| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 38th | Fair |
| Demographics | 48th | Fair |
| Amenities | 22nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 345 Spencerport Rd, Rochester, NY, 14606, US |
| Region / Metro | Rochester |
| Year of Construction | 1999 |
| Units | 76 |
| Transaction Date | 2019-01-30 |
| Transaction Price | $4,100,000 |
| Buyer | 345 SPENCERPORT LLC |
| Seller | GW APARTMENTS LLC |
345 Spencerport Rd Rochester Multifamily Investment
Renter demand is supported by a high neighborhood renter-occupied share and everyday amenities nearby, according to WDSuite’s CRE market data. Positioning in Rochester’s inner suburbs offers durable workforce housing dynamics with potential for steady leasing.
Located in an Inner Suburb of Rochester with a B neighborhood rating, the area around 345 Spencerport Rd shows a solid renter base and everyday convenience. Cafe density is top quartile nationally and grocery access trends above the U.S. average, while parks and pharmacies are less concentrated within the immediate vicinity. For investors, this mix suggests day-to-day convenience for residents with some trade-offs in recreational and health-related amenities.
The typical housing stock in the neighborhood skews older (average vintage mid-1960s), while this property was built in 1999. The newer vintage can offer a competitive edge versus nearby legacy assets, though investors should still plan for targeted system updates or modernization to support rentability.
Neighborhood occupancy trends have eased in recent years, so thoughtful lease management, marketing, and unit differentiation may be important to sustain performance. At the same time, the renter-occupied share of housing units is high for the area, indicating a deeper tenant base that can support leasing velocity and retention for well-positioned product.
Demographic statistics aggregated within a 3-mile radius point to stable population and a meaningful increase in household counts over the next five years, implying smaller average household sizes and a larger tenant pool entering the market. Median contract rents in this 3-mile area have been rising and are forecast to continue trending upward, supporting achievable rent growth where unit quality and management execution align with local demand.
Home values in the neighborhood are lower than many U.S. areas, which can create some competition from entry-level ownership. However, this also supports the role of multifamily as a more accessible option for many households, reinforcing rental demand and aiding lease retention when price points remain in line with local incomes.
Comparable neighborhood-level crime rankings are not available in the dataset provided for this area. Investors typically benchmark property-level security measures and recent neighborhood trend data against Rochester and Monroe County context to understand relative safety and potential operating impacts.
As with any acquisition, underwriting should incorporate standard due diligence: review multi-year trend indicators, consult local reports, and evaluate on-site practices (lighting, access control, cameras) to support resident experience and retention.
Nearby employers provide a diversified employment base that supports renter demand and commute convenience, including Wesco Distribution, Constellation Brands, Inc., Dish Network, Constellation Brands, and Xerox Corporation.
- Wesco Distribution — distribution (2.2 miles)
- Constellation Brands, Inc. — beverage & consumer goods offices (4.5 miles)
- Dish Network — telecommunications (8.1 miles)
- Constellation Brands — beverage & consumer goods offices (15.1 miles) — HQ
- Xerox Corporation — technology & business services (15.1 miles)
Built in 1999 with 76 units, the property is newer than much of the surrounding housing stock and can compete effectively against older assets while benefitting from selective modernization. The neighborhood shows a sizable renter-occupied share and rising rent trends, and—based on CRE market data from WDSuite—household counts within a 3-mile radius are projected to increase, expanding the tenant base and supporting occupancy stability for a well-managed asset.
Counterbalancing these positives, neighborhood occupancy has been softer relative to stronger Rochester subareas, and entry-level homeownership is relatively accessible, creating some competition for residents. Execution should focus on asset quality, pricing discipline, and tenant retention to capture steady demand and rent growth consistent with local fundamentals.
- 1999 vintage offers competitive positioning versus older neighborhood stock; plan targeted updates to capture rent premiums.
- High renter-occupied share in the neighborhood supports depth of tenant demand and leasing stability.
- 3-mile households projected to increase, expanding the renter pool and supporting pricing power where execution is strong.
- Risk: softer neighborhood occupancy and accessible ownership options require disciplined pricing and retention-focused operations.