| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Best |
| Demographics | 60th | Best |
| Amenities | 35th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 540 Kieff Dr, Watertown, NY, 13601, US |
| Region / Metro | Watertown |
| Year of Construction | 1972 |
| Units | 92 |
| Transaction Date | 2015-05-12 |
| Transaction Price | $2,737,000 |
| Buyer | Evergreen Partners |
| Seller | Vision Enterprises Corp |
540 Kieff Dr, Watertown NY — 92-Unit Multifamily Value-Add
Steady neighborhood occupancy and a high share of renter-occupied housing suggest durable tenant demand, according to WDSuite’s CRE market data, with 1972 vintage positioning the asset for targeted upgrades to enhance competitiveness.
Located in Watertown’s inner-suburban fabric of the Watertown–Fort Drum metro, the property benefits from neighborhood fundamentals that are competitive among 68 metro neighborhoods. Neighborhood occupancy trends are above the metro median, supporting income stability relative to peers, while a sizeable renter-occupied share signals depth in the tenant base — both helpful for leasing velocity and renewals.
Access to daily-needs retail is a relative strength: grocery and pharmacy availability rank near the top of the metro and sit above national midpoints, aiding resident convenience and retention. Dining options are present but modest, and local cafes and parks are limited within the immediate neighborhood, which may concentrate resident activity around essentials rather than lifestyle amenities.
Home values in the neighborhood track around the national middle, but the value-to-income ratio trends higher than many U.S. neighborhoods. For investors, a higher-cost ownership landscape can help sustain reliance on rental housing and support pricing power when managed with prudent lease strategies. Rent levels align near national midpoints, and the rent-to-income relationship indicates manageable affordability pressure — a constructive setup for lease retention and measured rent growth.
Within a 3-mile radius, demographics show households have risen while population edged lower, reflecting smaller household sizes and a potential tilt toward rental demand. Looking ahead, local forecasts indicate further household growth, which can expand the renter pool and support occupancy stability. Average school ratings trail national medians, so family-oriented demand may be more price- and convenience-sensitive; positioning around value and essentials access can help maintain competitiveness.
Neighborhood safety indicators present a mixed but improving picture. Relative to the 68 neighborhoods in the Watertown–Fort Drum metro, the area sits below the upper tier; however, national comparisons place overall safety slightly above the U.S. midpoint. Recent trends are constructive: property-related incidents have declined meaningfully over the past year, and violent offense rates show a pronounced downward trend, indicating improving conditions versus both metro peers and national norms.
For investors, the key takeaway is directional improvement rather than absolute positioning. Continued declines support leasing stability and resident retention, but underwriting should still incorporate prudent security measures and community engagement to maintain momentum.
This 92-unit, 1972-vintage asset offers a blend of occupancy resilience and renter-demand depth in an inner-suburban location. The neighborhood ranks above the metro median for occupancy among 68 local neighborhoods, and renter concentration is comparatively high — a combination that supports stabilized cash flows and predictable leasing. Access to essential retail (grocery and pharmacy) outperforms regional availability and sits above national midpoints, reinforcing day-to-day convenience that underpins retention. Based on CRE market data from WDSuite, rent and income metrics align near national medians, suggesting room for operational optimization without overextending affordability.
The 1972 construction is newer than much of the local housing stock, which skews older, offering relative competitiveness versus legacy product. At the same time, age-appropriate capital planning — systems, interiors, and common areas — can unlock value-add upside and support repositioning against nearby Class B stock. Demographic patterns within a 3-mile radius show rising household counts and smaller household sizes, which typically expand the renter pool and support occupancy stability over time.
- Above-metro-median neighborhood occupancy supports stable cash flows.
- High renter-occupied share indicates a deep tenant base for 92 units.
- Strong access to essentials (grocery/pharmacy) aids retention and leasing.
- 1972 vintage enables targeted value-add and modernization to enhance competitiveness.
- Risks: limited lifestyle amenities and mixed-but-improving safety require careful positioning and active management.