| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Best |
| Demographics | 55th | Good |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 24 Nelson St, Cazenovia, NY, 13035, US |
| Region / Metro | Cazenovia |
| Year of Construction | 1980 |
| Units | 50 |
| Transaction Date | 2008-12-31 |
| Transaction Price | $1,264,037 |
| Buyer | CCLF SENIOR HOUSING LP |
| Seller | CAZENOVIA VILL APT CO |
24 Nelson St, Cazenovia NY — 50-Unit Multifamily
In an owner-leaning pocket of the Syracuse metro, stable renter demand and moderate rent levels support durable income, according to WDSuite s CRE market data. Neighborhood fundamentals trend above the metro median on amenities and schools, helping underpin occupancy resilience.
The property sits in a suburban neighborhood that ranks 19 out of 247 Syracuse neighborhoods (top quartile) on WDSuite s composite rating, signaling balanced livability with investor-relevant fundamentals. Amenity access is competitive among Syracuse neighborhoods, with restaurants, groceries, and pharmacies each ranking in the top ~40 of 247; nationally, these amenity densities land around the mid-70th percentiles, indicating convenient daily needs coverage for residents.
Schools benchmark well versus peers: the neighborhood s average school rating is among the stronger cohorts locally (rank 18 of 247) and sits around the 70th percentile nationally. For workforce households, rent levels are moderate and the rent-to-income ratio trends on the favorable side for lease retention, reinforcing pricing discipline rather than outsized affordability pressure.
Tenure patterns indicate a smaller renter base: renter-occupied share is about one-fifth within a 3-mile radius, and neighborhood figures are similar, which suggests multifamily demand is more targeted than broad-based. For investors, that typically means deeper focus on product-market fit and management to sustain occupancy. Neighborhood occupancy has trended in the high-80s and improved over the last five years, supporting a case for income stability through cycle, based on CRE market data from WDSuite.
Demographics aggregated within a 3-mile radius show a slight population softening alongside an increase in households over the forecast horizon, implying smaller household sizes and a gradual expansion of addressable households. Higher median incomes in the area, relative to many Syracuse neighborhoods, can support steady collections while the owner-leaning context reduces direct competition among rentals and favors well-operated assets.
Vintage also matters: the asset s 1980 construction is materially newer than much of the surrounding housing stock (which skews early 20th century). That relative age profile can improve competitive positioning versus older comparables, while still warranting targeted modernization of systems and finishes to capture value-add upside.
Comparable neighborhood safety benchmarks are not available in WDSuite for this location at this time. Investors typically contextualize property-level risk by reviewing village and county public safety reports, insurance quotes, and lender diligence to corroborate on-the-ground trends.
A prudent approach is to compare recent trends to the broader Syracuse metro and to triangulate with property-level measures (lighting, access control, and resident engagement) during underwriting rather than relying on block-level assumptions.
Regional employment anchors within commuting range include packaging, payroll/HR technology, and telecom operations, which help support renter demand and retention for workforce-oriented units.
- WestRock packaging & paper products (20.4 miles)
- ADP Syracuse payroll & HR technology (21.2 miles)
- Frontier Communications telecom services (24.6 miles)
This 50-unit, 1980-vintage asset offers a relative age advantage in a neighborhood dominated by older housing stock, positioning it well against competing properties. Neighborhood occupancy has been in the high-80s and trending upward, and rent levels remain moderate with a favorable rent-to-income profile factors that can support collections and lease stability, per CRE market data from WDSuite.
Within a 3-mile radius, forecasts indicate slightly fewer residents but more households, pointing to smaller household sizes and a broader addressable renter pool over time. The area s owner-leaning tenure suggests a targeted renter segment; thoughtful renovations and professional management can capture value-add potential while maintaining occupancy stability.
- Relative age advantage vs. older local stock supports competitive positioning
- Neighborhood occupancy in the high-80s with improving trend supports income durability
- Moderate rents and favorable rent-to-income dynamics aid resident retention
- Forecast shift to more households with smaller sizes expands the addressable renter base
- Risks: targeted renter pool in an owner-leaning area; ongoing capex needs typical of 1980 assets; verify local safety context during diligence