| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 19th | Poor |
| Amenities | 29th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 415 Bleecker St, Utica, NY, 13501, US |
| Region / Metro | Utica |
| Year of Construction | 1981 |
| Units | 55 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
415 Bleecker St Utica Multifamily Value‑Add Potential
Neighborhood renter concentration is elevated and occupancy has trended higher, according to WDSuite s CRE market data, suggesting a stable tenant base near downtown Utica. This commercial real estate analysis points to steady demand with room for thoughtful upgrades at a 1981-vintage asset.
415 Bleecker St sits in an Inner Suburb location of Utica with improving fundamentals for workforce renters. Neighborhood occupancy is reported at 89.7% with a positive five-year trend, per WDSuite, indicating generally consistent leasing conditions rather than rapid churn. The renter-occupied share of housing units is 54.6% (top decile nationally), which supports depth of demand and a broader tenant pool for multifamily owners.
Amenity access is mixed. Grocery and dining density are comparatively strong among Utica-Rome neighborhoods (restaurant density rank 11 of 137; grocery rank 10 of 137, both in the mid-to-upper national percentiles), making daily needs convenient for residents. By contrast, parks, pharmacies, cafes, and childcare options rank near the bottom locally, which investors should factor into leasing narratives and resident experience programming.
Relative pricing signals underscore a rental-first dynamic. Neighborhood median contract rents are modest and rent-to-income stands at 0.21, suggesting manageable affordability pressure that can aid retention and occupancy stability, while elevated home values are not the primary driver here. In this context, ownership costs appear more accessible than in higher-cost metros, which may temper outsized pricing power but still leaves multifamily positioned as a practical option for many households.
The property s 1981 construction is newer than the neighborhood s average vintage (1916; rank 96 of 137), offering competitive positioning versus older stock. Investors should still plan for selective system upgrades and unit renovations to capture value-add upside against aging regional inventory.
Demographic statistics aggregated within a 3-mile radius show recent population and household growth with projections for further expansion and smaller household sizes over the next five years. This trajectory supports a larger tenant base and steady absorption potential, especially for well-maintained, functional units that meet workforce price points.
Safety indicators are mixed and should be evaluated in both metro and national context. According to WDSuite, overall crime metrics land around the upper national percentiles for safety (for example, violent and property offense measures compare favorably to many U.S. neighborhoods), yet within the Utica-Rome metro some categories rank closer to the higher-incident end. Property offense levels, for instance, rank 8 out of 137 metro neighborhoods (indicating relatively more incidents than many local peers) but show a notable one-year decline. Violent offense trends have recently ticked up, so investors should underwrite prudent security, lighting, and access controls and monitor local trendlines.
Regional employers within commuting range contribute to renter demand and leasing durability for workforce housing. The following nearby corporate presence is relevant to the area s employment base.
- Frontier Communications corporate offices (32.1 miles)
415 Bleecker St is a 55-unit, 1981-vintage multifamily asset positioned in an Inner Suburb area where renter concentration is high and neighborhood occupancy has improved. Grocery and dining convenience is competitive among Utica-Rome neighborhoods, while limited parks and specialty amenities call for thoughtful on-site programming to support retention. Based on CRE market data from WDSuite, rent levels and the 0.21 rent-to-income ratio indicate manageable affordability pressure that can underpin steady leasing rather than aggressive turnover.
Demographic statistics within a 3-mile radius show recent increases in population and households, with projections for further growth and smaller household sizes — dynamics that expand the tenant base and can support occupancy stability. The property s newer-than-neighborhood vintage provides a platform for targeted value-add improvements (interior refresh, building systems, and curb appeal) to enhance competitiveness against much older local stock, while underwriting should account for safety variability and potential competition from accessible homeownership options.
- High renter-occupied share and improving neighborhood occupancy support a stable tenant base.
- 1981 construction offers relative advantage versus older local stock, with clear value-add pathways.
- Competitive grocery and dining access aids daily convenience and leasing narratives.
- 3-mile demographics point to population and household growth, expanding the renter pool.
- Risks: safety metrics vary within the metro and accessible ownership can temper pricing power; plan for prudent security and disciplined rent growth assumptions.