| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 37th | Fair |
| Demographics | 58th | Fair |
| Amenities | 30th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 124 Ferry St, Troy, NY, 12180, US |
| Region / Metro | Troy |
| Year of Construction | 2012 |
| Units | 55 |
| Transaction Date | 2011-08-01 |
| Transaction Price | $131,100 |
| Buyer | HEDLEY UNITED |
| Seller | CITY OF TROY |
124 Ferry St, Troy NY Multifamily Investment
Newer 2012 construction in a renter-heavy neighborhood supports durable demand and competitive positioning, according to WDSuite’s CRE market data. Expect stable leasing potential driven by a deep tenant base, with pricing leverage best achieved through careful asset and lease management.
The property sits in Troy’s Inner Suburb area, rated B- and positioned around the metro median among 295 Albany–Schenectady–Troy neighborhoods. Dining access is a relative strength, with restaurants performing in the upper tier nationally, while daily-needs retail like groceries, pharmacies, and parks are thinner within the neighborhood footprint and more commonly reached by a short drive. Childcare density ranks high versus peers, which can support family-oriented renter demand.
Neighborhood occupancy is measured at the neighborhood level and has trailed national norms, signaling that lease-up and renewal execution matter for maintaining performance. Counterbalancing this, the share of renter-occupied housing units is high (renter concentration ranks in a top national band), indicating depth in the tenant pool and sustained multifamily demand. For investors, this mix suggests thoughtful marketing and unit positioning can capture demand even when broader neighborhood occupancy reads softer.
Demographics aggregated within a 3-mile radius indicate modest population growth historically with households expanding and projected to increase further, pointing to a gradually larger tenant base. Income trends have been rising, and rent levels in the area remain manageable relative to household earnings, which can support retention and reduce turnover volatility. Based on commercial real estate analysis from WDSuite, forward household growth and an expanding middle-income cohort should reinforce renter pool expansion over the medium term.
Ownership costs in the immediate area are lower than many national peers, which can introduce some competition from entry-level ownership. However, that dynamic also supports multifamily as a comparatively flexible, accessible option, helping sustain demand for quality, well-located rentals. The subject asset’s 2012 vintage is materially newer than the neighborhood’s older housing stock, enhancing competitive appeal versus nearby alternatives while still warranting routine system upgrades over time.
Recent safety indicators compare favorably at the national level, with the neighborhood landing in a top decile band for lower estimated violent and property offense rates compared with neighborhoods nationwide. Year-over-year trends point to notable declines in estimated incident rates, which, if sustained, can support renter confidence and leasing stability. These are neighborhood-level signals and may vary by block; investors should corroborate with current, property-specific diligence.
Nearby employers provide a diversified white-collar employment base that supports renter demand and commute convenience for residents, including technology and healthcare distribution offices noted below.
- IBM — technology & services (6.3 miles)
- McKesson — healthcare distribution (41.8 miles)
Built in 2012 with 55 units averaging roughly 940 square feet, the asset offers a meaningfully newer profile than the surrounding housing stock, positioning it well against older comparables while requiring typical mid-life capital planning over the hold. According to CRE market data from WDSuite, the neighborhood shows high renter concentration and restaurant amenity strength, with modest 3-mile household growth supporting a larger tenant base and steady absorption potential.
Neighborhood-level occupancy reads softer than national norms, so underwriting should emphasize leasing execution and renewal management. That said, rent-to-income dynamics are manageable for the area, which can aid retention and stabilize cash flows, while the newer vintage provides a competitive edge for unit quality and operational efficiency relative to older local stock.
- 2012 construction offers competitive quality versus older neighborhood stock with prudent mid-life capex planning.
- High renter concentration indicates depth of tenant demand and supports leasing resilience.
- 3-mile household growth and rising incomes point to a gradually expanding renter base.
- Manageable rent-to-income dynamics can support retention and revenue stability.
- Risks: neighborhood occupancy trends trail national norms; limited on-foot daily-needs retail requires careful amenity positioning and leasing strategy.