Updated Two-Unit
For Sale
$225,000
133 Central Street, Watertown, NY 13601
Two apartments offer laundry, separate access, and recent interior and site improvements.
Property Size2,353 SF
Days on Market18
Property Features for 133 Central Street
General Information
Standard status
Active
Size
2,353 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,421
Amenities
covered porch
laundry
Building Details
Building Size
2,353 SF
Year Built
1880
Buildings
1
Stories
2
Units
2
Listing Agency:
Grey Arrow Realty, Inc.
(315) 921-5034
Listed By:
Amanda L Kingsbury
Source:
Homeprocny
Added: Jul 30
Changed: Aug 15
Last Checked: Aug 15 at 12:47PM
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 Grey Arrow Realty, Inc.
Investment Insights
Based on property information with market context.
This two-unit duplex contains two apartments, each arranged with 2 bedrooms, 1 bath, and laundry. The interior includes tall ceilings, upgraded closets, and a shared entry area connected to the original staircase. Each apartment has a front exit through the covered porch and a rear exit leading toward the driveway. Recent work includes new electrical service in the downstairs bedroom, new outlets, a ceiling fan, and a newly installed washer/dryer combination upstairs.
The property sits on a large, level lot within the city. Exterior improvements include backyard regrading, installation of a French drain, and stump removal near the foundation. Built in 1880, the home retains original architectural elements while incorporating updates to both apartments.
The property sits on a large, level lot within the city. Exterior improvements include backyard regrading, installation of a French drain, and stump removal near the foundation. Built in 1880, the home retains original architectural elements while incorporating updates to both apartments.
Key Highlights
- Two apartments, each with 2 bedrooms, 1 bath, and laundry
- Covered porch provides entry to both apartments
- Each apartment has front and rear exits for convenient access
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
$19,373
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
8.61%
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%
$387,460
$387.5K
Cap Rate 7%
$276,757
$276.8K
Cap Rate 9%
$215,256
$215.3K
Market Conditions
NOI Build-Up for 2,353 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
$29.6K $12.60/SF
− Vacancy
−$2.0K −$0.84/SF
EGI
$27.7K $11.76/SF
− OpEx
−$8.3K −$3.53/SF
NOI
$19.4K $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%
$387,460
Cap Rate 7%
$276,757
Cap Rate 9%
$215,256
Alternative Uses
Best Use
Multifamily LT 5
$276.8K
$242.2K – $322.9K
NOI $19,373 @ 7.0% cap · market cap 8.61%
Second Best
Apartment 5plus
$247.6K
$216.6K – $288.9K
NOI $17,331 @ 7.0% cap · market cap 7.70%
Theoretical Best
Office A
$648.6K
$567.5K – $756.7K
NOI $45,403 @ 7.0% cap · market cap 20.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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
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 apartments offer laundry, separate access, and recent interior and site improvements.
Where is this duplex located?
The property is located at 133 Central Street Watertown, NY.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms, 1 bath, and laundry; Covered porch provides entry to both apartments; Each apartment has front and rear exits for convenient access
