| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 21st | Fair |
| Demographics | 40th | Fair |
| Amenities | 15th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1 E High St, Norfolk, NY, 13667, US |
| Region / Metro | Norfolk |
| Year of Construction | 1991 |
| Units | 25 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1 E High St, Norfolk NY — 25-Unit Multifamily Opportunity
Stable small-town renters and modest ownership costs point to durable workforce housing demand, according to WDSuite’s CRE market data. This rural location favors steady occupancy over outsized growth in a submarket where lease-up velocity hinges on value and management execution.
The property sits in a rural neighborhood of the Ogdensburg–Massena metro with a B- neighborhood rating (ranked around the metro midpoint among 76 neighborhoods). Local amenities are limited by national standards, though restaurants and basic groceries are present at levels closer to the national middle, per WDSuite. For investors, this suggests day-to-day convenience without the premium pricing that often comes with dense amenity clusters.
Typical buildings nearby skew older (average vintage 1928), while this asset was built in 1991. The newer vintage versus the area stock can offer competitive positioning with fewer near-term capital items than pre-war product, while still leaving room for targeted value-add (systems modernization, interiors, curb appeal) to differentiate within an aging competitive set.
Neighborhood occupancy has been softer in recent years and below national leaders, underscoring the importance of hands-on leasing and tenant retention. However, renter-occupied housing share in the neighborhood sits above the national median, indicating a meaningful base of renters to draw from. Median contract rents remain low for the region, supporting payment performance and renewal potential rather than aggressive rent pushes, a balance noted in WDSuite’s multifamily property research.
Within a 3-mile radius, population and household counts declined in the prior five years, yet projections point to a return to growth by the late-forecast period, expanding the local renter pool. Coupled with rising household incomes in the radius, this trend supports a larger tenant base over time, though near-term leasing plans should assume steady, value-oriented demand rather than rapid absorption.
Ownership costs remain comparatively accessible in this area. Elevated value-to-income affordability for buyers can introduce some competition with homeownership, but relatively low rent-to-income levels help sustain renter reliance on multifamily for convenience and flexibility. The investor takeaway: prioritize resident retention, service quality, and cost control to translate demand stability into NOI consistency.
Comparable neighborhood-level crime benchmarks are not available in the dataset for this location. Investors should evaluate city and county trend reports and compare them with nearby Ogdensburg–Massena neighborhoods for context, focusing on multi-year trajectories rather than single-year snapshots.
Practical underwriting approaches include validating after-hours activity around the asset, coordinating with local law enforcement for recent trend summaries, and aligning security measures (lighting, access controls) with property scale and resident expectations.
1 E High St offers 25 units built in 1991, positioning it newer than much of the area’s housing stock. The location serves a renter base that values attainable pricing and convenience, with neighborhood rent levels supporting retention and collections over outsized rent growth. According to CRE market data from WDSuite, neighborhood occupancy has trended softer, so execution around leasing, renewals, and modest value-add can be the primary levers for durable returns.
Demographic data aggregated within a 3-mile radius shows past population and household contraction but a forward view that points to expansion, implying a larger tenant base ahead. Given accessible ownership costs, multifamily remains competitive when it delivers quality, predictable operations, and thoughtful upgrades. Investors should model steady cash flow with selective capital plans to enhance durability and differentiation versus older nearby stock.
- Newer-than-area vintage (1991) relative to older neighborhood stock supports competitive positioning with targeted value-add.
- Attainable rents and low rent-to-income levels favor renewal and payment performance over aggressive pricing.
- Forecast growth within 3 miles suggests a gradually expanding renter pool to support occupancy stability over time.
- Operational focus—leasing discipline, resident service, and expense control—aligns with rural market fundamentals.
- Risk: softer neighborhood occupancy and limited amenity depth require proactive management to sustain NOI.