| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 31st | Fair |
| Demographics | 50th | Good |
| Amenities | 5th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 36348 Penet Square Dr, La Fargeville, NY, 13656, US |
| Region / Metro | La Fargeville |
| Year of Construction | 1986 |
| Units | 24 |
| Transaction Date | 2011-10-01 |
| Transaction Price | $582,992 |
| Buyer | NORTH COUNTRY HOUSING |
| Seller | CONIFER LAFARGEVILLE ASSOCIATE |
36348 Penet Square Dr La Fargeville Multifamily Investment
Neighborhood occupancy is steady and schools test well relative to the region, suggesting durable renter demand near this 24-unit asset, according to WDSuite’s CRE market data. Metrics cited refer to the surrounding neighborhood rather than the property itself.
The property sits in a rural pocket of the Watertown–Fort Drum metro with limited retail and lifestyle density, but basic services are present and public schools rate strongly. The neighborhood’s average school rating is among the stronger performers in the metro (84th percentile nationally), which can support family-oriented tenancy and longer lease terms.
Occupancy in the neighborhood is above the metro median (rank 16 out of 68), and sits modestly above national midline by percentile. While amenities like cafes, parks, and restaurants are sparse, this submarket often serves residents seeking larger units and value-driven rents, which can underpin stable leasing even with fewer walkable options.
Renter-occupied housing represents roughly a quarter of neighborhood units (renter concentration 23.3%), indicating a smaller but identifiable tenant base for multifamily. Within a 3-mile radius, household counts have edged lower in recent years while average household size is shrinking; forward-looking 3-mile data indicates more households even as population trends soften, implying smaller household sizes and a possible expansion of the renter pool. These dynamics can support occupancy stability, though leasing may require targeted marketing to capture dispersed demand.
Ownership remains relatively accessible in this part of the metro (home values below national norms), which can compete with rentals. However, rent-to-income levels are favorable for operators (high national percentile for renter affordability), suggesting lower near-term retention risk and measured room for rent optimization, subject to unit quality and localized competition.
Vintage context matters: much of the surrounding housing stock skews older (average 1962). With a 1986 construction year, this asset is newer than the neighborhood norm, offering a relative competitive edge while still warranting planning for system upgrades and modernization to maintain positioning.
Safety indicators compare reasonably well in both metro and national context. Neighborhood crime sits above the metro median for safety among 68 Watertown–Fort Drum neighborhoods, and the area rates above the national midline by percentile. Property crime levels track similarly, landing above average versus neighborhoods nationwide.
Violent offense metrics are a relative bright spot: the neighborhood is in the top quartile nationally for low violent offense rates, and recent year-over-year trends show meaningful improvement. As always, investors should underwrite to submarket trends and property-specific measures rather than block-level assumptions.
This 24-unit property built in 1986 is newer than much of the local housing stock, which can reduce near-term capital intensity versus older comparables while creating a platform for targeted value-add. Neighborhood occupancy ranks in the top half of the Watertown–Fort Drum metro and sits modestly above national midline, supporting a base case of leasing stability. According to commercial real estate analysis from WDSuite, rents relative to income are favorable for operators in this neighborhood, indicating manageable affordability pressure and potential to capture value through renovations and disciplined rent management.
Investor considerations include a rural setting with sparse amenities, accessible homeownership that can cap pricing power, and demographic softness in the broader 3-mile radius. Even so, shrinking household sizes and a projected rise in the renter share within 3 miles point to a deeper tenant base over time, provided unit finishes and operations align with value-driven demand.
- 1986 vintage is newer than neighborhood average, supporting competitive positioning with focused modernization
- Neighborhood occupancy above metro median and around national midline supports baseline leasing stability
- Favorable rent-to-income dynamics suggest room for disciplined rent optimization tied to value-add
- Smaller household sizes and a projected increase in renters within 3 miles can deepen the tenant base
- Risks: rural amenity depth, accessible ownership competing with rentals, and soft population trends in the 3-mile area