| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 36th | Good |
| Demographics | 43rd | Fair |
| Amenities | 24th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 127 Spring Ave, Watertown, NY, 13601, US |
| Region / Metro | Watertown |
| Year of Construction | 1986 |
| Units | 32 |
| Transaction Date | 2021-02-12 |
| Transaction Price | $3,068,750 |
| Buyer | THOMPSON PK COMPLEX LLC |
| Seller | APARTMENT THOMPSON PK LLC |
127 Spring Ave Watertown 32-Unit Multifamily Investment
Neighborhood occupancy is near 89% and a moderate renter-occupied share points to a dependable tenant base, according to WDSuite’s CRE market data.
Located in Watertown’s inner-suburb fabric, the neighborhood rates B+ and is competitive among Watertown-Fort Drum neighborhoods (ranked 21 of 68). Local occupancy trends are steady at the neighborhood level with a slight multi-year uptick, supporting baseline leasing stability for workforce-oriented product.
At the neighborhood level, renter-occupied housing accounts for roughly two-fifths of units, indicating a meaningful—though not dominant—renter pool. Within a 3-mile radius, households have increased while population edged lower, implying smaller household sizes and a larger pool of housing demand spread across more households; projections show further household growth through 2028, which can support occupancy and renewal rates.
The property’s 1986 vintage is newer than much of the nearby housing stock (average construction skewing early 1900s), giving it relative competitiveness versus older buildings. Investors should still plan for system updates typical of 1980s assets to maintain positioning and capture operational efficiencies.
Market context supports a pragmatic rent thesis: neighborhood median contract rents sit in the mid-$800s and the rent-to-income ratio around the mid-teens suggests affordability pressure is manageable—favorable for retention. Median home values in the area are lower than many U.S. markets, which can introduce some competition from ownership, but also keeps rental options accessible for a broad renter base. Amenities skew toward restaurants (competitive density, rank 5 of 68) while cafes, parks, groceries, and pharmacies are limited, a consideration for attracting lifestyle-driven renters. Average school ratings are on the lower side locally, which may temper demand from families but is less impactful for smaller-unit renter segments. These dynamics are based on WDSuite’s multifamily property research benchmarks and neighborhood scores.
Safety indicators are mixed but improving in key areas. Overall crime performance ranks around the middle of the metro (35 of 68 neighborhoods), while national comparisons are somewhat favorable: the broader crime profile sits above the national median (64th percentile), driven in part by stronger readings on violent offenses.
Property crime levels trend closer to national mid-range (around the lower percentiles for safety), but recent year-over-year metrics show meaningful improvement in violent offense rates. For underwriting, this points to stable-to-improving conditions relative to national peers, with property-crime variability to monitor alongside standard security and lighting upgrades.
This 32-unit, 1986-vintage asset sits in a neighborhood that is competitive among Watertown-Fort Drum submarkets and exhibits steady occupancy at the neighborhood level. The asset’s relative youth versus the predominantly early-1900s housing stock provides a positioning edge, while moderate rent levels and a mid-teens rent-to-income profile support resident retention. Within a 3-mile radius, households have been rising even as population softened, and projections indicate further household growth—factors that can expand the renter pool and support leasing stability.
According to CRE market data from WDSuite, local amenities skew toward restaurants with fewer lifestyle conveniences nearby, and school ratings run below average—manageable considerations for smaller units and workforce renters. Taken together, the thesis centers on durable renter demand, relative competitiveness versus older stock, and scope for targeted capital to keep the asset aligned with tenant expectations.
- Neighborhood occupancy and renter concentration support a dependable tenant base and renewal potential.
- 1986 vintage is newer than nearby stock, offering competitive positioning with focused system upgrades.
- Moderate rents and rent-to-income dynamics favor retention and measured rent growth strategies.
- Household growth within 3 miles points to a larger renter pool that can support occupancy stability.
- Risks: limited nearby amenities, lower school ratings, and property-crime variability warrant prudent OPEX and asset management.