| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 78th | Best |
| Amenities | 13th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 59 Harris Rd, Troy, NY, 12182, US |
| Region / Metro | Troy |
| Year of Construction | 2000 |
| Units | 114 |
| Transaction Date | 2005-06-27 |
| Transaction Price | $155,530 |
| Buyer | HARVEST TROY RETIREMENT R ESIDENCE LLC |
| Seller | TROY RETIREMENT RESID LTD PTNRSHP |
59 Harris Rd, Troy NY Multifamily — Stable Renter Demand
Neighborhood fundamentals point to steady occupancy and a majority renter-occupied housing base, according to WDSuite’s CRE market data, supporting consistent tenant demand around this asset. Pricing sits in a middle-market context for Troy, which can aid retention without sacrificing revenue management.
Located in Troy’s inner-suburban fabric of the Albany–Schenectady–Troy metro, the neighborhood posts an A- rating with competitive occupancy relative to local peers (ranked 115 out of 295, indicating it is competitive among Albany–Schenectady–Troy neighborhoods). A majority of housing units are renter-occupied, signaling depth in the tenant base and supporting leasing velocity and renewal stability for multifamily investors.
The asset’s 2000 vintage is newer than the neighborhood’s older housing stock (average vintage 1963). For investors, that typically means stronger competitive positioning versus legacy product while still planning for incremental modernization of systems and common areas over a long hold.
Livability signals are mixed but workable for workforce renters. Immediate retail and dining density within the neighborhood is limited, while pharmacy access is comparatively strong (nationally above average). These dynamics point to car-oriented convenience rather than walk-to retail, which can influence amenity strategies on site (e.g., package, fitness, and remote work spaces).
Demographic statistics aggregated within a 3-mile radius show modest population growth alongside a faster increase in households and smaller average household size. That combination expands the renter pool and supports occupancy stability. Median home values sit in a mid-market band for the region, which helps sustain reliance on rental housing and can support consistent demand for well-managed units.
Safety indicators are nuanced. Relative to Albany–Schenectady–Troy neighborhoods, the area’s overall crime rank (34 out of 295) suggests less favorable standing versus metro peers and warrants routine risk management. Nationally, however, property offense levels compare well (high national percentile) with a recent year-over-year improvement, while violent offense measures score above the national median but have shown a recent uptick that investors should monitor over time.
Taken together, investors should underwrite standard security measures, emphasize lighting and visibility, and track trendlines rather than relying on any single-year reading.
Regional employers within commuting range help underpin renter demand, notably in technology and healthcare distribution. The proximity to IBM and McKesson supports a diversified workforce draw that can aid lease-up and retention.
- IBM — technology & services (10.4 miles)
- McKesson — healthcare distribution (38.0 miles)
This 114-unit property positions investors in a renter-heavy Troy neighborhood where occupancy has been competitive among metro peers and household formation trends within a 3-mile radius point to a larger tenant base over time. The 2000 construction is newer than much of the area’s housing stock, offering relative competitiveness versus older product while leaving room for targeted value-add through modernization.
According to CRE market data from WDSuite, neighborhood income and rent levels align with a middle-market profile that can support retention and measured pricing power. Limited immediate retail density suggests on-site amenity programming may be particularly impactful, while metro-relative safety signals are mixed and merit ongoing monitoring in underwriting.
- Competitive neighborhood occupancy and majority renter-occupied housing support steady tenant demand
- 2000 vintage outpositions older local stock with potential for targeted value-add
- 3-mile household growth and smaller household sizes expand the renter pool and support stability
- Middle-market rents and incomes aid retention while allowing disciplined revenue management
- Risks: limited immediate retail density and mixed metro-relative safety trends require active management