Two-Unit Duplex with
New
For Sale
$230,000
1108 Washington St, Watertown, NY 13601
Separate laundry areas, a covered porch, and a detached garage support practical two-unit living.
Property Size1,733 SF
Days on Market4
Property Features for 1108 Washington St
General Information
Standard status
Active
Size
1,733 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,177
Building Details
Building Size
1,733 SF
Year Built
1895
Stories
2
Units
2
Listing Agency:
Bridgeview Real Estate Services
Listed By:
Jessica Olney · License #10401375778
(315) 782-9292
Source:
Elliman
Added: Sep 14
Last Checked: Sep 16 at 4:47PM
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 Bridgeview Real Estate Services
Investment Insights
Based on property information with market context.
Built in 1895, this duplex at 1108 Washington Street contains two distinct residential units. The first-floor residence includes two bedrooms, one full bathroom, a kitchen, dining room, and living room. The upper unit provides one bedroom, one bathroom, and an open-concept arrangement. Both units have dedicated laundry areas.
Exterior features include a blacktop driveway, detached garage, and covered porch. A newer furnace and newer water heater add to the property’s existing improvements. The home is in Watertown, near shopping, dining, and other city amenities, with a Walk Score of 21 and Bike Score of 27. Continued multifamily use or conversion to a single-family residence may be considered, subject to applicable approvals.
Exterior features include a blacktop driveway, detached garage, and covered porch. A newer furnace and newer water heater add to the property’s existing improvements. The home is in Watertown, near shopping, dining, and other city amenities, with a Walk Score of 21 and Bike Score of 27. Continued multifamily use or conversion to a single-family residence may be considered, subject to applicable approvals.
Key Highlights
- Two‑unit duplex with a 2‑bedroom lower residence and 1‑bedroom upper unit
- Each unit includes a dedicated laundry area
- Detached garage, blacktop driveway, and covered porch
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
$14,269
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
6.20%
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%
$285,380
$285.4K
Cap Rate 7%
$203,843
$203.8K
Cap Rate 9%
$158,544
$158.5K
Market Conditions
NOI Build-Up for 1,733 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
$21.8K $12.60/SF
− Vacancy
−$1.5K −$0.84/SF
EGI
$20.4K $11.76/SF
− OpEx
−$6.1K −$3.53/SF
NOI
$14.3K $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%
$285,380
Cap Rate 7%
$203,843
Cap Rate 9%
$158,544
Alternative Uses
Best Use
Multifamily LT 5
$203.8K
$178.4K – $237.8K
NOI $14,269 @ 7.0% cap · market cap 6.20%
Second Best
Apartment 5plus
$182.4K
$159.6K – $212.8K
NOI $12,765 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$477.7K
$418.0K – $557.3K
NOI $33,440 @ 7.0% cap · market cap 14.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
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
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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 laundry areas, a covered porch, and a detached garage support practical two-unit living.
Where is this duplex located?
The property is located at 1108 Washington St Watertown, NY.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Two‑unit duplex with a 2‑bedroom lower residence and 1‑bedroom upper unit; Each unit includes a dedicated laundry area; Detached garage, blacktop driveway, and covered porch
