| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 60th | Best |
| Amenities | 17th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 22426 Colonial Manor Rd, Watertown, NY, 13601, US |
| Region / Metro | Watertown |
| Year of Construction | 1972 |
| Units | 71 |
| Transaction Date | 2005-03-29 |
| Transaction Price | $2,100,000 |
| Buyer | COLONIAL REALTY HOLDING LLC |
| Seller | CM APARTMENTS LLC |
22426 Colonial Manor Rd Watertown Multifamily Opportunity
Stabilized renter demand in a suburban pocket of Watertown is supported by competitive neighborhood occupancy and a growing household base, according to WDSuite’s CRE market data. The location offers attainable rents relative to local incomes, which can aid retention and reduce turnover risk.
This suburban neighborhood in Watertown-Fort Drum shows competitive occupancy among 68 metro neighborhoods, indicating a tenant base that supports steady leasing. Area rents are positioned against local incomes in a way that generally supports lease retention, while the neighborhood s renter concentration provides depth for multifamily demand.
Data aggregated within a 3-mile radius points to a nuanced demand picture: total population has been roughly flat to slightly down recently, yet households increased and are projected to grow further, implying smaller household sizes and a larger tenant base for apartments. Forward-looking estimates indicate more renters entering the market and continued household growth, which can support occupancy stability over a longer hold.
Livability signals are mixed. Parks access tests above national medians by percentile, while retail density (grocery, cafes, pharmacies) is limited within the immediate neighborhood, consistent with a lower-amenity suburban setting. Average school ratings track above national midpoints, which can appeal to family renters seeking value housing near everyday services.
Vintage is an important consideration: the property s 1972 construction is newer than the neighborhood s older housing stock (average vintage measured locally), suggesting relative competitiveness versus pre-war assets. Investors should still plan for aging systems and targeted renovations to enhance curb appeal and operational efficiency.
Safety trends compare favorably within the metro context: the neighborhood s crime ranking sits in the safer tier versus most of the 68 Watertown-Fort Drum neighborhoods. Nationally, overall crime benchmarks are near the middle, with violent incident measures testing above national medians (a positive), and property crime indicators closer to national midpoints.
Recent year-over-year changes show some volatility across offense categories. For investors, this argues for routine security and lighting upgrades, resident engagement, and coordination with local public safety initiatives to preserve leasing stability without over-relying on any single-year swing.
The area draws from regional employment centers reachable by car, which supports workforce renter demand and practical commute times for residents. While specific large employers with verified distances aren t identified here, the tenant base typically includes service, healthcare, retail, and public-sector workers common to the Watertown-Fort Drum region.
This 71-unit asset built in 1972 offers a pragmatic value proposition: competitive neighborhood occupancy, renter-oriented housing nearby, and household growth within a 3-mile radius that expands the tenant pool over time. According to CRE market data from WDSuite, local rent levels align with incomes, which can support retention and measured pricing power. The vintage is newer than much of the area s older stock, positioning the property for targeted upgrades to command stronger appeal versus legacy assets.
Livability advantages include access to parks and solid school ratings relative to national midpoints, balanced against a thinner mix of nearby daily retail. Ownership costs in the broader area remain comparatively accessible, so investors should underwrite to ongoing competition from entry-level homeownership while leaning on the neighborhood s renter concentration and projected household gains to sustain occupancy.
- Competitive neighborhood occupancy supports leasing durability
- 1972 vintage offers value-add potential versus older local stock
- 3-mile projections indicate household growth and renter pool expansion
- Rents positioned against local incomes support retention and measured rent moves
- Risks: limited nearby retail density and competition from accessible homeownership