Two-Unit Duplex with
For Sale
$234,900
Pending
632 Hillcrest Avenue, Watertown, NY 13601
Residential, Watertown, NY
Property Size1,745 SF
Lot Size0.14 Acres
Days on Market55
Property Features for 632 Hillcrest Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 1
Parking features
Open, Garage
Patio and Porch features
Patio, Porch
Exterior features
Patio, PrivateYard
Appliances
ElectricWaterHeater, GasWaterHeater
Subdivision
Watertown Terrace Add
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Watertown
Middle school district
Watertown
High school district
Watertown
Directions
If you're coming from the city, take Rt. 12 (outer Bradley St.), turn right onto Hazelhurst Ave., the road turns then turns left, and straight to the property.
Standard status
Pending
APN
221800-001-000-0013-307-000-0000
Size
1,745 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
2100
Utilities
Heating system
Natural Gas, Forced Air, Baseboard, Electric (Heating)
Water source
Public
Building Details
Year built
1986
Floors in Building
1
Number of units
2
Flooring type
Tile, Laminate, Carpet, Vinyl, Varies
Building materials
VinylSiding
Roof type
Shingle, Metal
Architectural style
Other
Listing Agency:
Lake Ontario Realty, LLC
(315) 649-3434
Listed By:
Stephanie Eiss · License #10401395919
(315) 771-8464
Added: Aug 8
Changed: Sep 24
Last Checked: Oct 1 at 7:06PM
MLS# S1705340
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 1,745-square-foot duplex, built in 1986, contains two distinct residences. The larger unit has 3 bedrooms, 1 bathroom, a living room, eat-in kitchen, stackable laundry, and a stamped concrete patio. The second unit includes 1 bedroom, 1 bathroom, a family or living room, eat-in kitchen, and a private patio accessed through a sliding glass door. Flooring includes vinyl plank, laminate, tile, and carpet.
The property includes a garage, open parking, public water, vinyl siding, and metal and shingle roofing. The duplex and garage occupy two separate parcels totaling 0.1366 acres. Located at 632 Hillcrest Avenue in Watertown, the property is near restaurants and shopping and includes a spacious yard.
The property includes a garage, open parking, public water, vinyl siding, and metal and shingle roofing. The duplex and garage occupy two separate parcels totaling 0.1366 acres. Located at 632 Hillcrest Avenue in Watertown, the property is near restaurants and shopping and includes a spacious yard.
Key Highlights
- Two‑unit duplex with 3‑bedroom and 1‑bedroom residences
- 1,745 square feet on 0.1366 acres
- Built in 1986 with many unit upgrades
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
$14,367
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
6.12%
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%
$287,340
$287.3K
Cap Rate 7%
$205,243
$205.2K
Cap Rate 9%
$159,633
$159.6K
Market Conditions
NOI Build-Up for 1,745 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
$22.0K $12.60/SF
− Vacancy
−$1.5K −$0.84/SF
EGI
$20.5K $11.76/SF
− OpEx
−$6.2K −$3.53/SF
NOI
$14.4K $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%
$287,340
Cap Rate 7%
$205,243
Cap Rate 9%
$159,633
Alternative Uses
Best Use
Multifamily LT 5
$205.2K
$179.6K – $239.5K
NOI $14,367 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$183.6K
$160.7K – $214.2K
NOI $12,853 @ 7.0% cap · market cap 5.47%
Theoretical Best
Office A
$481.0K
$420.9K – $561.2K
NOI $33,672 @ 7.0% cap · market cap 14.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
153
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate one- and three-bedroom units include patios, dedicated living areas, and a private yard.
Where is this duplex located?
The property is located at 632 Hillcrest Avenue Watertown, NY.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: Two‑unit duplex with 3‑bedroom and 1‑bedroom residences; 1,745 square feet on 0.1366 acres; Built in 1986 with many unit upgrades
