| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Best |
| Demographics | 57th | Best |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 224 Palmer St, Watertown, NY, 13601, US |
| Region / Metro | Watertown |
| Year of Construction | 1986 |
| Units | 73 |
| Transaction Date | 2012-05-07 |
| Transaction Price | $3,300,000 |
| Buyer | JEFFERSON HEIGHTS LLC |
| Seller | PALMER APARTMENTS CO |
224 Palmer St, Watertown NY Multifamily Opportunity
Neighborhood renter concentration is high and occupancy has trended upward, according to WDSuite’s CRE market data, supporting steady demand for well-located units in Watertown. This positioning favors lease stability for a 1986 asset with smaller floorplans.
Livability indicators in the surrounding neighborhood are competitive among Watertown–Fort Drum areas, with everyday amenities like restaurants, pharmacies, and parks available at levels that compare favorably within the metro. Rents in the neighborhood sit above the metro median and have grown over the past five years, reinforcing pricing resilience at the submarket level (based on CRE market data from WDSuite).
The property’s 1986 vintage is newer than the neighborhood’s older housing stock (average vintage is mid-20th century), which can help it compete against legacy assets. Investors should still plan for modernization of building systems and common areas to meet current renter expectations and to unlock value-add potential.
Tenure dynamics favor multifamily demand: the neighborhood has a high share of renter-occupied housing units, indicating a deep tenant base and supporting occupancy stability. Neighborhood occupancy has increased over the last five years, suggesting improving absorption and sustained leasing activity.
Within a 3-mile radius, population edged down over the last five years while household counts increased and average household size declined. This points to more, smaller households entering the market — a setup that can align with smaller-unit product and support lease-up and retention. Forecasts indicate further gains in household counts over the next five years, which would expand the local renter pool even if population growth remains modest.
Relative to the Watertown–Fort Drum metro, the neighborhood ranks near the top for lower reported crime (65th of 68 neighborhoods), indicating a comparatively safer position locally. Nationally, however, safety metrics sit below the midpoint, so investors should underwrite prudent security and operating practices rather than assume best-in-class outcomes.
Recent trends are mixed: estimated property offenses have declined year over year, which is constructive for resident retention, while violent offense indicators show less improvement. Taken together, the data suggests conditions that are favorable versus the metro but warrant standard risk management when benchmarked nationally.
This 73-unit property combines competitive neighborhood fundamentals with an asset vintage that offers clear value-add angles. The 1986 construction is newer than much of the local housing stock, which can reduce near-term functional obsolescence versus older comparables, while still presenting opportunities to modernize interiors and common areas. According to CRE market data from WDSuite, the neighborhood maintains a high share of renter-occupied units and an improving occupancy trend, supporting demand durability.
Household counts within a 3-mile radius have increased as average household size has declined, a pattern consistent with steady renter formation and support for smaller floorplans. Neighborhood rents have risen over the past five years and homeownership costs remain relatively accessible for the region, implying balanced pricing power: investors can prioritize operational execution and targeted renovations over outsized rent pushes. Underwriting should account for nationally average-to-below safety benchmarks and normal capital needs for an asset of this age.
- Newer-than-neighborhood vintage (1986) with identifiable value-add and systems modernization potential
- High neighborhood renter-occupied share and improving occupancy support leasing stability
- 3-mile household growth and smaller household size align with smaller-unit demand
- Balanced rent environment: recent rent gains with measured pricing power relative to ownership alternatives
- Risks: below-median national safety indicators and typical capex needs for 1980s construction