Flex Space with Sports
For Sale
$599,000
17612 State Route 3, Watertown, NY 13601
Versatile commercial building with public water, natural gas, air conditioning, and substantial on-site parking.
Property Size7,224 SF
Price / SF$82.92
Days on Market131
Property Features for 17612 State Route 3
General Information
Standard status
Active
Size
7,224 SF
Additional Details
Asking Price
$599,000
Utilities to Site
Yes
Building Details
Year Built
1987
Listing Agency:
Keller Williams Northern New York
(315) 786-1900
Listed By:
Gervera Team
Source:
Skinnercnyrealty
Added: Apr 24
Changed: Aug 29
Last Checked: Aug 30 at 8:04PM
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 Keller Williams Northern New York
Investment Insights
Based on property information with market context.
This 7,224-square-foot flex property was built in 1987 and is currently configured as an indoor sports center. The building offers a broad commercial footprint with air conditioning, public water, and natural gas service. Its existing layout may accommodate a range of business operations, subject to applicable approvals.
The property is located at 17612 State Route 3 in Watertown, just minutes from historic Sackets Harbor. On-site parking supports customer- and client-oriented activity, while the rectangular site provides a straightforward setting for continued commercial use.
The property is located at 17612 State Route 3 in Watertown, just minutes from historic Sackets Harbor. On-site parking supports customer- and client-oriented activity, while the rectangular site provides a straightforward setting for continued commercial use.
Key Highlights
- 7,224‑square‑foot commercial building
- Currently operating as an indoor sports center
- 80 parking spaces
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
$44,679
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
7.46%
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%
$893,580
$893.6K
Cap Rate 7%
$638,271
$638.3K
Cap Rate 9%
$496,433
$496.4K
Market Conditions
NOI Build-Up for 7,224 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
$68.5K $9.48/SF
− Vacancy
−$4.7K −$0.64/SF
EGI
$63.8K $8.84/SF
− OpEx
−$19.1K −$2.65/SF
NOI
$44.7K $6.18/SF
Area
Jefferson County, NY
Vacancy
6.80%
Lease Rate
$9.48 /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%
$893,580
Cap Rate 7%
$638,271
Cap Rate 9%
$496,433
Alternative Uses
Best Use
Industrial
$638.3K
$558.5K – $744.7K
NOI $44,679 @ 7.0% cap · market cap 7.46%
Second Best
Flex RnD
$592.7K
$518.6K – $691.5K
NOI $41,487 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,394 @ 7.0% cap · market cap 23.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Well-served
Demand for This Use
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 Industrial 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?
Flex space - Versatile commercial building with public water, natural gas, air conditioning, and substantial on-site parking.
Where is this flex space located?
The property is located at 17612 State Route 3 Watertown, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 7,224‑square‑foot commercial building; Currently operating as an indoor sports center; 80 parking spaces
