Duplex with 3-Stall
New
For Sale
$259,900
352 S Rutland St, Watertown, NY 13601
Updated two-unit property with substantial garage capacity and off-street parking.
Property Size2,605 SF
Days on Market3
Property Features for 352 S Rutland St
General Information
Standard status
Active
Size
2,605 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,321
Building Details
Building Size
2,605 SF
Year Built
1880
Units
2
Listing Agency:
Marble Key Realty LLC
Listed By:
Julie Ablan-Woodrow
(315) 783-0191
Source:
Elliman
Added: Sep 12
Last Checked: Sep 14 at 5:51AM
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 Marble Key Realty LLC
Investment Insights
Based on property information with market context.
This duplex contains two large rental units and has undergone extensive updates within the last 3 years. Improvements include a new roof, siding, trim, windows, doors, electrical system, plumbing, walls, and ceilings. A 3-stall garage and additional off-street parking support the property’s practical residential-income configuration.
Built in 1880, the property is located at 352 S Rutland St in Watertown, NY. Walk Score is 53 and Bike Score is 45, reflecting somewhat walkable and somewhat bikeable conditions.
Built in 1880, the property is located at 352 S Rutland St in Watertown, NY. Walk Score is 53 and Bike Score is 45, reflecting somewhat walkable and somewhat bikeable conditions.
Key Highlights
- Two large rental units in a duplex configuration
- 3‑stall garage with additional off‑street parking
- Renovations completed within the last 3 years
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
$21,448
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
8.25%
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%
$428,960
$429.0K
Cap Rate 7%
$306,400
$306.4K
Cap Rate 9%
$238,311
$238.3K
Market Conditions
NOI Build-Up for 2,605 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
$32.8K $12.60/SF
− Vacancy
−$2.2K −$0.84/SF
EGI
$30.6K $11.76/SF
− OpEx
−$9.2K −$3.53/SF
NOI
$21.4K $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%
$428,960
Cap Rate 7%
$306,400
Cap Rate 9%
$238,311
Alternative Uses
Best Use
Multifamily LT 5
$306.4K
$268.1K – $357.5K
NOI $21,448 @ 7.0% cap · market cap 8.25%
Second Best
Apartment 5plus
$274.1K
$239.8K – $319.8K
NOI $19,187 @ 7.0% cap · market cap 7.38%
Theoretical Best
Office A
$718.1K
$628.3K – $837.8K
NOI $50,266 @ 7.0% cap · market cap 19.34%
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
974
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 - Updated two-unit property with substantial garage capacity and off-street parking.
Where is this duplex located?
The property is located at 352 S Rutland St Watertown, NY.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Two large rental units in a duplex configuration; 3‑stall garage with additional off‑street parking; Renovations completed within the last 3 years
