Two-Family Home With Detached
For Sale
$179,900
Pending
113 N Meadow St, Watertown, NY 13601
Side-by-side two-family property with a renovated main house, a separate two-bedroom unit, and a one-car detached garage.
Property Size2,052 SF
Days on Market36
Property Features for 113 N Meadow St
General Information
Standard status
Pending
Size
2,052 SF
Property subtype
Multi Family
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,116
Building Details
Building Size
2,052 SF
Year Built
1857
Stories
2
Units
2
Listing Agency:
(315) 783-0191
Listed By:
Julie Ablan-Woodrow
Source:
Elliman
Added: Jul 12
Changed: Aug 8
Last Checked: Jul 24 at 3:01PM
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 side-by-side two-family home offers a deep lot and a one-car detached garage. The main residence has been completely renovated by the owner and includes a first-floor living room, dining room, kitchen, a first-floor bedroom, a full bathroom, and an additional room that can serve as an office or mudroom. The second floor provides two more bedrooms and another full bathroom.
The adjacent rental unit features two bedrooms, a kitchen, a living room, and one bathroom. Separate utilities are noted for the rental unit, supporting an easier, more independent setup for income generation.
Overall, the property is configured as two distinct living spaces under one roof, with the detached garage and deep lot providing practical, additional storage and outdoor space.
The adjacent rental unit features two bedrooms, a kitchen, a living room, and one bathroom. Separate utilities are noted for the rental unit, supporting an easier, more independent setup for income generation.
Overall, the property is configured as two distinct living spaces under one roof, with the detached garage and deep lot providing practical, additional storage and outdoor space.
Key Highlights
- Side‑by‑side two‑family home built in 1857 with a renovated main house and an adjacent separate rental unit
- Main house first floor: living room, dining room, kitchen, first‑floor bedroom, full bath, plus extra room for office or mudroom
- Main house second floor: two additional bedrooms and another full bathroom
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
$15,114
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
8.40%
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%
$302,280
$302.3K
Cap Rate 7%
$215,914
$215.9K
Cap Rate 9%
$167,933
$167.9K
Market Conditions
NOI Build-Up for 2,052 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
$29.5K $14.40/SF
− Vacancy
−$2.1K −$1.01/SF
EGI
$27.5K $13.39/SF
− OpEx
−$12.4K −$6.03/SF
NOI
$15.1K $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%
$302,280
Cap Rate 7%
$215,914
Cap Rate 9%
$167,933
Alternative Uses
Best Use
Multifamily LT 5
$241.4K
$211.2K – $281.6K
NOI $16,895 @ 7.0% cap · market cap 9.39%
Second Best
Apartment 5plus
$215.9K
$188.9K – $251.9K
NOI $15,114 @ 7.0% cap · market cap 8.40%
Theoretical Best
Office A
$565.6K
$494.9K – $659.9K
NOI $39,595 @ 7.0% cap · market cap 22.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,273
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 - Side-by-side two-family property with a renovated main house, a separate two-bedroom unit, and a one-car detached garage.
Where is this duplex located?
The property is located at 113 N Meadow St Watertown, NY.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Side‑by‑side two‑family home built in 1857 with a renovated main house and an adjacent separate rental unit; Main house first floor: living room, dining room, kitchen, first‑floor bedroom, full bath, plus extra room for office or mudroom; Main house second floor: two additional bedrooms and another full bathroom
