Four-Unit Residential
For Sale
$315,000
1025 State Street, Watertown, NY 13601
Four two-bedroom apartments are fully occupied, with basement laundry available for tenant use.
Property Size3,482 SF
Price / SF$90.47
Days on Market29
Property Features for 1025 State Street
General Information
Standard status
Active
Size
3,482 SF
Property subtype
Multi Family Home
Occupancy
100%
Financials
Asking Price
$325,000
Gross Income
$51,090
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Tenant in Place
Yes
Amenities
basement laundry
Listing Agency:
IRE INVESTMENTS
Listed By:
Jonathan Gardner
(518) 379-0652
Source:
Crystinandcorealty
Added: Sep 28
Changed: Oct 25
Last Checked: Oct 26 at 3:50AM
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 IRE INVESTMENTS
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Investment Insights
Based on property information with market context.
This four-unit residential property contains 3,482 square feet on approximately 0.2 acre, with two apartments on each side. Each unit has two bedrooms and one bathroom. Basement laundry is available for tenant use at the tenants’ expense, and updates have been completed throughout. A second lot is included behind the building.
The apartments are fully occupied, with staggered lease terms extending from late 2026 through 2028. The property is minutes from downtown Watertown and offers access to shopping, dining, Thompson Park, the Black River, and commuter routes to Fort Drum.
The apartments are fully occupied, with staggered lease terms extending from late 2026 through 2028. The property is minutes from downtown Watertown and offers access to shopping, dining, Thompson Park, the Black River, and commuter routes to Fort Drum.
Key Highlights
- Four apartments, each with 2 bedrooms and 1 bathroom
- 3,482 square feet on approximately 0.2 acre
- Second lot located behind the building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,669
Cap Rate
9.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$573,380
$573.4K
Cap Rate 7%
$409,557
$409.6K
Cap Rate 9%
$318,544
$318.5K
Market Conditions
NOI Build-Up for 3,482 SF
Gross rent
$43.9K $12.60/SF
− Vacancy
−$2.9K −$0.84/SF
EGI
$41.0K $11.76/SF
− OpEx
−$12.3K −$3.53/SF
NOI
$28.7K $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 Rate 5%
$573,380
Cap Rate 7%
$409,557
Cap Rate 9%
$318,544
Alternative Uses
Best Use
Multifamily LT 5
$409.6K
$358.4K – $477.8K
NOI $28,669 @ 7.0% cap · market cap 9.10%
Second Best
Apartment 5plus
$366.4K
$320.6K – $427.5K
NOI $25,647 @ 7.0% cap · market cap 8.14%
Theoretical Best
Office A
$959.8K
$839.9K – $1.12M
NOI $67,189 @ 7.0% cap · market cap 21.33%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
325
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom apartments are fully occupied, with basement laundry available for tenant use.
Where is this quadplex located?
The property is located at 1025 State Street Watertown, NY.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Four apartments, each with 2 bedrooms and 1 bathroom; 3,482 square feet on approximately 0.2 acre; Second lot located behind the building
