Watertown Triplex on Acre
For Sale
$279,000
1011 Gotham St, Watertown, NY 13601
Well-maintained triplex with spacious units and large lot.
Property Size2,595 SF
Lot Size0.93 Acres
Days on Market160
Property Features for 1011 Gotham St
General Information
Standard status
Active
Size
2,595 SF
Lot size
0.93 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,393
Building Details
Building Size
2,595 SF
Year Built
1850
Stories
2
Units
3
Listing Agency:
Berkshire Hathaway HomeServices CNY Realty
(315) 778-1717
Listed By:
Aaron Naklick · License #10401373314
(315) 778-1717
Source:
Elliman
Added: Mar 10
Changed: Aug 14
Last Checked: Aug 14 at 9:06AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Berkshire Hathaway HomeServices CNY Realty
Investment Insights
Based on property information with market context.
Located in a desirable Watertown neighborhood, this well-maintained triplex on Gotham Street presents an investment opportunity. The property features three units: two 2-bedroom, 1-bath apartments and one 3-bedroom, 1-bath unit, each designed with comfortable layouts and abundant natural light. Situated on a one-acre lot within the city limits, the property provides ample outdoor space. The location offers convenient access to downtown, schools, shopping, and parks. Two of the front units are currently vacant. This property combines space, location, and investment potential, making it suitable for portfolio expansion or owner-occupancy with additional income.
Key Highlights
- Large one‑acre lot within city limits offers development potential and tenant enjoyment.
- Two vacant units provide immediate income potential or owner‑occupancy opportunity.**
- Desirable Watertown location near downtown, schools, shopping, and parks.
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
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
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Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained triplex with spacious units and large lot.
Where is this triplex located?
The property is located at 1011 Gotham St 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: Large one‑acre lot within city limits offers development potential and tenant enjoyment.; Two vacant units provide immediate income potential or owner‑occupancy opportunity.**; Desirable Watertown location near downtown, schools, shopping, and parks.
