| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Good |
| Demographics | 64th | Good |
| Amenities | 16th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 348 Jefferson Ave, Canandaigua, NY, 14424, US |
| Region / Metro | Canandaigua |
| Year of Construction | 1975 |
| Units | 57 |
| Transaction Date | 2003-09-07 |
| Transaction Price | $1,425,000 |
| Buyer | BARRINGTON HILLS ASSOCIAT ES LIMITED PART |
| Seller | HURMON THOMAS |
348 Jefferson Ave, Canandaigua NY Multifamily Investment
Neighborhood occupancy remains strong and broadly supportive of stable leasing, according to WDSuite’s CRE market data, positioning this asset to compete on consistency rather than concessions.
Situated in Canandaigua within the Rochester metro, the neighborhood carries a B rating and ranks 134 out of 359 metro neighborhoods—competitive among Rochester neighborhoods. For investors, the standout metric is occupancy: the neighborhood s housing stock is in the top quartile locally (rank 74 of 359) and in the top decile nationally, a backdrop that supports renewal rates and lowers leasing volatility.
Renter-occupied housing makes up roughly the mid-40% share of units in the neighborhood (rank 54 of 359; above the metro median), signaling a deep tenant base for a 57-unit property without overreliance on any single renter segment. With a rent-to-income ratio near the low-teens and a median contract rent that sits below national midpoints, pricing power may be more incremental than abrupt, but affordability can aid retention and reduce turnover costs.
Amenity access is mixed. Restaurant density is a clear strength (top percentile nationally), which can enhance day-to-day livability and appeal to residents. However, counts for cafes, groceries, parks, and pharmacies are limited within the neighborhood footprint, implying residents rely on nearby corridors for errands. Investors should expect demand drivers to stem more from stable occupancy and renter concentration than from a dense amenity cluster.
Vintage also matters. The property s 1975 construction is newer than much of the local housing stock, which skews early-20th-century on average. That relative youth can be competitive versus older comparables, though budgeting for system updates and common-area refreshes remains prudent to maintain positioning and support achievable rents.
Within a 3-mile radius, demographics show a modest population dip in recent years but growth in household count, with forecasts indicating further increases in households and higher median incomes by 2028. This pattern suggests smaller household sizes and a larger renter pool over time, supporting occupancy stability for well-managed multifamily assets.
Safety indicators are mixed when viewed through metro and national lenses. Nationally, this neighborhood compares favorably: overall crime sits above the U.S. median for safety, property crime is in a top national percentile for safety, and violent crime rates also trend safer than many neighborhoods nationwide. Within the Rochester metro, however, the area s crime rank (35 out of 359 neighborhoods) indicates higher crime intensity relative to many local peers.
Trend-wise, recent estimates show improvement in property incidents but a short-term uptick in violent incidents. Investors should underwrite with prudent assumptions for security measures and resident screening, while recognizing that comparative national standing is solid even as local positioning warrants practical risk management.
The area s employment base draws from regional corporate offices, supporting workforce housing demand and commute convenience for residents. Key nearby employers include Constellation Brands, Thermo Fisher Scientific, Dish Network, Xerox, and Wesco.
- Constellation Brands — beverage & consumer brands (14.2 miles) — HQ
- Thermo Fisher Scientific In Fairport Ny — life sciences & technology (15.2 miles)
- Dish Network — telecommunications (22.5 miles)
- Xerox Corporation — technology & services (24.4 miles)
- Constellation Brands, Inc. — beverage & consumer brands (25.3 miles)
Built in 1975 with 57 units, the property is relatively newer than much of the neighborhood s older housing stock, which can support competitive positioning versus prewar comparables while still warranting targeted modernization. The neighborhood exhibits strong occupancy performance—top quartile among 359 metro neighborhoods and strong nationally—indicating a demand backdrop that favors stable leasing and renewal capture. According to CRE market data from WDSuite, renter concentration is above the metro median, and rent-to-income levels suggest room for disciplined, incremental rent moves with an eye toward retention.
Within a 3-mile radius, recent household growth and forecasts for additional household expansion and rising incomes point to a larger tenant base and support for occupancy stability. Amenity density is mixed—restaurants are a strength, while daily-errand amenities are thinner—so performance is more likely to be driven by fundamentals like renter depth, affordability, and operational execution rather than neighborhood retail density. Investors should also account for local safety differentials within the metro and plan standard security and asset management measures.
- Strong neighborhood occupancy (top quartile of 359) supports renewal capture and limits lease-up risk.
- Renter-occupied share above metro median provides a deep tenant base for a 57-unit asset.
- 1975 vintage is competitive versus older local stock; target capex toward systems and common areas to sustain positioning.
- 3-mile outlook shows household growth and income gains, supporting sustained renter demand.
- Risks: thinner daily-errand amenities nearby and locally higher crime rank within the metro warrant prudent underwriting and property-level measures.