| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 33rd | Fair |
| Demographics | 38th | Fair |
| Amenities | 43rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 847 Leray St, Watertown, NY, 13601, US |
| Region / Metro | Watertown |
| Year of Construction | 1982 |
| Units | 70 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
847 Leray St, Watertown NY Multifamily Investment Profile
Neighborhood occupancy near the low-90s and a meaningful renter base suggest durable tenant demand, according to WDSuite’s CRE market data. Metrics cited reflect neighborhood conditions, not this property’s operations, and point to steady leasing supported by essential retail access.
Competitive among Watertown-Fort Drum neighborhoods (ranked 14 of 68), the area around 847 Leray St combines everyday convenience with stable renter demand. Grocery and pharmacy access are strong for the metro, while parks and cafes are limited—an amenity mix that skews practical over lifestyle destinations. Based on commercial real estate analysis from WDSuite, the neighborhood occupancy rate is 91.2%, indicating generally steady absorption at the sub-neighborhood scale.
Renter-occupied housing comprises roughly 47.6% of units in the neighborhood, signaling a deep tenant pool for multifamily and supporting day-to-day leasing velocity. The local rent-to-income measure holds near mid-range levels for comparable small-metro markets, which can aid renewal performance when paired with measured rent growth strategies.
Within a 3-mile radius, households have increased even as the population edged lower over the past five years, implying smaller household sizes and a broader set of renter households entering the market. Forward-looking estimates show modest population stability alongside additional household growth, which typically supports occupancy and leasing consistency rather than rapid lease-up dynamics.
The property’s 1982 vintage is newer than the neighborhood’s early-1900s average, positioning it competitively versus older stock. Investors should still underwrite selective modernization for building systems and interiors to strengthen relative positioning and support rent premiums against legacy assets.
Safety indicators are mixed but trending better. The neighborhood sits around the middle of national comparisons (crime roughly mid-pack nationally) and below the top tier locally (ranked 51 among 68 metro neighborhoods). Year over year, both property and violent offense estimates have moved lower, placing recent trend improvements above many peer areas nationwide, according to WDSuite’s data.
For investors, the takeaway is directional: compared with last year, reported offense rates in this neighborhood show meaningful declines, which can help leasing and retention narratives. Still, its relative position within the metro is not among the strongest, so underwriting should maintain prudent assumptions and monitor local trend continuity.
This 70-unit asset, built in 1982 with average unit sizes near 708 sf, offers a practical blend of scale and relative vintage advantage in a neighborhood that is competitive within the Watertown-Fort Drum metro. Neighborhood occupancy around 91% and a renter-occupied share near half point to a sizable tenant base, while strong access to groceries and pharmacies supports day-to-day livability. Based on CRE market data from WDSuite, recent year-over-year improvements in offense estimates add constructive context for leasing stability.
Demand drivers are steady rather than explosive: within a 3-mile radius, households have risen despite modest population slippage, indicating smaller household sizes and a wider renting cohort. The ownership market is comparatively accessible, so pricing power should focus on asset quality and convenience rather than outsized premiums—making targeted renovations and operational execution the clearer levers for NOI.
- Competitive neighborhood standing within the metro, with everyday retail access that supports resident convenience.
- Renter-occupied share near half and stable neighborhood occupancy support a durable leasing base.
- 1982 vintage is newer than much of the local stock, creating value-add potential via selective modernization.
- Recent declines in estimated offense rates provide a constructive safety trend to monitor.
- Risks: small-metro depth, limited park/cafe amenities, and relatively accessible ownership options can temper rent growth.