| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Best |
| Demographics | 57th | Best |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 652 Arsenal St, Watertown, NY, 13601, US |
| Region / Metro | Watertown |
| Year of Construction | 1991 |
| Units | 49 |
| Transaction Date | 2001-05-01 |
| Transaction Price | $631,595 |
| Buyer | ARSENAL APARTMENTS LLC |
| Seller | JAI AMBE HOTEL LLC |
652 Arsenal St Watertown 49-Unit Multifamily Investment
The surrounding neighborhood shows a high share of renter-occupied housing, supporting depth of tenant demand, according to WDSuite’s CRE market data. A 1991 vintage offers competitive positioning versus older local stock with potential to enhance finishes and systems over time.
Amenity access is a core strength: the neighborhood ranks 1st among 68 Watertown-Fort Drum metro neighborhoods for overall amenities, indicating solid day-to-day convenience. Cafes, restaurants, groceries, and pharmacies register above national averages by percentile, which can help leasing velocity and retention for workforce renters.
Renter-occupied housing comprises a large share of neighborhood units (ranked 8th of 68 in the metro), signaling a sizable tenant base and consistent multifamily demand. Neighborhood occupancy performance sits above the metro median, a supportive backdrop for maintaining stabilized operations through cycles based on CRE market data from WDSuite.
Within a 3-mile radius, household counts have been rising even as average household size trends smaller, expanding the number of households relative to population. Forward-looking projections continue to point to more households and a broader renter pool, which generally supports occupancy stability and absorption of renovated units.
Home values in the area sit below national norms by percentile, which can introduce some competition from ownership options. However, rent-to-income levels are comparatively manageable, a combination that can aid lease retention and limit turnover pressure, particularly for smaller formats. The property’s 1991 construction is newer than the neighborhood’s older housing stock, offering competitive appeal versus pre-1980s assets while still leaving room for targeted modernization.
Relative to the Watertown-Fort Drum metro, the neighborhood ranks near the top of 68 areas for safety, indicating comparatively lower crime within the region. Nationally, it tracks below the midpoint by percentile, so performance is better locally than it is versus nationwide benchmarks.
Recent trends are mixed: property offenses show a year-over-year decline, while violent incidents have inched higher. For investors, this suggests monitoring local enforcement and community programs while underwriting with conservative assumptions rather than relying on continued improvement.
652 Arsenal St is a 49-unit, 1991-vintage asset positioned in a renter-heavy neighborhood with top-tier amenity access in the Watertown-Fort Drum metro. According to commercial real estate analysis from WDSuite, neighborhood occupancy trends sit above the metro median and renter concentration is high, reinforcing demand depth for smaller-format units. The vintage is newer than much of the surrounding housing stock, offering a competitive edge today with potential value-add through unit upgrades and systems refresh.
Within a 3-mile radius, households are expanding and average household size is trending lower, which supports a larger renter pool over time. Local ownership costs are more accessible than in many U.S. markets, which may temper pricing power, but relatively manageable rent-to-income dynamics can aid retention and reduce downtime for well-managed properties.
- Renter-heavy neighborhood and above-metro-median occupancy support demand stability.
- 1991 vintage outcompetes older local stock with value-add potential via targeted renovations.
- Strong amenity access (best in metro) aids leasing and retention.
- Expanding household counts within 3 miles point to a growing renter pool.
- Risks: nationally below-average safety percentiles and more accessible ownership may limit pricing power; underwrite conservatively.