competitiveness and moderates near-term capex
- Neighborhood occupancy ranks above metro median, indicating steadier leasing conditions
- Elevated ownership costs (top-quintile value-to-income) sustain renter reliance and pricing discipline
- 3-mile radius shows household growth and smaller household sizes, supporting tenant base and retention
- Risks: thinner renter concentration, limited local amenities, and commute distances to larger employers