Two-Unit Duplex with
For Sale
$198,000
1158 Gill Street, Watertown, NY 13601
Well-maintained duplex with one vacant apartment and a long-term tenant in the other unit.
Property Size2,352 SF
Days on Market34
Property Features for 1158 Gill Street
General Information
Standard status
Active
Size
2,352 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,624
Building Details
Building Size
2,352 SF
Year Built
1920
Stories
1
Units
2
Listing Agency:
Forte Management Group
(315) 767-5893
Listed By:
Stephen Byers
(315) 767-5893
Source:
Homeprocny
Added: Jul 14
Changed: Aug 9
Last Checked: Aug 15 at 1:40PM
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 Forte Management Group
Investment Insights
Based on property information with market context.
This two-unit duplex contains two three-bedroom, one-bath apartments, each with large bedrooms and a formal dining room. Attic and basement storage serve the building, which was constructed in 1920 and has been maintained by the current owner. The property has also been professionally managed.
One apartment is vacant and available for immediate occupancy, while the second is occupied by a long-term tenant who would like to continue renting. The configuration supports either full-property leasing or owner occupancy of one unit, as directly reflected by the existing unit status.
One apartment is vacant and available for immediate occupancy, while the second is occupied by a long-term tenant who would like to continue renting. The configuration supports either full-property leasing or owner occupancy of one unit, as directly reflected by the existing unit status.
Key Highlights
- Two three‑bedroom, one‑bath apartments
- One apartment vacant for immediate occupancy
- Second apartment has a long‑term tenant seeking continued tenancy
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
$17,324
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
8.75%
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%
$346,480
$346.5K
Cap Rate 7%
$247,486
$247.5K
Cap Rate 9%
$192,489
$192.5K
Market Conditions
NOI Build-Up for 2,352 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
$33.9K $14.40/SF
− Vacancy
−$2.4K −$1.01/SF
EGI
$31.5K $13.39/SF
− OpEx
−$14.2K −$6.03/SF
NOI
$17.3K $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%
$346,480
Cap Rate 7%
$247,486
Cap Rate 9%
$192,489
Alternative Uses
Best Use
Multifamily LT 5
$276.6K
$242.1K – $322.8K
NOI $19,365 @ 7.0% cap · market cap 9.78%
Second Best
Apartment 5plus
$247.5K
$216.6K – $288.7K
NOI $17,324 @ 7.0% cap · market cap 8.75%
Theoretical Best
Office A
$648.3K
$567.3K – $756.4K
NOI $45,384 @ 7.0% cap · market cap 22.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
311
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?
Duplex - Well-maintained duplex with one vacant apartment and a long-term tenant in the other unit.
Where is this duplex located?
The property is located at 1158 Gill Street Watertown, NY.
What is the asking price?
The asking price for this property is $198,000.
What are key features of this property?
This property features: Two three‑bedroom, one‑bath apartments; One apartment vacant for immediate occupancy; Second apartment has a long‑term tenant seeking continued tenancy
