| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Best |
| Demographics | 45th | Fair |
| Amenities | 15th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 38 N Broad St, Carthage, NY, 13619, US |
| Region / Metro | Carthage |
| Year of Construction | 1986 |
| Units | 27 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
38 N Broad St Carthage Multifamily Investment
Neighborhood fundamentals point to steady renter demand supported by a competitive occupancy backdrop and a renter-occupied housing share above local norms, according to WDSuite’s CRE market data. Positioned in the Watertown–Fort Drum metro, the asset offers durable workforce appeal without relying on premium rent levels.
Carthage sits within the Watertown–Fort Drum, NY metro and this neighborhood carries a B+ rating (ranked 22 of 68), indicating it is competitive among Watertown–Fort Drum neighborhoods rather than a fringe outlier. Local occupancy is measured for the neighborhood at 89% and has improved over the last five years; that stability supports income resilience for properties positioned with practical finishes and serviceable amenities.
Renter concentration is measured as the share of housing units that are renter-occupied at 53% (high relative to national norms, 90th percentile). For investors, that depth of renter households points to a larger tenant base and supports leasing continuity even when individual employers cycle. Median contract rents in the neighborhood track near the middle of national comparisons, helping sustain demand without overextending affordability.
Within a 3-mile radius, households have grown modestly in recent years and are projected to expand further by 2028, implying a larger tenant base and potential support for occupancy stability. While the recent population trend was mixed, forecasts call for growth alongside rising median incomes, reinforcing payment capacity and measured rent growth potential. This aligns with multifamily property research indicating that household expansion typically bolsters leasing performance when paired with attainable rent levels.
The building stock nearby skews older (average vintage 1917; rank 50 of 68), while this property was constructed in 1986. Newer relative positioning can enhance competitiveness versus pre-war assets, though investors should still plan for ongoing system updates and selective renovations to maintain curb appeal and retention. Amenities are limited at the block level (few cafes, parks, or childcare options), but neighborhood-serving groceries are present, offering day-to-day convenience without requiring urban-level densities.
Home values in the neighborhood sit below national averages, which can invite some competition from ownership alternatives. Even so, the strong renter-occupied share and mid-market rents suggest a stable renter pool and manageable retention risk. Lease management that emphasizes value, reliability, and responsiveness typically performs well in similar cost-to-own environments.
Neighborhood safety indicators are mixed to slightly favorable in a national context. The neighborhood’s overall crime placement trends better than the U.S. average (around the 59th percentile nationally), and violent offense measures sit stronger (about the 70th percentile nationwide). In the Watertown–Fort Drum metro context, the neighborhood’s crime rank is 45 out of 68; this places it below the metro median and signals room for further improvement.
Recent movement in violent offenses has been directionally positive, with the latest year showing a notable decline. Property offenses track closer to national mid-range levels. For investors, this mix suggests perceptions that can continue to improve with steady community engagement and effective on-site operations, while underwriting should remain conservative and account for submarket variability across the metro’s 68 neighborhoods.
Built in 1986 with 27 units, the property is newer than much of the surrounding housing stock and can compete well against older assets while benefiting from selective upgrades. The neighborhood posts competitive occupancy among 68 Watertown–Fort Drum neighborhoods and a high share of renter-occupied housing units, supporting tenant depth and lease-up durability. Based on CRE market data from WDSuite, rent levels sit near national mid-range, which helps sustain demand without relying on premium pricing.
Within a 3-mile radius, forecasts point to growth in population and households by 2028, indicating a larger tenant base and support for occupancy stability. Ownership costs locally are relatively accessible, so disciplined renovations and value-forward positioning are important to limit competition from for-sale options while maintaining pricing power through service and reliability.
- Competitive neighborhood occupancy and high renter-occupied share support demand stability
- 1986 vintage offers relative edge versus older stock with targeted value-add potential
- Forecast growth in 3-mile population and households expands the tenant base
- Mid-range rent positioning supports leasing and reduces reliance on top-of-market pricing
- Risk: limited nearby amenities and accessible for-sale housing require disciplined operations and amenity strategy