| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Best |
| Demographics | 45th | Fair |
| Amenities | 15th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 63 Madison St, Carthage, NY, 13619, US |
| Region / Metro | Carthage |
| Year of Construction | 1986 |
| Units | 54 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
63 Madison St, Carthage NY — 54-Unit Multifamily Opportunity
Positioned for durable renter demand in the Watertown–Fort Drum region, this 1986 vintage asset offers scale and family-sized layouts that can support occupancy stability, according to WDSuite’s CRE market data.
The property sits in a B+ rated, Suburban neighborhood in the Watertown–Fort Drum, NY metro, ranked 22 out of 68 neighborhoods — competitive among metro peers. Neighborhood occupancy is around 89%, with a five‑year uptrend, suggesting steady leasing conditions rather than boom‑and‑bust dynamics.
Renter-occupied share in the neighborhood is about 53%, placing it in a high national percentile and indicating a deep tenant base for multifamily. Median contract rents are mid‑market for the area, and a rent‑to‑income ratio near 20% points to manageable affordability pressure that can support retention. Home values are comparatively accessible for the region, which can introduce some competition with ownership; thoughtful positioning and amenities can help sustain pricing power.
Amenities are modest locally: grocery access is reasonable within the metro context, while cafes, parks, childcare, and pharmacies are limited. This pattern underscores the importance of on‑site convenience features and property management as demand drivers. The average neighborhood construction year skews older (early 1900s), while this property’s 1986 vintage is newer than much of the surrounding stock, offering relative competitive positioning even as building systems may warrant ongoing modernization.
Within a 3‑mile radius, demographics show a slight population dip in recent years alongside an increase in households, signaling smaller household sizes and sustained rental demand. Forward‑looking projections indicate potential renter pool expansion and income gains through the medium term, which, based on multifamily property research from WDSuite, can support occupancy stability and measured rent growth if execution aligns with local demand.
Safety indicators compare favorably at the national level but are mixed locally. The neighborhood scores above the national average for safety overall, yet its crime rank sits below the metro median (rank 45 among 68), indicating it is not among the metro’s safest sub‑areas. Violent incidents trend in a better direction year over year, while property offenses track closer to national averages with a recent uptick.
For investors, this suggests standard risk controls are appropriate: effective lighting, access control, and community engagement programs can help reinforce on‑site safety and support leasing and retention relative to comparable Watertown–Fort Drum neighborhoods.
This 54‑unit property, built in 1986, is newer than much of the surrounding housing stock and offers large average unit sizes that can appeal to family and roommate households. Neighborhood occupancy trends are steady and the renter concentration is high, supporting depth of demand. According to CRE market data from WDSuite, mid‑market rents and a moderate rent‑to‑income profile support lease retention, while relatively accessible ownership costs in the area may require focused positioning to sustain pricing power.
Looking ahead, within a 3‑mile radius, household counts are increasing and projections point to a larger tenant base and rising incomes, which can support stable occupancy and selective value‑add strategies. Given the 1986 vintage, investors should plan for targeted system upgrades and modernization to maintain competitiveness versus older neighborhood stock and to capitalize on unit size advantages.
- High renter concentration locally supports demand depth and occupancy stability.
- 1986 vintage and larger unit sizes offer competitive positioning versus older neighborhood stock.
- Mid‑market rents and moderate rent‑to‑income dynamics aid lease retention and pricing management.
- 3‑mile projections indicate a growing tenant base and rising incomes supporting long‑term fundamentals.
- Risk: relatively accessible ownership options may compete with renting; disciplined amenity and operations strategy is important.