| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 37th | Good |
| Demographics | 73rd | Best |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1 Remington Park Dr, Cazenovia, NY, 13035, US |
| Region / Metro | Cazenovia |
| Year of Construction | 1989 |
| Units | 28 |
| Transaction Date | 2021-06-07 |
| Transaction Price | $1,375,000 |
| Buyer | 1 REMINGTON CAZENOV LLC |
| Seller | 1 REMINGTON LLC |
1 Remington Park Dr Cazenovia Multifamily — 1989 Value-Add
Suburban Cazenovia location with neighborhood occupancy that has trended steady, according to WDSuite's CRE market data, and rents that remain manageable for local incomes. This positioning supports retention while leaving room for targeted improvements to enhance competitiveness.
Neighborhood and Demand Fundamentals
The property sits in a suburban pocket of the Syracuse, NY metro where the neighborhood carries a B- rating and ranks around the metro median (125 of 247 neighborhoods). Amenities are sparse within the immediate neighborhood, so daily needs often rely on nearby corridors rather than on-block retail; investors should underwrite parking and convenience features accordingly.
Neighborhood occupancy is 87.8% and has improved over the past five years; note this references the neighborhood, not the property. Rents in this area have remained aligned with incomes, with a low rent-to-income burden (0.11) that ranks in the stronger tier metro-wide, supporting lease retention and measured pricing power.
Within a 3-mile radius, demographics show a larger tenant base skewing toward young adults and working households, with population up modestly in recent years and forecasts calling for roughly flat population but more households ahead. That shift suggests smaller household sizes and a stable-to-expanding renter pool, which can support occupancy stability for workforce-oriented units.
Ownership costs in the surrounding neighborhood are elevated enough to sustain reliance on rental options, while still competitive within the Syracuse context. For multifamily investors, this balance translates to steady demand depth with limited affordability pressure, aiding renewals and reducing turnover risk.
Safety Context
Comparable neighborhood crime benchmarks are not available from WDSuite for this location. Investors typically review recent municipal statistics and police reports to contextualize trends at the town and county level. Use a consistent framework that compares the neighborhood to the broader Syracuse metro to gauge relative safety and leasing implications.
Nearby Employers Supporting Renter Demand
Regional employment access is anchored by corporate offices within commuting range, which can support workforce housing demand and retention: WestRock, ADP Syracuse, and Frontier Communications.
- WestRock — packaging (21.9 miles)
- ADP Syracuse — payroll services (22.6 miles)
- Frontier Communications — telecommunications (23.2 miles)
Why Invest
Built in 1989, the asset is newer than much of the local housing stock, offering relative competitiveness versus older properties while still presenting scope for modernization of common areas and systems. According to CRE market data from WDSuite, neighborhood occupancy has trended stable and rent burdens are low relative to incomes, supporting tenant retention and steady cash flows.
Demand drivers are reinforced by a moderate renter concentration within a 3-mile radius and forecasts that point to more households even as population growth flattens, indicating smaller household sizes and a steady renter pool. The trade-off is limited immediate amenity density and a small-metro setting, which can require thoughtful asset management to sustain leasing velocity.
- 1989 vintage offers value-add and modernization upside versus older neighborhood stock.
- Stable neighborhood occupancy and low rent-to-income support retention and pricing discipline.
- 3-mile household growth expectations point to a steady renter pool even with flat population.
- Risks: sparse immediate amenities and commuting distance to major employers; underwriting should reflect leasing and transportation considerations.