| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 23rd | Poor |
| Demographics | 6th | Poor |
| Amenities | 54th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 81 Genesee St, Auburn, NY, 13021, US |
| Region / Metro | Auburn |
| Year of Construction | 1998 |
| Units | 99 |
| Transaction Date | 2017-08-15 |
| Transaction Price | $3,803,000 |
| Buyer | 81 GENESEE STREET LLC |
| Seller | LATTIMORE WCBB LLC |
81 Genesee St, Auburn NY Multifamily Investment Opportunity
Renter concentration in the surrounding neighborhood is high, supporting a stable tenant base for a 99‑unit asset, according to CRE market data from WDSuite. The 1998 vintage provides a competitive edge versus older local stock while still allowing for targeted modernization.
Amenities and daily needs are convenient at this address. Restaurants rank 2nd of 54 Auburn neighborhoods, grocery access ranks 4th of 54, and pharmacies 3rd of 54, indicating strong food and essentials coverage at the neighborhood level. Cafés and parks are limited locally, so on‑site common areas may be important for resident experience, a consideration supported by commercial real estate analysis from WDSuite.
Neighborhood occupancy is about 80.8% and has softened over the past five years, suggesting the importance of disciplined leasing and renewal strategies. However, the share of renter‑occupied housing is roughly two‑thirds (ranked 1st of 54), pointing to deep local renter demand that can support absorption for smaller unit mixes like this property’s average ~380 sf layouts.
Within a 3‑mile radius, demographics show households are roughly stable recently with forecasts indicating notable household growth and smaller household sizes by the next five years. That trajectory implies a larger tenant base and steady interest in efficient units, which can aid occupancy stability and leasing velocity.
Home values in the neighborhood are comparatively low for the metro, which can introduce some competition from entry‑level ownership. At the same time, moderate rent‑to‑income levels support lease retention and pricing discipline when managed carefully. The submarket’s older average vintage (1918; rank 46 of 54) underscores the relative competitiveness of 1990s product, while leaving room for targeted updates to further differentiate.
Safety conditions should be evaluated using multiple sources and time horizons. WDSuite does not publish a comparable neighborhood crime rank for this location in the current release, so investors may wish to review recent city and county trend data and compare it to broader Auburn and Cayuga County patterns for context.
A practical approach is to assess multi‑year trends, daytime versus nighttime activity, and proximity to well‑trafficked corridors, then align security and lighting plans with property operations.
Regional employers support renter demand via commutable jobs in packaging and paper, payroll and HR services, and life sciences. Nearby anchors include WestRock, ADP Syracuse, and Thermo Fisher Scientific.
- WestRock — packaging & paper (20.5 miles)
- ADP Syracuse — payroll & HR services (22.5 miles)
- Thermo Fisher Scientific In Fairport Ny — life sciences (43.0 miles)
The investment case centers on durable renter demand in a neighborhood with a high share of renter‑occupied units and convenient access to daily‑needs retail. The property’s 1998 construction is newer than most local stock, offering competitive positioning versus early‑20th‑century buildings and the potential to create additional value through selective interior and systems upgrades as components age. According to CRE market data from WDSuite, neighborhood occupancy has eased, emphasizing the importance of hands‑on leasing, renewals, and amenity programming.
Within a 3‑mile radius, forward estimates point to a larger household base and smaller average household sizes, which generally expands the renter pool for compact units and supports occupancy stability. Balanced affordability indicators suggest room for disciplined pricing while maintaining retention, with ownership costs low enough to monitor as a competitive factor.
- High renter concentration supports depth of tenant demand and lease‑up resilience.
- 1998 vintage competes well versus older neighborhood stock, with targeted upgrade potential.
- Daily‑needs access (food, grocery, pharmacy) ranks near the top among 54 metro neighborhoods, aiding retention.
- Demographic outlook within 3 miles indicates renter pool expansion via household growth and smaller household sizes.
- Risks: recent occupancy softness, limited parks/cafés locally, and some competition from entry‑level ownership.