| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 47th | Good |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 206 State St, Watertown, NY, 13601, US |
| Region / Metro | Watertown |
| Year of Construction | 1990 |
| Units | 41 |
| Transaction Date | 2016-11-10 |
| Transaction Price | $2,764,901 |
| Buyer | HKBBE APARTMENTS HOUSING DFC |
| Seller | HENRY KEEP HOUSING DEV FUND CO |
206 State St Watertown 41-Unit Multifamily Investment
Neighborhood renter-occupied housing is substantial, supporting a deeper tenant base and steady leasing conditions, according to WDSuite’s CRE market data. Stabilization potential is reinforced by improving neighborhood occupancy trends and everyday amenity access in Watertown, NY.
The property sits in an Inner Suburb area of Watertown rated A and ranked 8 out of 68 neighborhoods in the Watertown–Fort Drum metro, indicating competitive fundamentals among local sub-areas. Restaurants and groceries are dense for a small metro, while parks, pharmacies, and cafes are limited nearby—offering daily convenience but fewer lifestyle amenities. Median contract rents in the neighborhood are modest, which can aid lease retention and absorption for workforce-oriented assets.
Renter-occupied housing accounts for a large share of neighborhood units (68%), signaling depth in the tenant pool and demand for multifamily. Neighborhood occupancy has trended up over the last five years, though levels remain below many U.S. areas; investors should underwrite to steady lease-up with attention to marketing and renewals rather than assuming outsized pricing power.
Within a 3-mile radius, recent years show a slight population contraction alongside a modest increase in households and smaller average household sizes. Forward-looking projections suggest households continue to grow, which points to a gradually expanding renter base and supports occupancy stability for well-managed properties. These trends align with what multifamily property research often highlights: more, smaller households can increase demand for professionally managed apartments.
The average neighborhood building stock skews older (early 20th century), while this asset’s 1990 construction is newer than much of the immediate area. That positioning can be competitive versus older walk-up inventory and may limit near-term structural capital needs. Targeted modernization of interiors and systems can still be prudent to capture value and support rent positioning against both older stock and any newer product in the broader metro.
Home values in the neighborhood are relatively accessible compared with many U.S. markets. While that can create some competition from ownership options, the strong renter concentration and everyday amenity access help sustain rental demand, with lease management focused on value, convenience, and service quality.
Safety indicators place the neighborhood toward the higher-crime end locally, with a crime rank of 64 out of 68 metro neighborhoods. Compared with neighborhoods nationwide, overall crime measures sit below the national median. However, recent estimates show notable year-over-year improvement in violent offenses, a trend that ranks strongly versus U.S. neighborhoods and is constructive for long-term stability.
Investors should calibrate underwriting to reflect the local context: emphasize security-minded operations, lighting, and resident engagement, and monitor continued trend improvement rather than assuming rapid normalization.
This 41-unit, 1990-vintage asset benefits from a renter-heavy neighborhood, everyday amenity access, and a competitive position versus older local stock. Neighborhood occupancy has improved in recent years, and within a 3-mile radius households have increased with smaller sizes—factors that can support a larger tenant base and steadier leasing. According to CRE market data from WDSuite, local rent levels are modest relative to incomes, which can aid retention but warrants measured expectations for near-term pricing power.
The asset’s vintage presents a practical value-add path: selective interior updates and systems upgrades to differentiate from older buildings while maintaining an attainable rent profile. Underwrite conservatively to local occupancy norms and safety context, using operational execution and cost control to drive NOI durability.
- Renter-heavy neighborhood supports deeper tenant demand and lease stability.
- 1990 construction can out-compete older stock with targeted modernization.
- Modest rents relative to incomes bolster retention; manage expectations on rent growth.
- Household growth and smaller sizes within 3 miles expand the renter pool over time.
- Risks: below-median safety metrics locally and occupancy levels that require disciplined leasing and expense control.