| 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 | 86 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
33 Scott St Utica 86-Unit Multifamily Investment
Neighborhood renter concentration and improving occupancy suggest durable leasing conditions for a value-focused asset, according to WDSuite’s CRE market data.
Located in Utica’s inner-suburb fabric, the area shows everyday convenience with dining and grocery options nearby. Cafes and restaurants are competitive among Utica-Rome neighborhoods (12th and 13th out of 137, respectively) and sit in the upper national percentiles, while grocery access also performs well locally (19th of 137). Limited park and pharmacy presence indicate fewer lifestyle and health-service nodes within immediate reach, which may nudge residents toward nearby districts for those needs.
The neighborhood skews toward renter households, with a high share of renter-occupied units that deepens the tenant base for multifamily demand. Occupancy for the neighborhood has trended upward over the last five years, supporting leasing stability, though levels remain below stronger-performing areas in the metro. Median contract rents sit in the lower half of the national distribution, which can aid leasing velocity, but rent-to-income levels point to some affordability pressure that owners should monitor during renewals and pricing decisions.
Vintage context is notable: the average neighborhood construction year is early 1900s, while this property’s 1983 delivery positions it newer than much of the surrounding stock. That relative youth can be an advantage versus older buildings for tenant appeal and operating efficiency, though investors should still plan for modernization of systems and common areas as part of a value-add or preventative maintenance program.
Demographics aggregated within a 3-mile radius show population and household growth in recent years, with projections calling for further increases and slightly smaller average household sizes. This trajectory expands the renter pool over time and can support occupancy stability and lease-up, particularly for well-managed workforce housing.
Home values in the immediate neighborhood are low relative to national norms. While a more accessible ownership market can introduce some competition for entry-level renters, it can also sustain steady rental demand from households prioritizing flexibility or avoiding upfront ownership costs. For investors, the implication is pragmatic pricing power and a focus on resident retention, service quality, and unit-level upgrades to differentiate versus low-cost ownership alternatives.
Safety signals are mixed but trending in a constructive direction. Compared with neighborhoods nationwide, recent data places the area in the upper percentiles for both property and violent offense safety, and year-over-year changes show declines in violent incidents. This positions the neighborhood in the top quartile nationally on several comparative measures, according to WDSuite’s CRE market data.
At the metro level, conditions can vary by block and time of day. Investors should underwrite with neighborhood-level context rather than property-level assumptions and consider standard measures such as lighting, access control, and coordination with local services to support resident comfort and retention.
Regional employment is anchored by a mix of corporate offices within commuting range, supporting workforce housing demand and lease retention. Notable nearby employer:
- Frontier Communications — telecommunications (30.8 miles)
This 1983, 86-unit asset offers relative competitiveness versus the neighborhood’s predominantly pre-war housing stock, with the renter base and improving neighborhood occupancy supporting steady leasing. According to CRE market data from WDSuite, local rents track in the lower national bands while renter concentration remains high, a combination that favors demand depth but calls for disciplined rent management to balance retention and income growth.
Within a 3-mile radius, population and households have risen and are projected to continue growing, with smaller household sizes expanding the renter pool over time. Affordability pressure is present at the neighborhood level, and low entry home values can create ownership alternatives, so capital plans that emphasize functional upgrades, durability, and resident experience can help sustain occupancy and differentiate the property.
- Newer vintage vs. local stock supports competitive positioning and operating efficiency
- High renter-occupied share and improving neighborhood occupancy underpin demand stability
- 3-mile growth and smaller household sizes expand the renter pool and support lease-up
- Pragmatic rent levels aid leasing velocity; targeted upgrades can drive retention
- Risks: affordability pressure, limited nearby parks/pharmacies, and competition from lower-cost ownership