| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 33rd | Good |
| Demographics | 18th | Poor |
| Amenities | 41st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1400 Genesee St, Utica, NY, 13502, US |
| Region / Metro | Utica |
| Year of Construction | 1980 |
| Units | 22 |
| Transaction Date | 2015-12-29 |
| Transaction Price | $500,000 |
| Buyer | MYERS DEVELOPMENT GROUP LLC |
| Seller | APARTMENTS INC ALLISON |
1400 Genesee St, Utica NY Multifamily Investment
Stabilizing renter demand and a sizeable renter-occupied base in the surrounding neighborhood support consistent leasing potential, according to WDSuite’s CRE market data.
This Inner Suburb neighborhood in Utica shows everyday convenience with strong food-and-beverage density: cafes and restaurants rank in higher national percentiles, while grocery access is competitive versus many U.S. areas. Parks and pharmacies are limited locally, so residents rely more on nearby commercial corridors for services.
The property s 1980 vintage is newer than the neighborhood s older housing stock, which can offer competitive positioning versus prewar buildings. Investors should plan for aging systems and selective modernization to enhance durability and reduce long-run maintenance exposure.
Renter-occupied housing accounts for a majority of units in the neighborhood, indicating a deeper tenant base and supporting multifamily demand. Neighborhood occupancy has trended upward in recent years, suggesting improved leasing stability relative to prior periods.
Demographic statistics aggregated within a 3-mile radius point to population and household growth alongside rising incomes, expanding the renter pool over the forecast horizon. While median contract rents in the area remain accessible versus larger metros, a relatively high rent-to-income ratio in the neighborhood signals affordability pressure that warrants focused lease management and renewal strategies.
Home values in this submarket are lower than many U.S. markets, which can introduce some competition from entry-level ownership. For multifamily investors, this typically translates into a need for clear value propositions updated units, reliable operations, and convenient locations to sustain pricing power and retention.
Safety signals are mixed. Nationally, the neighborhood s recent crime statistics trend in the top quartile for lower incident rates, indicating comparatively favorable conditions versus many U.S. neighborhoods. At the same time, within the Utica-Rome metro, certain categories trend higher than local averages, underscoring the importance of standard property-level security measures and attentive operations.
Recent year-over-year data indicate notable declines in estimated violent offense rates, a constructive trend for operators focused on retention and resident experience. As always, investors should evaluate property-level history and engage local management insights to align on appropriate security practices.
Regional employment access is diversified, with commuting reach to established corporate operations that can support renter demand and retention. Below is one relevant nearby employer within driving distance.
- Frontier Communications corporate offices (31.3 miles)
1400 Genesee St offers a 22-unit footprint positioned in a renter-heavy neighborhood where occupancy has improved and daily conveniences are accessible. The 1980 vintage is newer than much of the local stock, creating potential to compete on building systems and unit finishes with targeted upgrades. According to CRE market data from WDSuite, the neighborhood s renter concentration and recent occupancy gains support demand, while the 3-mile area s population and household growth expand the tenant base over the medium term.
Key considerations include managing affordability pressure implied by neighborhood rent-to-income dynamics and distinguishing the asset against lower-cost ownership alternatives common in the market. Executing a practical value-add program and maintaining strong operations can help support retention and pricing power without overextending budgets.
- Renter-occupied concentration and improving neighborhood occupancy underpin leasing stability.
- 1980 vintage offers value-add and systems modernization potential versus older local stock.
- 3-mile population and household growth broaden the tenant base over time.
- Access to everyday amenities supports day-to-day livability for residents.
- Risk: affordability pressure and lower-cost ownership options require disciplined lease and renewal strategy.