| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Best |
| Demographics | 48th | Fair |
| Amenities | 30th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 21 Jay St, Glens Falls, NY, 12801, US |
| Region / Metro | Glens Falls |
| Year of Construction | 1975 |
| Units | 83 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
21 Jay St, Glens Falls Multifamily Investment
Occupancy in the surrounding neighborhood trends above metro norms, supporting steady renter demand, according to WDSuite’s CRE market data. This location favors cash flow stability over outsized growth, with fundamentals that suit long-hold investors informed by disciplined commercial real estate analysis.
The property sits in an Inner Suburb setting of Glens Falls, NY, where neighborhood occupancy ranks 18 out of 78—top quartile among metro neighborhoods—and above the national midpoint. A high share of renter-occupied housing (ranked 2 of 78; top decile nationally) indicates a sizable tenant base that can support leasing velocity and reduce downtime between turns.
Local amenity access skews toward dining and leisure: restaurants and parks rank 2 of 78 each and cafes rank 1 of 78, placing the area in the upper bands nationally for these categories. By contrast, immediate access to grocery and pharmacy options is limited within the neighborhood, so residents likely rely on nearby submarkets for daily goods—an operational consideration for marketing and retention.
Demographics aggregated within a 3-mile radius show population growth over the past five years with further expansion projected, alongside an increase in total households. This points to a gradually expanding renter pool and supports occupancy stability. Median incomes in the 3-mile area have risen meaningfully, which can underpin rent collections, while the median contract rent remains positioned for workforce tenants rather than luxury product.
Home values in the neighborhood sit below many coastal markets, suggesting a more accessible ownership landscape relative to high-cost metros. For investors, that can mean some competition from for-sale options, but it also reinforces the role of quality, well-managed rentals as a pragmatic choice—particularly when paired with convenient amenities and stable occupancy.
The average neighborhood construction year trends older (1940s), while this asset’s 1975 vintage is newer than much of the surrounding stock. That can provide a competitive edge versus pre-war buildings, though investors should still plan for targeted modernization of systems and finishes to sustain rentability and reduce future capital surprises.
School ratings in the neighborhood benchmark below national averages, which may modestly shape unit mix appeal for family renters. Positioning toward workforce singles and couples, while maintaining family-capable floor plans, can balance demand across segments.
Safety indicators are mixed but generally favorable in a national context. Violent-offense measures track in the higher national percentiles (safer relative to many neighborhoods nationwide), and recent year-over-year trends show improvement. Within the Glens Falls metro, however, the neighborhood’s crime rank is closer to the low end (ranked 7 among 78 metro neighborhoods), signaling that investors should maintain standard property-level security practices and monitor local patterns, particularly around property offenses.
For underwriting, this translates to typical risk management—lighting, access control, and community engagement—rather than extraordinary measures, while recognizing that conditions can vary by block and over time.
Nearby employers provide a diversified base for renter demand, anchored by healthcare distribution and manufacturing offices within commuting distance.
- McKesson — healthcare distribution (2.4 miles)
- International Paper Company — manufacturing corporate offices (42.1 miles)
This 83-unit asset at 21 Jay St benefits from a neighborhood with top-quartile metro occupancy and a deep renter base, supporting durable leasing and cash flow. According to CRE market data from WDSuite, the area’s dining and park access outperform metro peers, which strengthens renter appeal even as grocery and pharmacy options are less concentrated in the immediate vicinity. The 1975 vintage is newer than much of the local stock, creating a position to capture demand with targeted upgrades rather than wholesale repositioning.
Within a 3-mile radius, population and household counts have increased and are projected to continue rising, expanding the tenant pool. Ownership costs are comparatively accessible versus high-cost metros, which can introduce some competition from for-sale options; however, balanced rent levels and workforce positioning help sustain occupancy. Investors should account for routine capex typical of a 1970s building and monitor neighborhood safety and school-quality perceptions in marketing and retention strategies.
- Top-quartile metro occupancy and high renter concentration support leasing stability
- Amenity-rich for dining and parks, enhancing renter appeal and retention
- 1975 vintage offers value-add via targeted modernization versus older local stock
- 3-mile population and household growth expands the long-term renter pool
- Risks: limited nearby groceries/pharmacies, below-average school ratings, and typical 1970s capex needs