| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Best |
| Demographics | 33rd | Poor |
| Amenities | 11th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 323 S Washington St, Carthage, NY, 13619, US |
| Region / Metro | Carthage |
| Year of Construction | 1985 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
323 S Washington St, Carthage NY Multifamily Investment
Renter demand is supported by a high share of renter-occupied units and steady neighborhood occupancy, according to WDSuite’s CRE market data. The property s location within the Watertown Fort Drum region offers stable workforce housing fundamentals.
Carthage sits within the Watertown Fort Drum, NY metro and reflects small-town, rural dynamics. Neighborhood occupancy is about 93.6%, competitive among 68 metro neighborhoods and supportive of income stability for well-maintained assets. The area shows a high renter concentration (about 63.7% of housing units are renter-occupied), indicating a deep tenant base for multifamily operators.
Within a 3-mile radius, recent years saw modest household growth despite population contraction, suggesting smaller average household sizes and a steady flow of renters entering the market. Forward-looking projections point to increases in both households and population over the next five years, which should expand the local renter pool and support occupancy stability.
Local livability is mixed: park access benchmarks favorably versus national peers, while everyday amenities like groceries, cafes, and pharmacies are thinner than denser urban submarkets. School rating metrics trend below national norms; investors may wish to underwrite tenant demand more on proximity to employment and affordability than on school-driven preference.
Vintage context matters: the neighborhood s average construction year skews older (around 1930), while this asset s 1985 construction positions it as newer than much of the local stock. That typically helps competitiveness versus older walk-up inventory, though investors should still evaluate system upgrades and common-area modernization for leasing and retention. These dynamics, combined with moderate rents and a rent-to-income ratio near 0.18, suggest affordability that can aid lease retention and reduce turnover risk for operators conducting multifamily property research.
Safety indicators are mixed in context. Compared with neighborhoods nationwide, overall crime levels align modestly above the national midpoint, and property offenses have improved notably year over year. At the same time, recent data show a sharp year-over-year uptick in violent incidents from a low base. Taken together, the neighborhood is competitive within the Watertown Fort Drum metro but warrants standard operating practices on security, lighting, and resident screening to support retention.
For investors, the trend direction is as important as levels: property offense rates have moved downward, which can help perception and leasing, while the volatile violent-offense trend should be monitored in ongoing asset management. These comparisons reference ranks among 68 metro neighborhoods and national percentiles, per WDSuite s datasets.
This 24-unit property, built in 1985, benefits from a renter-heavy neighborhood and competitive occupancy levels, supporting cash flow durability relative to older local stock. The asset s vintage is newer than the neighborhood average, which can reduce near-term capital intensity versus pre-war inventory, though targeted system updates and interior refreshes may enhance leasing and retention.
Within a 3-mile radius, WDSuite indicates household growth alongside projections for population and household increases over the next five years, signaling a larger tenant base and potential for stable lease-up. Affordability appears supportive, with neighborhood rents benchmarking reasonably to incomes, which can aid renewal rates and pricing power when paired with prudent asset management and commercial real estate analysis.
- Renter-heavy neighborhood and competitive occupancy support demand depth
- 1985 construction offers an edge versus older local stock; value-add via targeted upgrades
- 3-mile forecasts point to renter pool expansion, aiding lease-up and retention
- Affordability relative to local incomes supports renewal probability and reduces turnover
- Risk: amenity scarcity and mixed safety trends require thoughtful operations and underwriting