Two-Unit Duplex with Separate
New
For Sale
$209,900
502 Academy St, Watertown, NY 13601
Independent electric meters and basement access support the building’s two-unit configuration.
Property Size2,112 SF
Days on Market2
Property Features for 502 Academy St
General Information
Standard status
Active
Size
2,112 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,304
Building Details
Building Size
2,112 SF
Year Built
1885
Buildings
1
Units
2
Listed By:
Mikel Miller
(309) 428-0702
Source:
Elliman
Added: Oct 4
Last Checked: Oct 4 at 2:25PM
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 Mikel Miller
Investment Insights
Based on property information with market context.
Built in 1885, this Watertown duplex has one residence on each of two floors. Each unit has its own street-facing entrance and electric meter. The upper residence is tenant occupied; the first-floor residence is owner occupied and includes a recently updated bedroom with recessed lighting. Basement access is available with the first-floor unit for storage and utility use.
The property is at 502 Academy St in Watertown, near local shopping, dining, schools, and other area amenities. Its Walk Score is 53 and its Bike Score is 45.
The property is at 502 Academy St in Watertown, near local shopping, dining, schools, and other area amenities. Its Walk Score is 53 and its Bike Score is 45.
Key Highlights
- Two residential units arranged on separate floors
- Separate entrance and electric meter for each unit
- Upper‑floor residence is tenant occupied; first‑floor unit is owner occupied
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
$17,389
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
8.28%
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%
$347,780
$347.8K
Cap Rate 7%
$248,414
$248.4K
Cap Rate 9%
$193,211
$193.2K
Market Conditions
NOI Build-Up for 2,112 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
$26.6K $12.60/SF
− Vacancy
−$1.8K −$0.84/SF
EGI
$24.8K $11.76/SF
− OpEx
−$7.5K −$3.53/SF
NOI
$17.4K $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%
$347,780
Cap Rate 7%
$248,414
Cap Rate 9%
$193,211
Alternative Uses
Best Use
Multifamily LT 5
$248.4K
$217.4K – $289.8K
NOI $17,389 @ 7.0% cap · market cap 8.28%
Second Best
Apartment 5plus
$222.2K
$194.5K – $259.3K
NOI $15,556 @ 7.0% cap · market cap 7.41%
Theoretical Best
Office A
$582.2K
$509.4K – $679.2K
NOI $40,753 @ 7.0% cap · market cap 19.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,536
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Independent electric meters and basement access support the building’s two-unit configuration.
Where is this duplex located?
The property is located at 502 Academy St Watertown, NY.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Two residential units arranged on separate floors; Separate entrance and electric meter for each unit; Upper‑floor residence is tenant occupied; first‑floor unit is owner occupied
