Press Releases
Marcus & Millichap Offers Upstate New York Multifamily Asset for Sale
October 29, 2026
WATERTOWN, N.Y., Oct. 29, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the exclusive offering for sale of Ontario Village Apartments, a 206-unit, 100% market-rate multifamily property in Watertown, New York. Offers are being considered on a rolling basis.
“Ontario Village offers scale, strong occupancy and in-place cash flow in a market with limited new supply and strong rental demand,” said Chez Eider of Marcus & Millichap. “A buyer can achieve positive leverage and strong day-one cash flow even in today’s financing environment, with substantial apartment renovation upside on top of the income growth already being achieved. Since acquiring the asset in 2022, current ownership has consistently improved the property and approximately 22% of the apartments have been renovated.” Eider, Seth Glasser, Mike Fusco, and Matt Gault, in association with Jason Moskowitz, Marcus & Millichap’s broker of record in New York State, are representing the seller.
“Rental income has grown 4.3% year over year, and deluxe apartments with in-unit laundry are achieving an average monthly premium of approximately $181 over base apartments,” said Glasser. “The cash flow is there, and the renovation program has results already on the rent roll.”
Built in 1985, Ontario Village Apartments spans approximately 200,000 square feet across 26 two-story buildings on a 10-acre site. The unit mix is all two-bedroom apartments that average 950 square feet. Apartments have dishwashers, HVAC, and patios. Upgraded interiors have new white Shaker-style cabinets, open-wall living rooms, and stainless-steel appliances. Select units have washers and dryers.
“The property is close to shopping, Interstate 81 and Fort Drum, with additional rental demand from Watertown’s healthcare employers and Jefferson Community College,” said Gault. “Fort Drum is an important driver, but fewer than 25% of residents are military related as the property draws from a broader employment base.”
“Ontario Village offers scale, strong occupancy and in-place cash flow in a market with limited new supply and strong rental demand,” said Chez Eider of Marcus & Millichap. “A buyer can achieve positive leverage and strong day-one cash flow even in today’s financing environment, with substantial apartment renovation upside on top of the income growth already being achieved. Since acquiring the asset in 2022, current ownership has consistently improved the property and approximately 22% of the apartments have been renovated.” Eider, Seth Glasser, Mike Fusco, and Matt Gault, in association with Jason Moskowitz, Marcus & Millichap’s broker of record in New York State, are representing the seller.
“Rental income has grown 4.3% year over year, and deluxe apartments with in-unit laundry are achieving an average monthly premium of approximately $181 over base apartments,” said Glasser. “The cash flow is there, and the renovation program has results already on the rent roll.”
Built in 1985, Ontario Village Apartments spans approximately 200,000 square feet across 26 two-story buildings on a 10-acre site. The unit mix is all two-bedroom apartments that average 950 square feet. Apartments have dishwashers, HVAC, and patios. Upgraded interiors have new white Shaker-style cabinets, open-wall living rooms, and stainless-steel appliances. Select units have washers and dryers.
“The property is close to shopping, Interstate 81 and Fort Drum, with additional rental demand from Watertown’s healthcare employers and Jefferson Community College,” said Gault. “Fort Drum is an important driver, but fewer than 25% of residents are military related as the property draws from a broader employment base.”
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
