Two-Unit Duplex with Separate
New
For Sale
$165,000
132 N Rutland St, Watertown, NY 13601
A three-bedroom lower apartment and one-bedroom upper apartment provide distinct living spaces, with electric meters for each unit.
Property Size1,710 SF
Days on Market4
Property Features for 132 N Rutland St
General Information
Standard status
Active
Size
1,710 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$35,700
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,436
Amenities
driveway
yard
Building Details
Building Size
1,710 SF
Year Built
1900
Buildings
1
Units
2
Listed By:
Micah Matteson
(315) 767-9878
Source:
Elliman
Added: Sep 24
Changed: Sep 27
Last Checked: Sep 26 at 11:15AM
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 Micah Matteson
Investment Insights
Based on property information with market context.
This duplex contains two apartments: a lower unit with three bedrooms and one bathroom, and an upper unit with one bedroom and one bathroom. Both units are currently rented, with utilities included. Separate electric meters serve the upper and lower apartments, and the property was built in 1900.
A large driveway provides parking, while the oversized yard offers outdoor space. The property is at 132 N Rutland St in Watertown, New York. Walk Score is 53 and Bike Score is 45.
A large driveway provides parking, while the oversized yard offers outdoor space. The property is at 132 N Rutland St in Watertown, New York. Walk Score is 53 and Bike Score is 45.
Key Highlights
- Two apartments: lower unit has 3 bedrooms and 1 bathroom; upper unit has 1 bedroom and 1 bathroom
- Both apartments are currently rented with utilities included
- Separate electric meters for the upper and lower units
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
$14,079
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
8.53%
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%
$281,580
$281.6K
Cap Rate 7%
$201,129
$201.1K
Cap Rate 9%
$156,433
$156.4K
Market Conditions
NOI Build-Up for 1,710 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
$21.5K $12.60/SF
− Vacancy
−$1.4K −$0.84/SF
EGI
$20.1K $11.76/SF
− OpEx
−$6.0K −$3.53/SF
NOI
$14.1K $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%
$281,580
Cap Rate 7%
$201,129
Cap Rate 9%
$156,433
Alternative Uses
Best Use
Multifamily LT 5
$201.1K
$176.0K – $234.7K
NOI $14,079 @ 7.0% cap · market cap 8.53%
Second Best
Apartment 5plus
$179.9K
$157.4K – $209.9K
NOI $12,595 @ 7.0% cap · market cap 7.63%
Theoretical Best
Office A
$471.4K
$412.5K – $549.9K
NOI $32,996 @ 7.0% cap · market cap 20.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
458
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - A three-bedroom lower apartment and one-bedroom upper apartment provide distinct living spaces, with electric meters for each unit.
Where is this duplex located?
The property is located at 132 N Rutland St Watertown, NY.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: Two apartments: lower unit has 3 bedrooms and 1 bathroom; upper unit has 1 bedroom and 1 bathroom; Both apartments are currently rented with utilities included; Separate electric meters for the upper and lower units
