Updated Quadplex with Outdoor
New
For Sale
$245,000
1209 Washington Street, Watertown, NY 13601
Residential, Watertown, NY
Property Size3,036 SF
Lot Size0.42 Acres
Price / SF$80.70
Days on Market3
Property Features for 1209 Washington Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 3, Basement, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 4, Bathroom 1, Bedroom 5
Patio and Porch features
Porch, Deck
Exterior features
Balcony, Deck
Appliances
ElectricWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Watertown
Middle school district
Watertown
High school district
Watertown
Subdivision
Watertown-City-221800
Standard status
Active
APN
221800-013-000-0006-308-000-0000
Size
3,036 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Annual Amount
4108
Utilities
Heating system
Natural Gas, Hot Water(Heating), Baseboard
Water source
Public
Amenities
on-site laundry
off-street parking
Building Details
Year built
1935
Floors in Building
2
Number of units
4
Flooring type
Varies, Laminate, Tile
Building materials
AluminumSiding, BlownInInsulation
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
Lake Ontario Realty, LLC
(315) 649-3434
Listed By:
Gayle Wiley · License #10301224059
(315) 783-6004
Added: Sep 4
Last Checked: Sep 6 at 12:06AM
MLS# S1700294
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 3,036-square-foot quadplex in Watertown contains four residential units and was built in 1935. Recent work includes a new front porch, two decks, exterior stair improvements, fresh paint, new flooring, and other cosmetic updates. The property also provides on-site laundry, aluminum siding, asphalt shingle roofing, public water, and natural-gas hot-water baseboard heating. Flooring varies by unit and includes tile and laminate.
The 0.4168-acre property is located near Samaritan Medical Center, additional medical practices, schools, shopping, and restaurants. Fort Drum is a short drive away. A large off-street parking area supports the four-unit configuration, while the decks and porch provide additional outdoor features.
The 0.4168-acre property is located near Samaritan Medical Center, additional medical practices, schools, shopping, and restaurants. Fort Drum is a short drive away. A large off-street parking area supports the four-unit configuration, while the decks and porch provide additional outdoor features.
Key Highlights
- Four residential units within a 3,036‑square‑foot quadplex
- 0.4168‑acre property in Watertown, NY
- Recent improvements include a front porch, 2 decks, exterior stairs, paint, flooring, and cosmetic updates
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
$22,362
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
9.13%
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%
$447,240
$447.2K
Cap Rate 7%
$319,457
$319.5K
Cap Rate 9%
$248,467
$248.5K
Market Conditions
NOI Build-Up for 3,036 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
$43.7K $14.40/SF
− Vacancy
−$3.1K −$1.01/SF
EGI
$40.7K $13.39/SF
− OpEx
−$18.3K −$6.03/SF
NOI
$22.4K $7.37/SF
Area
Jefferson County, NY
Vacancy
7.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$447,240
Cap Rate 7%
$319,457
Cap Rate 9%
$248,467
Alternative Uses
Best Use
Multifamily LT 5
$357.1K
$312.5K – $416.6K
NOI $24,997 @ 7.0% cap · market cap 10.20%
Second Best
Apartment 5plus
$319.5K
$279.5K – $372.7K
NOI $22,362 @ 7.0% cap · market cap 9.13%
Theoretical Best
Office A
$836.9K
$732.3K – $976.4K
NOI $58,583 @ 7.0% cap · market cap 23.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
490
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units combine recent updates with on-site laundry, decks, a porch, and a large off-street parking area.
Where is this quadplex located?
The property is located at 1209 Washington Street Watertown, NY.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Four residential units within a 3,036‑square‑foot quadplex; 0.4168‑acre property in Watertown, NY; Recent improvements include a front porch, 2 decks, exterior stairs, paint, flooring, and cosmetic updates
