| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 48th | Fair |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 116 State St, Phoenix, NY, 13135, US |
| Region / Metro | Phoenix |
| Year of Construction | 1982 |
| Units | 33 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
116 State St, Phoenix NY — 33-Unit Multifamily in the Syracuse Metro
Stabilized renter demand in an inner-suburban location, according to WDSuite’s CRE market data, positions this asset for steady operations while leaving room for targeted upgrades.
Phoenix sits within the Syracuse, NY metro and scores a B+ neighborhood rating (ranked 79th among 247 metro neighborhoods), placing it above the metro median. Investor visibility benefits from everyday conveniences: grocery access and dining density are competitive locally (both in the top quartile among 247 neighborhoods), while cafes are also strong relative to the metro. Limited parks, pharmacies, and formal childcare options in the immediate area are trade-offs to note for family-oriented renters.
For multifamily demand, the neighborhood s renter-occupied share is elevated versus peers (about the top quintile metro-wide), which signals a deeper tenant base and supports leasing continuity. Neighborhood occupancy is below national medians and has trended softer in recent years, so underwriting should emphasize conservative lease-up timing and retention strategies at the property level; these occupancy references reflect the neighborhood, not this specific property.
Demographic indicators aggregated within a 3-mile radius show recent population and household contraction, followed by forecasts calling for household expansion over the next several years. A rising income mix and projected increase in households point to a gradually expanding renter pool, which can support occupancy stability and pricing discipline if supply remains measured. Median home values in the area are comparatively accessible versus national levels, which may create some competition from entry-level ownership, but also encourages renters to weigh multifamily for convenience and flexibility. These observations are based on commercial real estate analysis using WDSuite as the data source.
Vintage context matters: the average neighborhood housing stock skews early 20th century, while this property s 1982 construction is comparatively newer. That positioning can improve competitive appeal versus older local inventory, though investors should still plan for systems modernization and targeted renovations common to 1980s assets.
Safety trends are mixed relative to broader benchmarks. Overall crime sits modestly better than national medians, and violent-offense indicators track in the stronger range nationally. At the metro level, the neighborhood s crime ranking is better than many Syracuse-area peers (ranked 61st of 247, which is above the metro median). Property-offense measures have shown recent volatility, so ongoing monitoring is prudent. All figures reflect neighborhood-level conditions rather than block-by-block dynamics.
Nearby employers provide a diversified white-collar and light-industrial employment base that supports commuter convenience and renter demand, including ADP and WestRock within a roughly 10 mile to 13-mile radius.
- ADP Syracuse payroll & HR services (10.5 miles)
- WestRock packaging & paper products (12.6 miles)
116 State St is a 33-unit asset built in 1982, placing it newer than much of the surrounding housing stock and offering clear potential for value-add upgrades to interiors and building systems. Local renter concentration is comparatively high among Syracuse neighborhoods, supporting depth of demand, while neighborhood occupancy trends suggest prudent lease and renewal management is important to sustain stability. According to CRE market data from WDSuite, amenity access for groceries, restaurants, and cafes is competitive among metro peers, which can aid leasing and retention even as parks and childcare options are thinner nearby.
Within a 3-mile radius, recent population and household counts dipped but are projected to improve in the next several years, indicating a gradually expanding tenant base. Ownership remains relatively accessible by national standards, which can introduce competition from entry-level buyers; however, measured rent levels and an improving income mix can support steady absorption for well-managed multifamily communities.
- 1982 vintage offers value-add and systems modernization potential versus older neighborhood stock
- Elevated renter-occupied share supports a deeper tenant base and leasing durability
- Grocery, dining, and cafe access competitive among Syracuse neighborhoods aids retention
- Forecast household growth within 3 miles points to a slowly expanding renter pool
- Risks: neighborhood occupancy below national medians, thin parks/childcare, and recent property-crime volatility warrant conservative underwriting