| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Best |
| Demographics | 70th | Best |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 51 Evergreen Ln, Queensbury, NY, 12804, US |
| Region / Metro | Queensbury |
| Year of Construction | 2006 |
| Units | 64 |
| Transaction Date | 2006-06-26 |
| Transaction Price | $100,000 |
| Buyer | CEDAR HOUSING II LP |
| Seller | CEDARS DEVELOPMENT CO., L LC |
51 Evergreen Ln, Queensbury — 2006 64-Unit Multifamily
Stable neighborhood occupancy and a sizable renter-occupied base support consistent leasing, according to WDSuite’s CRE market data. Positioned in an inner-suburb pocket of the Glens Falls metro, the asset benefits from everyday amenities that help underpin retention.
Queensbury’s neighborhood fundamentals skew favorable for multifamily investors. The area posts a high neighborhood rating (A+) and is competitive among Glens Falls neighborhoods, with neighborhood-level occupancy around the top quartile nationally and above the metro median. Renter-occupied housing accounts for a substantial share of local units (renter concentration near one-half), indicating depth in the tenant base and supporting demand stability.
Amenities are a core strength: grocery and restaurant density ranks competitive among 78 metro neighborhoods (near the top tier locally), and café availability also scores well. Limited immediate park acreage suggests outdoor access may rely more on regional recreation, but day-to-day essentials are close by, which can bolster lease retention.
Demographic statistics aggregated within a 3-mile radius point to population growth in recent years with further gains projected, alongside a notable increase in households and a downshift in average household size. For multifamily, that combination typically expands the renter pool and supports occupancy stability for 1–2 bedroom product. Median home values sit in a moderate range for the region, which can introduce some competition from ownership, yet a measured rent-to-income profile implies manageable affordability pressure that supports renewals.
Vintage context: the neighborhood’s average construction year is 1974, while the subject’s 2006 delivery is comparatively newer. That positioning generally improves competitive standing against older stock; investors should still plan for routine modernization as systems age, but heavy near-term capital expenditure needs are less likely than with mid-century assets.
Safety trends are mixed in relative terms but improving. Within the Glens Falls metro (78 neighborhoods), the neighborhood’s crime ranking sits below the metro median, signaling it is not among the safest locally. However, national benchmarking places the area around the middle to somewhat favorable nationally. According to WDSuite’s CRE market data, both property and violent offense estimates declined sharply year over year, indicating positive momentum.
For underwriting, investors may treat the metro-relative position as a modest risk factor, balanced by recent improvement and a national standing that is closer to mid-to-above average. Emphasizing well-lit common areas, access control, and resident engagement typically supports retention in similar contexts.
Nearby employers provide a steady base of commuters that can support workforce housing demand and lease retention. Key drivers include McKesson and International Paper Company, reflecting healthcare distribution and paper products.
- McKesson — healthcare distribution (1.6 miles)
- International Paper Company — paper products manufacturing (39.5 miles)
The 64-unit, 2006-vintage property aligns with durable neighborhood fundamentals: strong neighborhood-level occupancy, a sizable renter-occupied share that supports a deep tenant base, and everyday amenities that enhance retention. The asset’s vintage is newer than the neighborhood average, offering competitive positioning versus older stock while still warranting planning for mid-life system upgrades. According to CRE market data from WDSuite, neighborhood performance indicators such as occupancy and amenity density compare favorably at the metro level, providing a supportive backdrop for consistent operations.
Within a 3-mile radius, recent population growth and a faster rise in household counts, alongside smaller household sizes, point to a gradually expanding renter pool. Ownership remains relatively accessible for the region, which can increase competition for some cohorts, yet a measured rent-to-income profile suggests manageable affordability pressure and room for disciplined rent management. Monitoring safety—improving but below the metro median—alongside standard capital planning should keep the risk profile balanced.
- Newer 2006 vintage versus local average, with competitive positioning and moderate capex needs
- Strong neighborhood occupancy and sizable renter concentration support demand stability
- Amenity-rich daily needs (grocery, dining, cafés) enhance retention potential
- Expanding 3-mile household base and smaller household sizes bolster the renter pool
- Risks: metro-relative safety positioning and competition from ownership; addressable via management and targeted upgrades