| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 29th | Fair |
| Demographics | 26th | Poor |
| Amenities | 26th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 89 Cedar St, Morrisville, NY, 13408, US |
| Region / Metro | Morrisville |
| Year of Construction | 2005 |
| Units | 26 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
89 Cedar St Morrisville Multifamily Investment, 26 Units
Built in 2005, this 26-unit asset competes against an older local housing stock while serving a renter base supported by stable household formation, according to WDSuite’s CRE market data. Neighborhood occupancy trends run softer than metro norms, so underwriting should emphasize retention and leasing execution over outsized rent growth.
Situated in a rural pocket of the Syracuse, NY metro, the neighborhood rates C and sits above the metro median on access to daily conveniences like groceries and pharmacies. Grocery presence ranks competitive among 247 Syracuse neighborhoods, and pharmacy access is in the top quartile metro-wide and around the 66th percentile nationally, while parks and cafes are sparse—an amenity mix that favors essentials over lifestyle offerings.
Neighborhood occupancy is below the metro median, signaling potential leasing friction at the submarket level. Rents remain comparatively accessible, which can aid renewal capture but may temper near-term pricing power; investors should prioritize operational efficiency and product differentiation to outperform local averages.
Within a 3-mile radius, recent years show growth in households and families alongside a large 18–34 cohort, expanding the tenant base for smaller format rentals. Forward-looking estimates indicate households are projected to continue rising even as population edges down, implying smaller household sizes and a steady renter pool that supports occupancy stability for well-positioned assets.
Home values are lower than many coastal metros, which can introduce competition from ownership options. For multifamily operators, this typically means emphasizing convenience, maintenance-free living, and flexible lease terms to sustain demand and retention rather than relying solely on outsized rent lifts.
Neighborhood crime statistics are not available in WDSuite for this location, so investors should rely on standard diligence such as county and metro benchmarks and property-level incident history. Use a comparative lens (neighborhood vs. broader region) and trend direction when available rather than block-level conclusions.
Regional employment access is anchored by corporate offices within commuting range, supporting workforce housing demand and lease retention for renters prioritizing drive-time convenience. Nearby employers include Frontier Communications, WestRock, and ADP Syracuse.
- Frontier Communications — telecommunications (17.3 miles)
- WestRock — packaging & paper products (30.1 miles)
- ADP Syracuse — payroll & HR services (30.5 miles)
This 2005-vintage, 26-unit property offers a relative quality edge versus the neighborhood’s older housing stock, reducing immediate capital needs while allowing targeted updates to sharpen competitive positioning. Household growth within a 3-mile radius and a sizable young-adult cohort expand the local renter base, supporting occupancy stability for well-operated assets. At the same time, neighborhood occupancy trails metro levels, so the thesis leans on execution: efficient leasing, resident retention, and selective upgrades to capture demand.
Home values in the area are more accessible than high-cost metros, which can introduce competition from entry-level ownership; however, accessible rents and essential amenities nearby help sustain renter reliance on professionally managed apartments. According to CRE market data from WDSuite, the area’s rent-to-income dynamics are manageable, reinforcing a focus on steady retention rather than aggressive rent pushes.
- 2005 construction provides a competitive edge over older neighborhood stock with targeted value-add potential
- 3-mile household growth and a large 18–34 renter cohort support demand and leasing velocity
- Essential amenities (grocery, pharmacy) are convenient, aiding day-to-day livability and lease retention
- Underwrite conservatively: neighborhood occupancy is below metro levels, favoring an operations-first playbook
- Ownership competition is a consideration; focus on convenience, maintenance, and flexible leasing to sustain pricing