| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 60th | Best |
| Amenities | 17th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 224 Leray St, Black River, NY, 13612, US |
| Region / Metro | Black River |
| Year of Construction | 1991 |
| Units | 25 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
224 Leray St Black River NY 25-Unit Multifamily
Stable neighborhood occupancy and a large nearby renter base point to consistent leasing potential, according to WDSuite’s CRE market data. The submarket’s rent-to-income dynamics suggest manageable affordability pressure that can support retention and measured rent growth.
Located in Black River within the Watertown–Fort Drum metro, the property sits in a suburban neighborhood rated A- and ranked 15 out of 68 metro neighborhoods, indicating competitive positioning locally. Neighborhood occupancy is reported near 91% (21 of 68), which is competitive among Watertown–Fort Drum neighborhoods and supportive of income stability for multifamily assets.
Livability signals are mixed but serviceable for workforce housing. Parks access ranks 7 of 68 (competitive locally), while broader amenities cluster around the metro median (overall amenity rank 22 of 68). Average school ratings are a relative strength, ranking 6 of 68 — top tier among metro peers and in the upper half nationally — which can aid long-term resident retention.
Tenure patterns point to a clear renter demand story. Within the neighborhood, an estimated 36.6% of housing units are renter-occupied, indicating a moderate renter concentration. Expanding the lens, demographics aggregated within a 3-mile radius show a predominantly renter-occupied housing stock and strong growth in households over the last five years, with additional growth projected — all of which broadens the tenant base and can support occupancy stability.
The asset’s 1991 vintage is newer than the neighborhood’s older housing stock (average 1945), providing relative competitiveness versus legacy properties. Investors should still underwrite routine modernization and systems updates common to early-1990s construction, but the age profile generally supports durable leasing against older comparables.
From a pricing and demand standpoint, neighborhood rents benchmark below national medians, while the rent-to-income ratio sits in the stronger half of metro peers (rank 14 of 68), reinforcing manageable affordability pressure. Combined with household growth in the 3-mile radius and steady neighborhood occupancy, these dynamics point to balanced near-term income with potential for operational upside through renovations and leasing execution.
Safety indicators are mixed when viewed across metro and national lenses. Relative to U.S. neighborhoods, violent-offense measures track in a stronger percentile (safer) and property-offense measures are around the national middle. Within the Watertown–Fort Drum metro, the neighborhood’s crime positioning trends closer to the weaker half (crime rank 59 out of 68), so investors should evaluate recent comps, property-level security practices, and insurer feedback during due diligence.
Recent one-year estimates indicate upticks in both violent and property offenses at the neighborhood level; short-term changes can be noisy, but they warrant monitoring. Framing this responsibly, investors might focus on on-site lighting, access control, and resident engagement, and compare incident trends to adjacent neighborhoods to contextualize risk.
This 25-unit asset benefits from competitive neighborhood occupancy, a deep renter pool within a 3-mile radius, and a 1991 vintage that out-positions much of the local housing stock. According to CRE market data from WDSuite, the neighborhood’s rent-to-income profile sits in the stronger half of metro peers, supporting retention and measured pricing power while keeping affordability pressure manageable.
Households and families in the surrounding 3-mile radius have expanded and are projected to continue growing, pointing to a larger tenant base and steady leasing velocity. While amenity density is modest and safety metrics within the metro warrant monitoring, school quality and park access compare well locally, and value-add improvements can further differentiate the property versus older comparables.
- Competitive neighborhood occupancy supports income stability relative to metro peers.
- 1991 construction offers an edge over older local stock, with targeted modernization upside.
- Growing 3-mile renter base and household expansion support sustained demand and leasing.
- Favorable rent-to-income dynamics underpin retention and measured rent growth potential.
- Risks: modest amenity density and mixed metro-relative safety trends require active asset management.