| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 48th | Fair |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 357 Main St, Phoenix, NY, 13135, US |
| Region / Metro | Phoenix |
| Year of Construction | 1976 |
| Units | 24 |
| Transaction Date | 1998-03-05 |
| Transaction Price | $575,000 |
| Buyer | RICHARDSON CARL |
| Seller | CRICKHOLLOW APTS |
357 Main St Phoenix NY 24-Unit Multifamily Investment
According to WDSuite’s CRE market data, renter-occupied housing is meaningful in the neighborhood while overall occupancy has room to tighten, offering operational upside with disciplined leasing and management.
357 Main St sits in an Inner Suburb pocket of the Syracuse, NY metro that is competitive among 247 Syracuse neighborhoods (ranked 79th), per WDSuite. Local retail density is a relative strength: cafes and restaurants score in higher national percentiles, while groceries are reasonably accessible. Fewer parks, pharmacies, and childcare options nearby suggest residents rely more on broader-area amenities.
Neighborhood occupancy is 86.6%, indicating some vacancy relative to tighter submarkets; for investors, this points to potential lease-up and retention gains through focused operations and product positioning. The neighborhood’s renter concentration is 44.7% of housing units being renter-occupied, supporting a deeper tenant base for multifamily. Median contract rents sit near mid-market locally and a rent-to-income ratio around 0.19 signals manageable affordability pressure, which can aid lease stability. For multifamily property research, these conditions align with steady, workforce-oriented demand rather than premium pricing power.
Within a 3-mile radius, recent years show modest population and household softening, but WDSuite’s data projects a slight population uptick and a notable increase in household count ahead, implying smaller household sizes and a gradually expanding renter pool. Median home values are lower versus national norms, which can make ownership more accessible; investors should expect some competition with for-sale options and emphasize value, convenience, and service to sustain retention.
The average neighborhood school rating trends below national medians, an operational consideration for family-oriented households. Even so, amenity access, commute connectivity to the Syracuse employment base, and a meaningful renter share collectively support demand for well-managed, right-priced units.
Safety signals are mixed in comparative terms. The neighborhood’s overall crime profile trends better than many areas nationally (around the upper half by national percentile), and violent incidents benchmark strong at a high national safety percentile. However, recent year-over-year movement in property incidents indicates a noticeable uptick, which investors should monitor via ongoing data reviews and property-level measures. Among 247 Syracuse neighborhoods, the area does not rank at the very top for safety but compares favorably on violent crime, based on WDSuite’s market data.
Nearby employment nodes in the Syracuse corridor provide a stable commuter tenant base, with roles in payroll services and packaging supporting consistent housing demand within a reasonable drive of the property.
- ADP Syracuse — payroll & HR services (9.8 miles)
- WestRock — paper & packaging (11.9 miles)
Built in 1976, the 24-unit asset offers relative competitiveness versus older neighborhood stock while leaving room for targeted system upgrades or common-area refreshes to drive retention. Renter-occupied housing is substantial locally, and neighborhood occupancy at 86.6% indicates operational upside through focused leasing, marketing, and renewal strategy. Home values track below national medians, so pricing discipline and service differentiation are important to offset competition from more accessible ownership options. According to CRE market data from WDSuite, forward-looking household growth within 3 miles and a high national safety standing for violent crime support a steady tenant base over the medium term.
Positioning should emphasize value, convenience to Syracuse employment nodes, and consistent property operations. With measured capital planning and active lease management, the asset can compete effectively for workforce renters while navigating moderate demand and evolving neighborhood dynamics.
- 1976 vintage is newer than the area’s older stock, with selective modernization creating competitive lift.
- Neighborhood renter concentration supports depth of tenant demand for multifamily units.
- Occupancy at 86.6% suggests lease-up and renewal upside through disciplined operations.
- Proximity to Syracuse employers underpins commuter demand and retention potential.
- Risks: some competition from ownership options and a recent uptick in property incidents call for pricing discipline and active asset management.