Updated Four-Unit
New
For Sale
$245,000
Pending
1209 Washington St, Watertown, NY 13601
Recent improvements, on-site laundry, and substantial off-street parking support the property’s residential configuration.
Property Size3,036 SF
Days on Market7
Property Features for 1209 Washington St
General Information
Standard status
Pending
Size
3,036 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,108
Amenities
on-site laundry
Building Details
Building Size
3,036 SF
Year Built
1935
Units
4
Listing Agency:
Lake Ontario Realty LLC
Listed By:
Gayle Wiley · License #10301224059
(315) 649-3434
Source:
Elliman
Added: Sep 6
Changed: Sep 9
Last Checked: Sep 11 at 9:47AM
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 Lake Ontario Realty LLC
Investment Insights
Based on property information with market context.
This 1935 quadplex contains four units and has received a range of recent improvements, including a new front porch, two decks, exterior stairs, fresh paint, new flooring, and additional cosmetic work. On-site laundry and a large off-street parking area add practical functionality for residents. The property also has a documented rental history.
The property is located near Samaritan Medical Center, medical practices, schools, shopping, and restaurants, with Fort Drum a short drive away. Walk Score is 38 and Bike Score is 39, characterized as Car-Dependent and Somewhat Bikeable, respectively.
The property is located near Samaritan Medical Center, medical practices, schools, shopping, and restaurants, with Fort Drum a short drive away. Walk Score is 38 and Bike Score is 39, characterized as Car-Dependent and Somewhat Bikeable, respectively.
Key Highlights
- Four‑unit property with a documented rental history
- New front porch, two decks, exterior stairs, fresh paint, and new flooring
- On‑site laundry and a large off‑street parking area
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
$22,362
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
9.13%
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%
$447,240
$447.2K
Cap Rate 7%
$319,457
$319.5K
Cap Rate 9%
$248,467
$248.5K
Market Conditions
NOI Build-Up for 3,036 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
$43.7K $14.40/SF
− Vacancy
−$3.1K −$1.01/SF
EGI
$40.7K $13.39/SF
− OpEx
−$18.3K −$6.03/SF
NOI
$22.4K $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%
$447,240
Cap Rate 7%
$319,457
Cap Rate 9%
$248,467
Alternative Uses
Best Use
Multifamily LT 5
$357.1K
$312.5K – $416.6K
NOI $24,997 @ 7.0% cap · market cap 10.20%
Second Best
Apartment 5plus
$319.5K
$279.5K – $372.7K
NOI $22,362 @ 7.0% cap · market cap 9.13%
Theoretical Best
Office A
$836.9K
$732.3K – $976.4K
NOI $58,583 @ 7.0% cap · market cap 23.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
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
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?
Quadplex - Recent improvements, on-site laundry, and substantial off-street parking support the property’s residential configuration.
Where is this quadplex located?
The property is located at 1209 Washington St Watertown, NY.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Four‑unit property with a documented rental history; New front porch, two decks, exterior stairs, fresh paint, and new flooring; On‑site laundry and a large off‑street parking area
