| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 34th | Poor |
| Amenities | 42nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 256 Michigan Ave, Watertown, NY, 13601, US |
| Region / Metro | Watertown |
| Year of Construction | 1986 |
| Units | 88 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
256 Michigan Ave Watertown NY Multifamily Investment
Positioned in an inner-suburb pocket of Watertown with stable neighborhood occupancy and a high renter concentration, this asset offers durable demand drivers, according to WDSuite s CRE market data. Investors should focus on renter depth and steady leasing fundamentals rather than outsized rent growth.
The property sits in an Inner Suburb neighborhood rated A- and ranked 16 out of 68 in the Watertown-Fort Drum metro, placing it in the top quartile locally. Neighborhood occupancy is competitive and has improved over the past five years, landing above the national median (59th percentile), which supports leasing stability through typical cycles.
Renter-occupied housing accounts for a high share of units (ranked 9 of 68 metro neighborhoods; 93rd percentile nationally), signaling a deep tenant base for multifamily. Median contract rents in the neighborhood track on the lower side nationally (21st percentile), which helps sustain demand and retention, though it can temper near-term pricing power.
Within a 3-mile radius, demographic data show households have grown even as total population edged lower, and projections indicate further increases in household counts alongside smaller average household sizes. This shift points to a larger renter pool over the next five years, a potential tailwind for occupancy and lease-up, based on commercial real estate analysis from WDSuite.
Local daily-needs access is a relative strength: grocery availability is strong (73rd percentile nationally) and pharmacy density is a standout (95th percentile), while restaurants are comparatively plentiful (82nd percentile). Caf e9 and park access are limited, and average school ratings lag national benchmarks, factors to consider for resident experience and longer-term retention.
The asset b4s 1986 construction is notably newer than the neighborhood b4s older housing stock (average vintage 1911). That relative youth can support competitive positioning versus legacy properties, though investors should still plan for modernization of aging systems and potential value-add opportunities to meet current renter expectations.
Safety metrics are mixed when viewed against metro and national baselines. Compared with other Watertown-Fort Drum neighborhoods (68 total), this area trails on property crime measures (ranked near the lower end), indicating comparatively higher property-crime exposure. Nationally, property-crime safety sits in a lower percentile band, while violent-offense measures are closer to the national midpoint with a recent year-over-year improvement trend, according to WDSuite s CRE data.
For investors, the read-through is pragmatic: underwriting should incorporate enhanced security, insurance, and operational controls, while recognizing that improving violent-offense trends may support stability over time. Always compare block-level insights with on-the-ground diligence and owner-operator history before finalizing assumptions.
This 88-unit, 1986-vintage asset benefits from a high neighborhood renter concentration and steady, above-median occupancy for the metro, supporting consistent leasing and cash flow durability. The unit mix skews compact on average, which can align with value-oriented demand and help sustain absorption in a market where ownership costs are relatively accessible, moderating but not eliminating multifamily a0demand.
According to CRE market data from WDSuite, the surrounding area a0shows strong daily-needs access (notably pharmacies and groceries) and a growing household base within a 3-mile radius, suggesting a larger tenant pool over the next five years. While this is not a pure rent-growth story, modernization and targeted value-add can improve competitiveness versus older local stock, with underwriting mindful of property-crime exposure and modest rent positioning.
- High renter concentration and competitive neighborhood occupancy underpin demand stability
- 1986 vintage offers value-add and systems modernization pathways versus older local stock
- Strong grocery/pharmacy access supports resident convenience and retention potential
- Household growth within 3 miles points to a larger renter pool and consistent absorption
- Risks: property-crime exposure, limited park/caf e9 amenities, and tempered pricing power at lower rent levels