Two-Unit Residential Income
For Sale
$138,999
689 Leray St, Watertown, NY 13601
Two rented units, each offering 2 bedrooms and 1 bathroom, with cosmetic updates needed.
Property Size854 SF
Days on Market29
Property Features for 689 Leray St
General Information
Standard status
Active
Size
854 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$907
Building Details
Building Size
854 SF
Year Built
1890
Units
2
Tenancy
Multi
Listing Agency:
(315) 777-4365
Listed By:
Joseph Murtha
Source:
Elliman
Added: Jul 24
Changed: Aug 11
Last Checked: Aug 20 at 10:11AM
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 Joseph Murtha
Investment Insights
Based on property information with market context.
This two-unit residential income property is set up as a duplex with both units configured as 2 bed, 1 bath. The property is currently generating $2,200 per month in rental income, with each unit rented at $1,100 per month. Real estate taxes are listed as under $1,000 per year. The interior is described as needing cosmetic updates, including paint, carpet, and fixtures, with no structural work indicated.
Located at 689 Leray St in Watertown, New York, the property is noted as bikeScore 59 (Bikeable) and walkScore 71 (Very Walkable).
Located at 689 Leray St in Watertown, New York, the property is noted as bikeScore 59 (Bikeable) and walkScore 71 (Very Walkable).
Key Highlights
- Two‑unit rental property built in 1890, currently generating $2,200/month total rent
- Each unit offers 2 bedrooms and 1 bathroom; both units are currently rented at $1,100/month
- Property needs cosmetic updates such as paint, carpet, and fixtures; nothing structural noted
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
$7,031
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
5.06%
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%
$140,620
$140.6K
Cap Rate 7%
$100,443
$100.4K
Cap Rate 9%
$78,122
$78.1K
Market Conditions
NOI Build-Up for 854 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
$10.8K $12.60/SF
− Vacancy
−$716 −$0.84/SF
EGI
$10.0K $11.76/SF
− OpEx
−$3.0K −$3.53/SF
NOI
$7.0K $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%
$140,620
Cap Rate 7%
$100,443
Cap Rate 9%
$78,122
Alternative Uses
Best Use
Multifamily LT 5
$100.4K
$87.9K – $117.2K
NOI $7,031 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$89.9K
$78.6K – $104.8K
NOI $6,290 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$235.4K
$206.0K – $274.7K
NOI $16,479 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
425
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 - Two rented units, each offering 2 bedrooms and 1 bathroom, with cosmetic updates needed.
Where is this duplex located?
The property is located at 689 Leray St Watertown, NY.
What is the asking price?
The asking price for this property is $138,999.
What are key features of this property?
This property features: Two‑unit rental property built in 1890, currently generating $2,200/month total rent; Each unit offers 2 bedrooms and 1 bathroom; both units are currently rented at $1,100/month; Property needs cosmetic updates such as paint, carpet, and fixtures; nothing structural noted
