Three-Unit
For Sale
$279,000
1011 Gotham Street, Watertown, NY 13601
Residential, Watertown, NY
Property Size2,595 SF
Lot Size0.93 Acres
Price / SF$107.51
Days on Market294
Property Features for 1011 Gotham Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 6, Bedroom 2, Bedroom 5, Bedroom 4, Bedroom 1, Bathroom 2, Bathroom 1, Basement, Bathroom 3, Bedroom 7
Interior features
CathedralCeilings, NaturalWoodwork
Exterior features
PrivateYard
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot, Wooded
Elementary school
Knickerbocker Elementary
Middle school
Case Middle
High school
Watertown Senior High
Elementary school district
Watertown
Middle school district
Watertown
High school district
Watertown
Directions
Thompson to Gotham, property is on the right.
Subdivision
Watertown-City-221800
Standard status
Active
APN
221800-013-000-0002-322-000-0000
Size
2,595 SF
Lot size
0.93 Acres
Taxes and HOA fees
Tax Annual Amount
3393
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1850
Floors in Building
2
Number of units
3
Flooring type
Hardwood, Vinyl, Varies, Carpet
Building materials
Frame, Stone, VinylSiding
Roof type
Shingle
Listing Agency:
Berkshire Hathaway HomeServices CNY Realty Watn
(315) 232-7355
Listed By:
Aaron Naklick · License #10401373314
(315) 778-1717
Added: Nov 9, 2025
Changed: Aug 19
Last Checked: Aug 30 at 4:06AM
MLS# S1650017
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit triplex offers a mix of unit layouts, including two 2-bedroom, 1-bath apartments and one 3-bedroom, 1-bath unit. The home includes forced air heating with natural gas, along with a gas water heater, and a shingle roof. Interior features include cathedral ceilings and natural woodwork. Exterior features include a private yard, and the property is served by public water.
The building is set on a 0.93-acre lot within the city limits. Two of the front units are currently vacant, providing flexibility for new tenants or owner use. Constructed with frame components and finished with stone and vinyl siding, the property was built in 1850.
Located near downtown, schools, shopping, and parks, the property provides convenient access to everyday needs in Watertown.
The building is set on a 0.93-acre lot within the city limits. Two of the front units are currently vacant, providing flexibility for new tenants or owner use. Constructed with frame components and finished with stone and vinyl siding, the property was built in 1850.
Located near downtown, schools, shopping, and parks, the property provides convenient access to everyday needs in Watertown.
Key Highlights
- Three‑unit triplex with two 2‑bedroom, 1‑bath units plus one 3‑bedroom, 1‑bath unit
- Two of the front units are currently vacant
- 0.93‑acre lot within city limits with private yard
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,366
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$427,320
$427.3K
Cap Rate 7%
$305,229
$305.2K
Cap Rate 9%
$237,400
$237.4K
Market Conditions
NOI Build-Up for 2,595 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$32.7K $12.60/SF
− Vacancy
−$2.2K −$0.84/SF
EGI
$30.5K $11.76/SF
− OpEx
−$9.2K −$3.53/SF
NOI
$21.4K $8.23/SF
Area
Jefferson County, NY
Vacancy
6.65%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$427,320
Cap Rate 7%
$305,229
Cap Rate 9%
$237,400
Alternative Uses
Best Use
Multifamily LT 5
$305.2K
$267.1K – $356.1K
NOI $21,366 @ 7.0% cap · market cap 7.66%
Second Best
Apartment 5plus
$273.1K
$238.9K – $318.6K
NOI $19,114 @ 7.0% cap · market cap 6.85%
Theoretical Best
Office A
$715.3K
$625.9K – $834.6K
NOI $50,073 @ 7.0% cap · market cap 17.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
595
Businesses Nearby
Explore this area
Business Placement
Demographics for 13601, NY
37,287
Population
18,653
Households
2
Avg Household Size
37
Median Age
25%
College-Educated
90%
High-School Grad
140.8 sq mi
ZIP Area
265
Density / Sq Mi
$57,503
Median Household Income
$37,061
Median Earnings
$974
Median Rent
$170,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit triplex with private yard, public water, and natural gas forced-air heat in Watertown’s city limits.
Where is this triplex located?
The property is located at 1011 Gotham Street Watertown, NY.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Three‑unit triplex with two 2‑bedroom, 1‑bath units plus one 3‑bedroom, 1‑bath unit; Two of the front units are currently vacant; 0.93‑acre lot within city limits with private yard
