| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 27th | Fair |
| Demographics | 44th | Fair |
| Amenities | 23rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 402 S Litchfield St, Frankfort, NY, 13340, US |
| Region / Metro | Frankfort |
| Year of Construction | 1993 |
| Units | 22 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
402 S Litchfield St, Frankfort NY Multifamily Investment
Stable neighborhood occupancy and modest rent-to-income dynamics point to steady leasing and retention, according to WDSuite’s CRE market data. This location caters to workforce renters while offering a 1993 asset that competes well against older local stock.
The property sits in a Suburban neighborhood in the Utica-Rome, NY metro with a B+ neighborhood rating. Neighborhood occupancy is above the metro median among 137 neighborhoods and around the mid-50th percentile nationally, supporting baseline stability for small and mid-scale multifamily. Median rent-to-income near 0.14 suggests lower affordability pressure, which can aid lease retention and limit turnover-driven expenses.
Amenity access is mixed. Cafes, restaurants, and groceries score competitively among Utica-Rome neighborhoods (each in or near the top quartile locally), which helps day-to-day livability for renters. However, parks and pharmacies are sparse within the neighborhood, so residents rely more on nearby nodes for those needs.
Schools average near the national midpoint, indicating serviceable options without being a primary demand driver. The local housing stock skews older—average vintage is early 1900s—so a 1993-built property can position well against nearby alternatives with older systems, while still planning for typical mid-life improvements an investor would expect.
Within a 3-mile radius, recent trends show a slight population dip alongside an increase in households, implying smaller household sizes and a renter pool that could diversify. Forward-looking projections indicate modest population growth and a larger household count over the next five years, which expands the potential tenant base and supports occupancy stability for well-managed assets.
Home values in this part of Herkimer County are lower than many U.S. markets, which can introduce some competition from ownership alternatives. For multifamily investors, this typically means emphasizing convenience, professional management, and flexible lease terms to sustain pricing power and renewal rates.
Comparable crime data for this specific neighborhood is not available in WDSuite at this time. Investors should evaluate city and county reports and trend data for the Utica-Rome metro to understand how this area compares to regional norms, and to inform risk-adjusted underwriting and insurance assumptions.
Regional employment is diversified across services and telecommunications, supporting workforce housing demand through commutable access.
- Frontier Communications — telecommunications offices (32.5 miles)
Built in 1993 with 22 units, this asset is newer than much of the surrounding housing stock and can compete well on quality and maintenance versus older properties. Neighborhood occupancy sits above the metro median, and a low rent-to-income profile indicates manageable affordability pressure that can support renewals and stable collections. Based on CRE market data from WDSuite, renter demand is supported by everyday amenities nearby and an expanding household base within 3 miles, pointing to a steady tenant pipeline.
Looking ahead, modest population growth alongside a rising household count suggests a larger tenant base and continued need for well-managed rental options. The key considerations are the area’s relatively accessible ownership market and limited park/pharmacy infrastructure, which place a premium on operational execution and asset positioning.
- 1993 vintage competes well versus older neighborhood stock, with potential to capture renters seeking updated systems and finishes.
- Above-metro-median neighborhood occupancy and low rent-to-income support retention and income durability.
- Within 3 miles, household growth and smaller household sizes expand the renter pool and support steady leasing.
- Nearby daily amenities (cafes, restaurants, groceries) enhance livability and leasing appeal.
- Risks: relatively accessible ownership alternatives and limited parks/pharmacies require disciplined pricing, marketing, and service to sustain occupancy.