5-Unit Apartment
For Sale
$445,000
831 Washington Street, Watertown, NY 13601
Five residential units include separately metered electric, shared basement laundry, and a recently updated roof.
Property Size4,960 SF
Price / SF$89.72
Days on Market21
Property Features for 831 Washington Street
General Information
Standard status
Active
Size
4,960 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR, 2 x studio, 1 x 4-5BR
Multifamily Units
5
Additional Details
Gross Income
$50,000
Amenities
shared laundry facilities
Building Details
Buildings
1
Listing Agency:
Bridgeview Real Estate
(315) 782-9292
Listed By:
Robert Gardner · License #10301217226
(315) 777-2189
Source:
Nicholcityrealty
Added: Aug 17
Changed: Aug 31
Last Checked: Sep 5 at 7:40AM
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 Bridgeview Real Estate
Investment Insights
Based on property information with market context.
This five-unit apartment building offers a varied residential layout across the property. The first floor contains two two-bedroom apartments, while the second floor includes two studio units. A larger four- to five-bedroom apartment extends across two levels. Shared laundry facilities are located in the basement, and each unit has separate electric metering.
Heat is included in rent and supplied by a Utica steam boiler that receives service at least once annually. The roof is less than five years old, the exterior has been recently painted, and the chimney has been rebuilt with stainless steel liners. The property is located directly across from Samaritan Hospital at 831 Washington Street in Watertown City, NY.
Heat is included in rent and supplied by a Utica steam boiler that receives service at least once annually. The roof is less than five years old, the exterior has been recently painted, and the chimney has been rebuilt with stainless steel liners. The property is located directly across from Samaritan Hospital at 831 Washington Street in Watertown City, NY.
Key Highlights
- Five‑unit apartment building with two two‑bedroom units, two studios, and one four- to five‑bedroom unit
- Two‑bedroom apartments occupy the first floor; the larger unit spans two levels
- Separate electric meters for each unit
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
$36,533
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
8.21%
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%
$730,660
$730.7K
Cap Rate 7%
$521,900
$521.9K
Cap Rate 9%
$405,922
$405.9K
Market Conditions
NOI Build-Up for 4,960 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
$71.4K $14.40/SF
− Vacancy
−$5.0K −$1.01/SF
EGI
$66.4K $13.39/SF
− OpEx
−$29.9K −$6.03/SF
NOI
$36.5K $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%
$730,660
Cap Rate 7%
$521,900
Cap Rate 9%
$405,922
Alternative Uses
Best Use
Apartment 5plus
$521.9K
$456.7K – $608.9K
NOI $36,533 @ 7.0% cap · market cap 8.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $95,708 @ 7.0% cap · market cap 21.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
902
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?
Apartment building - Five residential units include separately metered electric, shared basement laundry, and a recently updated roof.
Where is this apartment building located?
The property is located at 831 Washington Street Watertown, NY.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Five‑unit apartment building with two two‑bedroom units, two studios, and one four- to five‑bedroom unit; Two‑bedroom apartments occupy the first floor; the larger unit spans two levels; Separate electric meters for each unit
