| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 47th | Good |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 231 Franklin St, Watertown, NY, 13601, US |
| Region / Metro | Watertown |
| Year of Construction | 1992 |
| Units | 42 |
| Transaction Date | 2016-11-10 |
| Transaction Price | $1,251,835 |
| Buyer | HKBBE APARTMENTS HOUSING DFC |
| Seller | OLYMPIC APTS ASSOCIATES LP |
231 Franklin St Watertown Multifamily Investment Opportunity
Renter demand is supported by a high share of renter-occupied units and everyday-service amenities nearby, according to WDSuite’s CRE market data.
Located in Watertown’s Inner Suburb, the neighborhood rates in the top quartile among 68 metro neighborhoods (A rating; rank 8 of 68), signaling comparatively strong local fundamentals for workforce-oriented multifamily.
Daily conveniences are a relative strength: grocery access is competitive metro-wide and restaurants are dense (both top-ranked locally), while parks, pharmacies, and cafes are more limited. For investors, this mix tends to support leasing with service-oriented convenience while suggesting less draw from destination retail.
The housing stock skews older across the neighborhood (average vintage 1923), while the subject property was built in 1992. Being newer than the surrounding stock positions the asset competitively versus many nearby alternatives; investors should still plan for system modernization typical of early-1990s construction when pursuing value-add or operational upgrades.
Tenure patterns point to depth of the renter base: the neighborhood’s renter-occupied share is elevated (68%), which supports ongoing multifamily demand and leasing velocity. Neighborhood occupancy is reported around the low-80% range with modest recent improvement, indicating room for operational lift with focused management and positioning.
Demographic statistics are aggregated within a 3-mile radius: households have grown even as population edged lower, reflecting smaller household sizes and a steady renter pool. Forward-looking estimates point to additional household growth by 2028, which reinforces tenant-base depth and can support occupancy stability.
Ownership costs in the area are relatively accessible compared with larger metros, which can introduce some competition from entry-level ownership. At the same time, rent-to-income levels indicate manageable affordability pressure, supporting retention and measured pricing power for well-maintained units.
Safety metrics trend below metro averages, with the neighborhood ranking toward the higher-crime end of the Watertown–Fort Drum area (rank 64 of 68). Nationally, this places the area below the median on comparative safety measures.
Property offenses are elevated relative to peers, while recent violent offense trends improved materially year over year (top-quartile improvement nationally). Investors typically underwrite enhanced lighting, access control, and site-level monitoring to support leasing and retention, and to align with resident expectations.
Built in 1992 with 42 units averaging roughly 946 square feet, the property is newer than much of the surrounding housing stock, providing immediate competitive positioning and value-add potential through targeted upgrades. Strong neighborhood renter concentration and everyday-service access support demand, while rent-to-income levels suggest manageable affordability pressure for tenants. According to commercial real estate analysis from WDSuite, neighborhood occupancy has improved recently, indicating potential to capture additional stabilization through active management.
Within a 3-mile radius, households have increased despite a modest population dip, implying smaller household sizes and a resilient renter pool. Looking ahead, projections point to further household growth by 2028, which should help sustain leasing velocity. Balanced against these strengths are local safety metrics that sit below metro norms and limited park/pharmacy amenities, both of which argue for prudent capex on security and resident-experience improvements.
- 1992 vintage is newer than nearby stock, supporting competitive positioning and targeted renovation upside
- Elevated renter-occupied share indicates depth of tenant base and demand resilience
- Neighborhood occupancy has trended up, creating opportunity for further stabilization with focused operations
- 3-mile household growth and smaller household sizes support ongoing renter pool expansion and retention
- Risk: below-metro safety metrics and limited parks/pharmacies warrant underwriting for security and resident-experience enhancements