| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Best |
| Demographics | 57th | Best |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1106 Coffeen St, Watertown, NY, 13601, US |
| Region / Metro | Watertown |
| Year of Construction | 1989 |
| Units | 26 |
| Transaction Date | 2009-12-10 |
| Transaction Price | $230,000 |
| Buyer | WOODRUFF WAYNE |
| Seller | WOODRUFF WAYNE |
1106 Coffeen St, Watertown NY Multifamily Investment
Renter demand is supported by a high share of renter-occupied housing units in the neighborhood and stable, high-80s occupancy, according to WDSuite’s CRE market data. The location offers everyday convenience and attainable rents that can aid retention and leasing consistency.
The neighborhood surrounding 1106 Coffeen St ranks 2nd among 68 Watertown-Fort Drum metro neighborhoods (A+ rating), reflecting a competitive position locally. Amenity access is a relative strength, with the amenity index leading the metro (1st of 68) and national amenity measures sitting modestly above the middle of the pack. Dining and daily-needs options are present, with restaurant and pharmacy availability tracking around or slightly above national medians.
Multifamily fundamentals show a renter-occupied share in the low 60% range, placing the neighborhood in the top tier nationally for renter concentration. For investors, that depth of renter households broadens the tenant base and can support occupancy stability over time. Neighborhood occupancy has held in the high 80s with an upward five-year trend, signaling resilient leasing conditions versus many smaller-metro peers.
Within a 3-mile radius, demographics indicate a modest population decline over five years alongside a slight increase in total households and smaller average household sizes. This pattern points to more, smaller households entering the market, which can sustain demand for compact units and support steady absorption even as population growth is flat to slightly negative. Median rents in the area remain attainable by national standards, helping to preserve leasing velocity and renewal potential.
Ownership costs in the neighborhood remain lower than many U.S. markets, while rent-to-income ratios sit at relatively manageable levels. For multifamily owners, that mix can bolster lease retention and reduce affordability pressure risk, though lower home values may create some competition from ownership options at certain price points. The property s 1989 vintage is newer than the neighborhood s older average housing stock, which can provide a competitive edge versus legacy properties while still warranting planning for modernization of building systems over the hold.
Compared with neighborhoods nationwide, safety indicators for this area trend below average, with property crime elevated while violent crime tracks closer to national mid-range. Within the Watertown-Fort Drum metro, the neighborhood 19s crime ranking is toward the weaker end among 68 neighborhoods, indicating safety performance below the metro median. That said, recent data shows property offenses declining year over year, suggesting incremental improvement.
Investors should underwrite prudent security and operating practices, recognize variability block to block, and weigh recent downward trends alongside the broader metro comparison.
Built in 1989 with 26 units, the property is relatively newer than much of the surrounding housing stock, offering a competitive position versus older assets while still warranting capital planning for aging systems and selective upgrades. Demand is supported by a high share of renter-occupied units in the neighborhood and high-80s occupancy levels that have improved over five years. According to CRE market data from WDSuite, local rents remain attainable versus income levels, which can aid lease retention and day-to-day pricing power.
Within a 3-mile radius, households have increased despite a modest population dip and smaller average household sizes, indicating a steady or expanding renter pool for compact floor plans. Ownership costs are comparatively accessible, which can introduce competition from for-sale options; however, manageable rent-to-income levels and strong renter concentration underpin a broad tenant base for stabilized operations.
- 1989 vintage is newer than nearby stock, offering competitive positioning with targeted modernization upside
- High renter concentration and resilient, high-80s neighborhood occupancy support demand depth
- Attainable rents versus incomes can aid retention and steady leasing
- Household growth within 3 miles, despite flat population, points to sustained demand for smaller units
- Risks: below-average safety metrics locally and potential competition from accessible homeownership options