| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 78th | Best |
| Amenities | 13th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9 Gurley Ave, Troy, NY, 12182, US |
| Region / Metro | Troy |
| Year of Construction | 2000 |
| Units | 24 |
| Transaction Date | 2021-06-01 |
| Transaction Price | $7,075,000 |
| Buyer | DRT I HSNG DEV FUNDE CORP |
| Seller | GURLEY HSNG ASSOC LP |
9 Gurley Ave Troy Multifamily Opportunity, 2000 Vintage
Neighborhood occupancy has trended solidly with a high renter-occupied share, supporting demand resilience according to WDSuite s CRE market data. Newer construction relative to area stock positions the asset to compete for tenants while planning for system updates over the hold.
Located in Troy s Inner Suburb, the property sits in a neighborhood rated A- with occupancy that has been above national averages (ranked 115 out of 295 metro neighborhoods; 65th percentile nationally). Renter-occupied housing accounts for a majority of units locally (54.2%), indicating a deep tenant base for multifamily and supporting stable leasing.
The asset s 2000 construction is newer than the area s average vintage (1963), which helps competitive positioning versus older stock. Investors should still plan for targeted modernization and capital planning typical of a 2000-vintage building to maintain leasing velocity and tenant retention.
Local amenity density within the immediate neighborhood is thin for cafes, groceries, restaurants, and parks, while pharmacy access scores stronger (around the 77th percentile nationally). This mix suggests car-oriented convenience with essential services reachable, though limited walkable lifestyle offerings may modestly temper premium rent capture.
Within a 3-mile radius, demographic statistics show modest population growth and a larger increase in households over the last five years, pointing to smaller average household sizes and a gradually expanding renter pool. Forward-looking projections indicate additional household growth by 2028, which should expand the tenant base and support occupancy. Median home values sit in a mid-market range, and rent-to-income levels are manageable, which together can aid lease retention and pricing discipline. Based on commercial real estate analysis from WDSuite, neighborhood NOI per unit trends rank in the top decile locally, signaling operational strength for well-run assets.
Safety performance is mixed when viewed across geographies. Relative to the Albany Schenectady Troy metro, the neighborhood ranks 34th out of 295 neighborhoods on crime, placing it in the higher-crime tier locally and warranting prudent security and asset management practices. Nationally, overall safety aligns above average (around the 60th percentile), suggesting the area compares favorably to many U.S. neighborhoods.
Property-related offenses are comparatively low by national standards (top decile nationally), while violent offense levels sit in a stronger-than-average position (around the 79th percentile). However, recent year-over-year movement in violent incidents has trended unfavorably, a risk factor to monitor as part of underwriting and ongoing operations.
Regional employment is anchored by nearby corporate offices that broaden the commuter tenant base and support retention for workforce housing, including IBM and McKesson.
- IBM technology services (9.7 miles)
- McKesson healthcare distribution (38.5 miles)
This 24-unit, 2000-vintage asset benefits from a renter-leaning neighborhood, above-average occupancy at the neighborhood level, and mid-market ownership costs that sustain reliance on multifamily rentals. The building s newer vintage versus the area s older housing stock provides competitive positioning, while prudent capital planning for modernization can enhance value and reduce turnover risk. According to CRE market data from WDSuite, neighborhood operations show strong relative NOI performance, supporting a case for durable income if management executes on tenant experience and expense control.
Within a 3-mile radius, modest population expansion alongside faster household growth suggests a gradually expanding tenant base and smaller household sizes favorable for multifamily absorption. Limited immediate-walkability amenities and metro-relative safety positioning are underwriting considerations, but pharmacy access and regional employers underpin steady commuter demand.
- Newer-than-area vintage (2000) supports competitive leasing; plan targeted modernization to sustain performance
- Renter-occupied share is the neighborhood majority, indicating depth in tenant demand and stable occupancy
- Neighborhood operations rank strongly on NOI per unit, aligning with income-focused strategies
- Expanding households within 3 miles point to a growing renter pool and leasing resiliency
- Risks: thinner walkable amenities and higher-crime tier locally (vs. metro) warrant conservative underwriting and active management