Two-Unit Duplex with Up/Down
For Sale
$145,000
226-228 Francis St, Watertown, NY 13601
Each residence includes two bedrooms and one bathroom within a two-level configuration.
Property Size1,694 SF
Days on Market9
Property Features for 226-228 Francis St
General Information
Standard status
Active
Size
1,694 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,417
Building Details
Building Size
1,694 SF
Year Built
1917
Units
2
Listing Agency:
NNY Homes Inc
Listed By:
Stephen Gleason · License #10301221737
(315) 604-7264
Source:
Elliman
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 24 at 11:27AM
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 NNY Homes Inc
Investment Insights
Based on property information with market context.
This two-unit residential property was built in 1917 and is arranged in an up/down configuration. Each residence provides 2 bedrooms and 1 bathroom, offering a straightforward duplex layout with separate living spaces.
The property is located at 226-228 Francis St in Watertown, on a city street near Downtown and within minutes of Fort Drum. WalkScore is 41, indicating a car-dependent setting, while BikeScore is 26, classified as somewhat bikeable.
The property is located at 226-228 Francis St in Watertown, on a city street near Downtown and within minutes of Fort Drum. WalkScore is 41, indicating a car-dependent setting, while BikeScore is 26, classified as somewhat bikeable.
Key Highlights
- Two‑unit duplex with an up/down arrangement
- Each unit includes 2 bedrooms and 1 bathroom
- Built in 1917
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
$12,477
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
8.60%
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%
$249,540
$249.5K
Cap Rate 7%
$178,243
$178.2K
Cap Rate 9%
$138,633
$138.6K
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
$24.4K $14.40/SF
− Vacancy
−$1.7K −$1.01/SF
EGI
$22.7K $13.39/SF
− OpEx
−$10.2K −$6.03/SF
NOI
$12.5K $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%
$249,540
Cap Rate 7%
$178,243
Cap Rate 9%
$138,633
Alternative Uses
Best Use
Multifamily LT 5
$199.2K
$174.3K – $232.5K
NOI $13,947 @ 7.0% cap · market cap 9.62%
Second Best
Apartment 5plus
$178.2K
$156.0K – $208.0K
NOI $12,477 @ 7.0% cap · market cap 8.60%
Theoretical Best
Office A
$467.0K
$408.6K – $544.8K
NOI $32,687 @ 7.0% cap · market cap 22.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
696
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 - Each residence includes two bedrooms and one bathroom within a two-level configuration.
Where is this duplex located?
The property is located at 226-228 Francis St Watertown, NY.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: Two‑unit duplex with an up/down arrangement; Each unit includes 2 bedrooms and 1 bathroom; Built in 1917
