Flexible Commercial
For Sale
$599,000
17612 State Route 3, Watertown, NY 13601
CommercialSale, Watertown, NY
Property Size7,224 SF
Lot Size1.80 Acres
Price / SF$82.92
Days on Market381
Property Features for 17612 State Route 3
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
com 1
Parking
80
Lot features
Rectangular, Rectangular Lot
Elementary school district
Sackets Harbor
Middle school district
Sackets Harbor
High school district
Sackets Harbor
Directions
rte 3 between watertown and Sackets Harbor
Subdivision
Hounsfield-223889
Standard status
Active
APN
223889-081-000-0001-046-200
Size
7,224 SF
Lot size
1.80 Acres
Taxes and HOA fees
Tax Annual Amount
6213
Utilities
Sewer type
Septic Tank
Heating system
Radiant, Natural Gas
Water source
Public
Building Details
Year built
1987
Floors in Building
1
Building materials
BlownInInsulation, SprayFoamInsulation
Listing Agency:
Keller Williams Northern New York · Keller Williams Realty
(315) 459-6619
Listed By:
Gervera Team · License #10301208465
(315) 786-1900
Added: Aug 7, 2025
Changed: Aug 19
Last Checked: Aug 22 at 2:06PM
MLS# S1623246
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 7,224-square-foot flex property occupies a 1.8-acre lot and is currently configured as an indoor sports center. The building supports a range of commercial applications, including event space, retail, warehouse, fitness, manufacturing, professional services, and office use. Radiant heating, natural gas, blown-in insulation, and spray-foam insulation are among the existing building features.
The property includes more than 80 parking spaces and is positioned just outside Sackets Harbor with access to State Route 3. Public water and a septic tank serve the site, while natural gas is available for building systems. Constructed in 1987, the property is zoned com 1 and offers a substantial commercial footprint with an adaptable existing layout.
The property includes more than 80 parking spaces and is positioned just outside Sackets Harbor with access to State Route 3. Public water and a septic tank serve the site, while natural gas is available for building systems. Constructed in 1987, the property is zoned com 1 and offers a substantial commercial footprint with an adaptable existing layout.
Key Highlights
- 7,224‑square‑foot commercial building on 1.8 acres
- Currently operating as an indoor sports center
- More than 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
4
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 - Commercial property with public water, natural gas, extensive parking, and adaptable space for business, service, or industrial use.
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 on 1.8 acres; Currently operating as an indoor sports center; More than 80 parking spaces
