| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 33rd | Good |
| Demographics | 18th | Poor |
| Amenities | 41st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 33 Scott St, Utica, NY, 13501, US |
| Region / Metro | Utica |
| Year of Construction | 1983 |
| Units | 85 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
33 Scott St, Utica NY Multifamily Investment
Mid-scale, 85-unit asset positioned in an Inner Suburb location with steady renter demand and gradual occupancy improvement, according to CRE market data from WDSuite. Neighborhood dynamics suggest durable workforce housing appeal with room for operational upside.
The property sits in an Inner Suburb pocket of Utica rated C+ (ranked 85 of 137 metro neighborhoods), signalling performance below the metro median but with identifiable strengths for workforce rentals. Neighborhood occupancy has trended up in recent years, supporting leasing stability for well-managed assets.
Daily-life convenience is solid on food and beverage access, with restaurants and cafes relatively dense by local standards, while parks, pharmacies, and childcare options are thinner. This pattern suits value-focused renters who prioritize essential amenities, though the limited park and pharmacy presence may modestly temper appeal for some households.
The area shows a high share of renter-occupied housing (56.5%), indicating a sizable tenant base for multifamily owners. Within a 3-mile radius, population and households have grown, with forecasts calling for further household expansion and slightly smaller average household sizes—trends that typically broaden the renter pool and support occupancy.
Home values in this neighborhood are comparatively lower within the metro context, which can introduce some competition from ownership. At the same time, rent-to-income readings point to pockets of affordability pressure; disciplined lease management and renewal strategies will be important for retention. Based on multifamily property research from WDSuite, the combination of a deep renter base and modest rent levels typically supports steady absorption when operations are well executed.
Vintage context matters: the neighborhood’s average construction year skews early-1900s, while this asset was built in 1983. That relative youth can be a competitive advantage versus much older stock, though investors should still plan for system updates and selective modernization to meet today’s renter expectations.
Safety signals are mixed and should be evaluated with care. The neighborhood’s metro rank indicates comparatively higher reported crime relative to other Utica-Rome areas (ranked near the high-incident end among 137 neighborhoods), yet national percentile readings suggest comparatively favorable positioning versus many neighborhoods across the U.S. Recent trends show improvement, with estimated violent offenses down significantly year over year and property offenses easing modestly.
For underwriting, a prudent approach is to benchmark against nearby Utica submarkets and to track multi-year trends rather than single-period snapshots. Investors often align security measures and resident engagement with local conditions to support retention and community stability.
Regional employers contribute to a diversified workforce draw for Utica-area renters. Notable nearby corporate presence includes Frontier Communications.
- Frontier Communications — telecommunications (30.9 miles)
This 1983, 85-unit asset offers scale and a relative vintage advantage versus much of the area’s early-20th-century housing stock—positioning it to compete on quality with targeted updates. Renter concentration in the neighborhood is high, and occupancy has improved, supporting a steady tenant base. Within a 3-mile radius, gradual population and household growth, alongside expectations for continued household expansion, point to a larger renter pool over time. According to commercial real estate analysis from WDSuite, these factors align with durable demand for well-operated workforce housing.
Risks to underwrite include pockets of affordability pressure that can influence retention and effective rent growth, some amenity gaps (notably parks and pharmacies), and mixed safety signals at the metro level despite recent improvements. Execution focus on cost control, resident experience, and selective renovations should help capture leasing depth while managing turnover risk.
- Vintage advantage: 1983 construction competes well versus older local stock with targeted modernization.
- Renter depth: high renter-occupied share and improving neighborhood occupancy support leasing stability.
- Demand outlook: 3-mile population and household growth expand the tenant base over time.
- Operational upside: workforce positioning and scale enable efficiencies and value-add execution.
- Risks: affordability pressure, amenity gaps, and mixed safety signals warrant conservative underwriting.