| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Best |
| Demographics | 60th | Best |
| Amenities | 35th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 940 Washington St, Watertown, NY, 13601, US |
| Region / Metro | Watertown |
| Year of Construction | 1973 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
940 Washington St, Watertown NY Multifamily Investment
Neighborhood occupancy has held in a competitive range with steady renter demand, pointing to durable cash flow potential for a 24-unit asset in an Inner Suburb location, according to WDSuite s CRE market data.
Positioned in an Inner Suburb pocket of Watertown-Fort Drum, the neighborhood ranks 6 of 68 metro neighborhoods (top quartile among 68) with an overall A rating, indicating balanced livability and investment fundamentals relative to the metro. Local occupancy in the neighborhood has improved over the past five years and sits above the metro median, which supports income stability for multifamily assets.
Amenity access is mixed. Grocery and pharmacy density rank near the top of the metro (both among the best out of 68 neighborhoods), while cafes, parks, and childcare options are thinner locally. For investors, this translates to strong day-to-day convenience drivers even if lifestyle amenities are more dispersed.
Tenure patterns signal a viable renter base: the neighborhood s renter-occupied share is 36.6%, while within a 3-mile radius renters account for a larger 55.7% share of housing units. This broader catchment widens the tenant pool for lease-up and renewals, supporting demand for smaller-format units as well as value-focused offerings.
Within a 3-mile radius, households have grown even as total population edged down, reflecting smaller household sizes and a shift toward more rental households a setup that generally supports occupancy stability. Median contract rents in the neighborhood sit near the metro middle and have risen over the past five years, while a rent-to-income ratio around the low-to-mid teens suggests manageable affordability pressure that can aid retention and measured pricing power. Home values and a value-to-income ratio in the higher range for the region point to a relatively high-cost ownership market, which can sustain reliance on multifamily rentals.
Vintage context matters. With a 1973 construction year versus an older neighborhood average stock (1931), the property is newer than much of the competitive set. That positioning can be advantageous versus pre-war inventory, though aging systems may still warrant targeted capital planning and selective modernization to maintain competitiveness.
Safety indicators are mixed in context. The neighborhood s crime rank sits in the lower half of the metro (49 of 68 neighborhoods), implying higher exposure than many local peers, yet overall crime levels benchmark near mid-range nationally (around the mid-50s percentile). Importantly for investors, both property and violent offense estimates have declined year over year, with improvements that are competitive among national neighborhoods, signaling a favorable trend rather than a guarantee.
Practical takeaway: consider standard security measures and underwriting conservatism consistent with submarkets that trail the metro median on safety, while recognizing the recent downward trend in incident estimates as a supportive directional factor.
This 24-unit asset built in 1973 is relatively newer than much of the surrounding housing stock, creating an opportunity to outperform older pre-war competition with selective renovations and system upgrades. Neighborhood occupancy is above the metro median and has trended upward, while a larger 3-mile renter concentration and rising household counts expand the tenant base that supports leasing stability.
According to CRE market data from WDSuite, local rents track near the metro middle and have grown in recent years, and a rent-to-income ratio around the low-to-mid teens suggests room for careful revenue optimization without outsized retention risk. Elevated ownership costs in the area further reinforce reliance on rental housing, which can support steady demand for well-maintained, value-oriented units.
- Occupancy above metro median with improving trend supports income durability
- 3-mile area shows stronger renter concentration and household growth, enlarging the tenant pool
- 1973 vintage is newer than much of the local stock, enabling value-add modernization to enhance competitiveness
- Rents near metro middle with manageable affordability pressure support measured pricing power
- Risk: Safety ranks below metro median; budget for standard security and prudent underwriting