| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Good |
| Demographics | 46th | Fair |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 310 Broad St, Utica, NY, 13501, US |
| Region / Metro | Utica |
| Year of Construction | 1980 |
| Units | 29 |
| Transaction Date | 2015-08-20 |
| Transaction Price | $74,000 |
| Buyer | BAGGS SQUARE PARTNERS LLC |
| Seller | UTICA URBAN RENEWAL AGENC |
310 Broad St Utica Multifamily Investment
Renter concentration in the neighborhood supports a stable tenant base amid strong everyday amenities, according to WDSuite’s CRE market data. While neighborhood occupancy trends trail the metro, proximity to groceries, parks, and dining helps underpin leasing fundamentals.
This Inner Suburb neighborhood ranks 13 out of 137 metro neighborhoods with an overall neighborhood rating of A, indicating competitive positioning within the Utica-Rome area. Amenity access is a clear strength: groceries rank 1 of 137 (top-tier metro access and 99th percentile nationally), restaurants rank 8 of 137 (91st percentile nationally), and cafes rank 4 of 137 (97th percentile nationally). These patterns typically support renter convenience and day-to-day livability, factors that can aid retention. Service gaps exist, however, with limited childcare and pharmacy presence (both ranked 137 of 137), which investors should consider for resident services planning.
The property’s 1980 vintage is newer than the neighborhood’s older average stock (1932), offering a relative competitive edge versus prewar assets. Investors should still plan for ongoing system modernization and common-area updates to reinforce leasing and minimize capex surprises over the hold.
Tenure dynamics are supportive for multifamily. Neighborhood data show a high share of renter-occupied housing units (competitive among Utica-Rome neighborhoods), indicating depth in the tenant pool and potential demand stability. By contrast, the neighborhood’s occupancy rate ranks 124 of 137, below the metro median, suggesting that leasing strategies and unit-quality differentiation will matter for outperforming local baselines.
Demographics aggregated within a 3-mile radius point to measured demand tailwinds: population and households have grown in recent years, with forecasts indicating further population growth and a notable increase in households alongside smaller average household sizes. This combination typically expands the renter pool and supports occupancy stability for well-positioned units. Median contract rents in the 3-mile area have risen over the last five years and are projected to continue increasing, which can support revenue growth when balanced with affordability management.
Affordability context remains an advantage for tenant retention. Neighborhood rent-to-income metrics are moderate, which can help sustain lease renewal rates and reduce turnover risk, though continued rent growth should be paced with income trends to avoid undue affordability pressure.
Comparable neighborhood crime metrics were not available in the provided dataset. Investors should review official local reports and trends for additional context and consider property-level measures (lighting, access control, and resident engagement) to support leasing and retention. Where available, compare neighborhood results to metro averages to understand whether conditions are above or below typical Utica-Rome patterns.
Regional employment is diversified, and commuting access to major employers supports renter demand. Nearby corporate presence includes the following organization within driving range, which can contribute to leasing depth.
- Frontier Communications — telecommunications (32.2 miles)
310 Broad St offers investors a 29-unit scale in a neighborhood that ranks competitively within the Utica-Rome metro. The surrounding area features strong everyday amenities (top-ranked groceries, robust dining and cafe density) that support renter convenience and stickiness. According to CRE market data from WDSuite, neighborhood occupancy trends are below the metro median, making asset quality, management, and pricing discipline key to outperforming local baselines. The property’s 1980 vintage is newer than much of the surrounding stock, creating an opportunity to pair selective renovations and system upgrades with amenity proximity to strengthen leasing.
Demographics aggregated within a 3-mile radius show recent population and household growth, with forecasts indicating continued expansion and smaller household sizes. That pattern typically expands the renter pool and supports occupancy stability for well-positioned units. Rent growth in the area has been positive and is projected to continue, which can support revenue gains when calibrated to income trends to manage affordability and retention risk.
- Competitive neighborhood standing in Utica-Rome with strong grocery, dining, and cafe access supporting renter convenience
- 1980 vintage offers a relative edge over older local stock with potential to add value via targeted upgrades
- 3-mile demographics indicate population and household growth, expanding the tenant base and supporting leasing
- Area rent trends and projections support revenue growth when aligned with income levels and retention goals
- Risks: neighborhood occupancy below metro median; limited childcare/pharmacy options; execution-dependent value-add outcomes