| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Best |
| Demographics | 60th | Best |
| Amenities | 35th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1010 Washington St, Watertown, NY, 13601, US |
| Region / Metro | Watertown |
| Year of Construction | 1978 |
| Units | 101 |
| Transaction Date | 2016-11-10 |
| Transaction Price | $3,828,110 |
| Buyer | HKBBE APARTMENTS HOUSING DFC |
| Seller | EMMA SCHLEY HOUSING |
1010 Washington St Watertown Multifamily Investment
Neighborhood occupancy has been stable with durable renter demand, according to WDSuite’s CRE market data.
Positioned in Watertown’s inner-suburban fabric, the neighborhood scores an A and ranks 6th out of 68 metro neighborhoods—placing it in the top quartile among Watertown-Fort Drum, NY locations. That relative standing reflects balanced livability and fundamentals that support renter retention and steady leasing.
Everyday convenience is a local strength: grocery and pharmacy access are competitive among Watertown-Fort Drum neighborhoods (each ranked within the top decile locally), and both sit around the upper national percentiles. Café and park density are limited, which tilts daily needs toward practical errands over lifestyle destinations—an acceptable trade-off for workforce-oriented multifamily.
Rent levels in the neighborhood sit around the national middle, and have risen over the past five years while the rent-to-income ratio remains moderate. This combination points to manageable affordability pressure—helpful for lease renewal prospects and measured pricing power. Neighborhood occupancy is in the low 90% range with an upward five-year trend, supporting stability.
Within a 3-mile radius, approximately a majority of housing units are renter-occupied, indicating a sizable tenant base that helps underpin absorption and ongoing demand for multifamily units. Over the last five years, population edged down while household counts increased, a pattern consistent with smaller household sizes. Looking ahead to 2028, 3-mile household counts are projected to continue rising, expanding the local renter pool and supporting occupancy.
School quality in the neighborhood trends modest versus national benchmarks, which can affect family-driven demand but is less determinative for workforce housing. For investors, the overall profile—top-quartile local positioning, everyday retail access, and a resilient renter base—translates into competitive leasing dynamics compared with many metro peers.
Safety indicators are mixed but improving. Relative to the 68 neighborhoods in the Watertown-Fort Drum, NY metro, this area sits below the metro median for safety. Nationally, overall conditions position near the middle of the pack, with property-related incidents higher than average but trending down.
Recent trajectory is a constructive signal: estimated property and violent offense rates have declined year over year, with improvement pacing ahead of many neighborhoods nationwide. For investors, the directional trend lowers operational risk over time, though prudent security measures and resident engagement remain advisable.
Built in 1978, the asset is newer than much of the local housing stock, which skews early 20th century. That vintage positioning can offer competitive appeal versus older properties while still leaving room for targeted modernization to enhance rents and retention. Neighborhood occupancy sits around the low 90% range and has trended upward, indicating steady demand. According to CRE market data from WDSuite, local rent levels are near the national middle with a moderate rent-to-income burden—factors that support renewal rates and measured pricing power.
Within a 3-mile radius, a majority of housing units are renter-occupied and household counts have increased despite a small population dip, reflecting smaller household sizes and a broader renter pool. Projections show additional household growth by 2028, which should support occupancy stability. The primary watch items are modest school ratings and mixed-but-improving safety metrics; both are manageable with prudent asset management and positioning toward workforce renters.
- 1978 vintage offers competitive positioning versus older stock with value-add modernization potential
- Stable neighborhood occupancy and moderate rent-to-income support retention and steady pricing
- Strong renter concentration within 3 miles and rising household counts expand the tenant base
- Everyday retail access (grocery/pharmacy) supports livability and leasing durability
- Risks: modest school ratings and below-metro-median safety, though recent crime trends are improving