| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 29th | Fair |
| Demographics | 26th | Poor |
| Amenities | 26th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3821 Swamp Rd, Morrisville, NY, 13408, US |
| Region / Metro | Morrisville |
| Year of Construction | 1991 |
| Units | 25 |
| Transaction Date | 2007-12-27 |
| Transaction Price | $1,189,188 |
| Buyer | CEDAR STREET HOUSING DEVL P FUND CORP |
| Seller | EATON STREET ASSOC |
3821 Swamp Rd, Morrisville NY Multifamily Investment
Rural Syracuse submarket location with a renter base shaped by local employment and relative affordability, according to WDSuite’s CRE market data. Neighborhood-level occupancy and tenure metrics suggest stable day-to-day operations but call for targeted leasing strategy.
Located in a rural pocket of the Syracuse, NY metro, the neighborhood rates below the metro median (193 of 247 neighborhoods), indicating a quieter setting with measured growth expectations. Amenity access is limited locally—cafés and parks are sparse—but grocery availability is around the national middle and pharmacies score stronger (mid-60s percentile nationally), supporting everyday convenience without urban density.
Neighborhood occupancy is reported at the neighborhood level, not for this property, and runs softer in this area, which underscores the importance of disciplined leasing and retention programs. Renter concentration is modest (about one-quarter of housing units are renter-occupied), implying a smaller but defined tenant base. In investor terms, this typically favors workforce-oriented positioning and conservative underwriting on lease-up timelines.
Within a 3-mile radius, recent population and household trends point to a larger renter pool over the past few years, while forward-looking projections suggest households may continue to increase even if population moderates—an indication of smaller household sizes and potential steady demand for rental units. Median home values sit on the lower end nationally, which can introduce some competition from ownership options; however, rents in the area align with lower rent-to-income ratios, supporting tenant retention and measured pricing power.
Compared with national CRE patterns, the area’s older housing stock contrasts with this asset’s 1991 vintage. That relative youth versus the neighborhood average year built (1939) can be a competitive edge, though selective modernization may still be prudent. Overall, the setting suits investors comfortable with lower-density markets who prioritize operational focus over amenity-driven leasing, supported by practical access to necessities and a manageable commute shed for employment.
Neighborhood-level crime statistics are not available in WDSuite for this location, so investors should review municipal sources and trend reports for additional context. As with many rural areas, reported data can vary by jurisdiction and time period; a comparative look at nearby Syracuse-area neighborhoods can help benchmark risk management and onsite security needs.
Nearby corporate offices provide a regional employment base that supports renter demand and lease stability for workforce housing. Key employers within commuting distance include Frontier Communications, WestRock, and ADP Syracuse.
- Frontier Communications — telecommunications (17.4 miles)
- WestRock — packaging & paper products (30.0 miles)
- ADP Syracuse — HR/payroll services (30.4 miles)
Built in 1991 with 25 units, the asset is newer than much of the surrounding housing stock, offering relative competitiveness in a rural Syracuse submarket. Based on CRE market data from WDSuite, neighborhood renter concentration is moderate and occupancy (measured at the neighborhood level) is softer, suggesting value in careful lease management and targeted marketing to stabilize and retain tenants. Proximity to regional employers supports a workforce housing thesis, while lower rent-to-income pressures point to steady retention with measured rent growth.
Three-mile demographics indicate that household counts have expanded historically and are projected to continue growing even if population moderates—implying smaller household sizes and a steady tenant base over time. Given lower national positioning for home values, ownership can be relatively accessible in this area, so investors should balance competitive rents with light upgrades to maintain appeal. The 1991 vintage reduces near-term age-related risk versus older stock, yet selective modernization (systems and finishes) can enhance leasing velocity and renewals.
- 1991 vintage offers a competitive edge versus older local stock, with targeted modernization potential
- Workforce demand supported by regional employers within a reasonable commute
- Lower rent-to-income pressures support retention and stable operations
- Risk: neighborhood-level occupancy is softer, requiring disciplined leasing and conservative underwriting