| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 48th | Fair |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 68 Lock St, Phoenix, NY, 13135, US |
| Region / Metro | Phoenix |
| Year of Construction | 1989 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
68 Lock St Phoenix NY Multifamily Investment
1989-built, 24-unit asset positioned in a renter-heavy neighborhood with stable day-to-day conveniences, according to WDSuite's CRE market data. Newer vintage versus the area's older housing stock supports competitive positioning with scope for targeted modernization.
Neighborhood fundamentals are comparatively solid within the Syracuse metro: the area ranks 79 out of 247 neighborhoods, which is above the metro median and competitive among Syracuse neighborhoods. Day-to-day convenience is supported by groceries and dining density (both stronger than many neighborhoods nationally), while parks, pharmacies, and childcare options are sparse locally, indicating a more utilitarian amenity mix.
For multifamily demand, the renter-occupied share of housing units is elevated for the metro (44.7% renter concentration; rank 31 of 247), which points to a deeper tenant base even as the neighborhood occupancy level sits below the metro midpoint. Median contract rents sit near national mid-range levels, and a rent-to-income profile that is not overly stretched can aid retention and steady leasing.
Demographics within a 3-mile radius show recent population and household declines over the last five years, but forecasts point to a return to growth by 2028 with a larger household count and smaller average household size, supporting a broader tenant base. Rising incomes are also projected, which can underpin rent growth and support occupancy stability, though an increase in owner-occupied share could mean more competition from ownership options over time. These dynamics make ongoing multifamily property research important for pricing and unit-mix strategy.
Vintage context matters: with an average neighborhood construction year around 1913, a 1989 property is newer than much of the surrounding stock. That positioning can help leasing against older comparables, while investors should plan for selective modernization and system updates typical for assets of this age to sustain competitiveness.
Schools in the broader area trend below national averages and neighborhood safety metrics are generally favorable versus national benchmarks (see Safety), which together suggest careful underwriting on tenant profile, marketing, and amenity upgrades to reinforce leasing performance.
Safety indicators compare favorably against national patterns. The neighborhood's overall crime positioning is stronger than many U.S. neighborhoods (national safety percentile around the upper half), and violent offense metrics sit in the top decile nationally, with a recent year-over-year improvement. Within the Syracuse metro, the area places in the safer cohort (rank 61 out of 247), indicating above-metro-average safety compared with peer neighborhoods.
That said, property offenses rose materially in the most recent year, a trend to monitor through local reports and leasing feedback. Prudent measures such as lighting, access control, and resident engagement can help maintain on-site perceptions and support retention.
Nearby employers provide a diversified employment base that supports renter demand and commute convenience, notably in payroll/HR services and packaging/manufacturing.
- ADP Syracuse — payroll and HR services (10.2 miles)
- WestRock — packaging manufacturing (12.4 miles)
This 24-unit, 1989-vintage asset benefits from a renter-leaning neighborhood, everyday amenities, and relative competitiveness versus older local stock. According to CRE market data from WDSuite, neighborhood performance sits above the metro median, while the renter-occupied share is high for the area, pointing to durable demand depth. The asset's newer vintage versus the local average suggests an edge in leasing with targeted modernization to sustain rentability.
Within a 3-mile radius, recent softness in population and households is expected to give way to growth alongside higher projected incomes, supporting rent levels and occupancy stability. Ownership remains relatively accessible in this market, so operators should balance pricing power with retention strategy; meanwhile, safety compares well nationally, though the recent uptick in property offenses warrants monitoring and pragmatic on-site measures.
- Renter-heavy neighborhood supports demand depth and leasing stability
- 1989 vintage is newer than much of the area, enabling competitive positioning with targeted upgrades
- Forecasted household and income growth (3-mile) supports rent growth and occupancy over time
- Risks: below-metro occupancy, rising property offenses, and competition from ownership options require active asset management