Craftsman Duplex with New Metal
For Sale
$169,900
214/218 Charles Street, Watertown, NY 13601
Side-by-side two-bedroom units offer separate utilities, private outdoor areas, basements, and flexible improvement plans.
Property Size1,694 SF
Days on Market160
Property Features for 214/218 Charles Street
General Information
Standard status
Active
Size
1,694 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,766
Building Details
Building Size
1,694 SF
Year Built
1919
Buildings
1
Stories
1
Units
2
Construction
craftsman
Listing Agency:
Bridgeview Real Estate
(315) 782-9292
Listed By:
Chenoa Reynolds · License #10401341542
Source:
Homeprocny
Added: Mar 10
Changed: Aug 14
Last Checked: Aug 15 at 12:44PM
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.
Built in 1919, this side-by-side Craftsman duplex at 214/218 Charles Street in Watertown includes two matching layouts with living, dining, and kitchen areas on the first floor, plus two bedrooms and one bathroom upstairs in each unit. Both sides have front porches, separate front and rear entrances, designated yard areas, private dry basements with washer and dryer hookups, attic crawl-space access, and individual utility service with 150 amp electrical panels.
A new metal roof has been installed on the house, and the two-car garage also has a new roof. The 218 unit has been refreshed and is nearing occupancy readiness, including open kitchen shelving and a coffee bar. Work has begun in 214, with new sheetrock and a tub surround already in place; additional bathroom fixtures and appliances are included. Original hardwood flooring remains through much of that unit, while portions of the electrical, plumbing, and windows have been updated. The property also offers rear and side off-street parking, a double-width shared driveway, and proximity to an elementary school, dining, takeout, Stewart’s, and Tim Hortons.
A new metal roof has been installed on the house, and the two-car garage also has a new roof. The 218 unit has been refreshed and is nearing occupancy readiness, including open kitchen shelving and a coffee bar. Work has begun in 214, with new sheetrock and a tub surround already in place; additional bathroom fixtures and appliances are included. Original hardwood flooring remains through much of that unit, while portions of the electrical, plumbing, and windows have been updated. The property also offers rear and side off-street parking, a double-width shared driveway, and proximity to an elementary school, dining, takeout, Stewart’s, and Tim Hortons.
Key Highlights
- Two side‑by‑side units, each with 2 bedrooms and 1 bathroom
- New metal roof on the house; two‑car garage also has a new roof
- Separate utilities with 150 amp service 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
$13,947
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%
$278,940
$278.9K
Cap Rate 7%
$199,243
$199.2K
Cap Rate 9%
$154,967
$155.0K
Market Conditions
NOI Build-Up for 1,694 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
$21.3K $12.60/SF
− Vacancy
−$1.4K −$0.84/SF
EGI
$19.9K $11.76/SF
− OpEx
−$6.0K −$3.53/SF
NOI
$13.9K $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%
$278,940
Cap Rate 7%
$199,243
Cap Rate 9%
$154,967
Alternative Uses
Best Use
Multifamily LT 5
$199.2K
$174.3K – $232.5K
NOI $13,947 @ 7.0% cap · market cap 8.21%
Second Best
Apartment 5plus
$178.2K
$156.0K – $208.0K
NOI $12,477 @ 7.0% cap · market cap 7.34%
Theoretical Best
Office A
$467.0K
$408.6K – $544.8K
NOI $32,687 @ 7.0% cap · market cap 19.24%
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
345
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 - Side-by-side two-bedroom units offer separate utilities, private outdoor areas, basements, and flexible improvement plans.
Where is this duplex located?
The property is located at 214/218 Charles Street Watertown, NY.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Two side‑by‑side units, each with 2 bedrooms and 1 bathroom; New metal roof on the house; two‑car garage also has a new roof; Separate utilities with 150 amp service for each unit
