Renovated Duplex with 2
For Sale
$330,000
720 Mill St 2, Watertown, NY 13601
Completely renovated duplex offering two 4-bedroom units, updated tiled bathrooms, in-unit laundry, and covered porch access.
Property Size2,567 SF
Days on Market53
Property Features for 720 Mill St 2
General Information
Standard status
Active
Size
2,567 SF
Property subtype
Multi Family
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,868
Building Details
Building Size
2,567 SF
Year Built
1880
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
(315) 783-0191
Listed By:
Julie Ablan-Woodrow
Source:
Elliman
Added: Jun 25
Changed: Aug 14
Last Checked: Aug 16 at 7:10AM
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 Julie Ablan-Woodrow
Investment Insights
Based on property information with market context.
This completely renovated, two-story duplex is set up for turnkey ownership with two separate units. Each unit provides four bedrooms and two updated bathrooms featuring tiled showers, along with a dedicated laundry room. Interior updates include high-end laminate flooring and modern recessed lighting throughout the bright layouts. Kitchens are equipped with brand-new appliances, supporting a true move-in-ready experience. A covered porch adds outdoor comfort, and the property includes a two-stall garage.
The duplex sits on a prime corner lot, giving it a prominent presence. Public-facing walkability and bikeability indicators are provided with a Walk Score of 71 and a Bike Score of 59.
For investors or owner-operators seeking a residential income asset, the property’s two-unit configuration, substantial bedroom count in each unit, and consistent renovation scope across both sides support straightforward management and leasing. The inclusion of dedicated laundry space and updated bathrooms are practical tenant-focused features that can help simplify turnover and maintenance planning.
The duplex sits on a prime corner lot, giving it a prominent presence. Public-facing walkability and bikeability indicators are provided with a Walk Score of 71 and a Bike Score of 59.
For investors or owner-operators seeking a residential income asset, the property’s two-unit configuration, substantial bedroom count in each unit, and consistent renovation scope across both sides support straightforward management and leasing. The inclusion of dedicated laundry space and updated bathrooms are practical tenant-focused features that can help simplify turnover and maintenance planning.
Key Highlights
- Completely renovated 2‑story duplex built in 1880 on a corner lot
- Two units total: each features 4 bedrooms and 2 updated bathrooms with tiled showers
- Sleek kitchens in both units equipped with brand‑new appliances
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
$21,135
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
6.40%
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%
$422,700
$422.7K
Cap Rate 7%
$301,929
$301.9K
Cap Rate 9%
$234,833
$234.8K
Market Conditions
NOI Build-Up for 2,567 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
$32.3K $12.60/SF
− Vacancy
−$2.2K −$0.84/SF
EGI
$30.2K $11.76/SF
− OpEx
−$9.1K −$3.53/SF
NOI
$21.1K $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%
$422,700
Cap Rate 7%
$301,929
Cap Rate 9%
$234,833
Alternative Uses
Best Use
Multifamily LT 5
$301.9K
$264.2K – $352.3K
NOI $21,135 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$270.1K
$236.3K – $315.1K
NOI $18,907 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$707.6K
$619.2K – $825.6K
NOI $49,533 @ 7.0% cap · market cap 15.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
345
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 - Completely renovated duplex offering two 4-bedroom units, updated tiled bathrooms, in-unit laundry, and covered porch access.
Where is this duplex located?
The property is located at 720 Mill St 2 Watertown, NY.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Completely renovated 2‑story duplex built in 1880 on a corner lot; Two units total: each features 4 bedrooms and 2 updated bathrooms with tiled showers; Sleek kitchens in both units equipped with brand‑new appliances
