| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 36th | Good |
| Demographics | 43rd | Fair |
| Amenities | 24th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1815 Olmstead Dr, Watertown, NY, 13601, US |
| Region / Metro | Watertown |
| Year of Construction | 1986 |
| Units | 121 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1815 Olmstead Dr Watertown Multifamily Opportunity
Positioned in an inner-suburban pocket with steady renter demand and a 1986 vintage that competes well against older neighborhood stock, according to WDSuite’s CRE market data. Expect durable leasing fundamentals supported by a broad tenant base and improving local safety trends.
The property sits in an Inner Suburb of Watertown-Fort Drum that ranks 21 out of 68 metro neighborhoods, making it competitive among Watertown-Fort Drum neighborhoods based on WDSuite’s CRE market data. Neighborhood occupancy is near the 90% mark and has edged higher over the past five years, supporting baseline stability for multifamily operators.
Local livability is mixed but improving. Dining density scores well within the metro, while the immediate retail mix for daily-needs like groceries and pharmacies is thinner, suggesting residents rely on short drives for essentials. Average school ratings track below national norms, which can temper appeal for family renters, but they are just one component of overall renter demand.
Vintage matters here: with an average neighborhood construction year in the early 1900s, a 1986 asset stands newer than much of the surrounding stock. That positioning can aid leasing and retention versus older comparables, while leaving room for targeted modernization to enhance competitiveness as building systems age.
Demographic statistics aggregated within a 3-mile radius show households have grown even as population dipped, pointing to smaller household sizes and diversification of renter profiles. Forecasts indicate further household growth by 2028, which would expand the local renter pool and help support occupancy and lease-up velocity. A majority of housing units in this 3-mile area are renter-occupied, indicating a deep tenant base for multifamily.
On costs and affordability, neighborhood home values are lower than national averages and median contract rents sit around mid-market levels. For investors, that combination suggests accessible price points that can support retention while moderating near-term pricing power; sustained income growth in the region could incrementally improve rent feasibility over time.
Safety indicators for the neighborhood compare favorably to many areas nationwide on violent offenses, landing in a higher national percentile, while property crime benchmarks closer to national mid-range. Within the Watertown-Fort Drum metro (68 neighborhoods), the area sits around the middle of the pack.
Trend data is constructive: estimated violent and property offense rates have moved lower year over year, according to WDSuite’s CRE market data. For investors, improving trends can aid leasing confidence and reduce churn risk, though continued monitoring of property crime remains prudent.
1815 Olmstead Dr offers scale at 121 units with a 1986 vintage that is newer than much of the surrounding housing stock. That relative position supports competitiveness versus older assets, while also presenting value-add potential through selective systems upgrades and interior refreshes. According to CRE market data from WDSuite, the neighborhood’s occupancy has trended modestly higher and renter demand is reinforced by a majority renter-occupied housing base within a 3-mile radius.
Households in the 3-mile area have increased despite a smaller population base, and projections point to additional household growth by 2028—factors that can expand the tenant pipeline and support occupancy stability. Local home values and rents are comparatively accessible, which can bolster retention but may temper outsized rent growth expectations; targeted renovation and operational execution become key levers for returns.
- Newer 1986 construction versus older neighborhood stock supports leasing competitiveness
- Neighborhood occupancy trending up with a deep renter base within a 3-mile radius
- Household growth projections suggest a larger tenant pipeline and stable absorption
- Accessible rent levels favor retention; value-add and operations drive upside
- Watch items: below-average school ratings and mid-range property crime warrant ongoing monitoring