| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 60th | Best |
| Amenities | 17th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 120 Stone Dr, Black River, NY, 13612, US |
| Region / Metro | Black River |
| Year of Construction | 1982 |
| Units | 34 |
| Transaction Date | 2021-08-31 |
| Transaction Price | $2,500,000 |
| Buyer | 120 STONE DRIVE LLC |
| Seller | RMRP ENTERPRISES LLC |
120 Stone Dr, Black River Multifamily Investment
Neighborhood occupancy is competitive among Watertown–Fort Drum neighborhoods, according to WDSuite’s CRE market data, and a large renter pool within a 3-mile radius supports demand durability.
Positioned in Black River (Watertown–Fort Drum, NY), the neighborhood carries an A- rating and ranks 15 out of 68 metro neighborhoods, indicating performance above the metro median. Neighborhood occupancy trends are competitive (90.8%), which helps support income stability at similar garden and low-rise assets nearby.
The property was built in 1982, newer than the neighborhood’s older housing stock (average 1945). That vintage can offer an edge versus prewar inventory while still warranting targeted modernization and systems upgrades to enhance positioning and reduce near-term capital surprises.
Renter-occupied share within the neighborhood is moderate, while demographics aggregated within a 3-mile radius show a high concentration of renter-occupied units alongside recent growth in population and households. This combination points to a deeper tenant base and supports leasing velocity and retention.
Local livability is mixed: parks access ranks favorably in the metro (7 of 68; above national midpoint), while cafes, groceries, and pharmacies are sparse in the immediate area. Average school ratings sit above the metro median, reinforcing broader family-oriented appeal without signaling premium pricing pressure.
Home values in the neighborhood are relatively accessible compared with high-cost coastal markets, which can introduce some competition from ownership options. However, a low rent-to-income ratio at the neighborhood level supports pricing power and lease management flexibility without materially increasing retention risk.
Safety indicators are mixed in a way typical for the region. Overall crime levels track below the national midpoint, while violent offense rates are comparatively better than national norms. Property crime trends sit near the national middle, with a recent uptick noted in the most recent year. These signals suggest investors should underwrite to standard security measures and active property management rather than assume either premium safety or elevated risk.
This 34-unit, 1982-vintage multifamily asset benefits from a competitive neighborhood standing within the Watertown–Fort Drum metro and a sizable 3-mile renter pool that supports occupancy stability. The building’s newer-than-average vintage versus local housing stock provides relative competitiveness, with value-add potential through selective renovations and building systems updates.
According to CRE market data from WDSuite, neighborhood occupancy is competitive and rent-to-income levels are favorable for disciplined rent management, while 3-mile population and household growth point to ongoing renter pool expansion. Balanced against these strengths, limited nearby retail amenities and mixed but manageable safety trends warrant pragmatic underwriting and an emphasis on operational execution.
- Competitive neighborhood standing within the metro supports stable leasing
- 1982 vintage is newer than local stock, with value-add potential via targeted upgrades
- Large 3-mile renter pool and recent growth underpin demand depth
- Favorable rent-to-income dynamics support measured pricing power
- Risks: thinner amenity base and mixed safety signals require active management