Historic Duplex with Short-Term
For Sale
$359,000
414 Dewey Avenue, Watertown, WI 53094
1909 historic duplex on a corner lot with separate HVAC and an upper furnished short-term rental unit.
Property Size1,966 SF
Price / SF$182.60
Days on Market122
Property Features for 414 Dewey Avenue
General Information
Standard status
Active
Size
1,966 SF
Property subtype
Multi Family / Duplex-side by side
Zoning
Res
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,088
Amenities
fireplace
3-season porch
walk-up attic
basement
mature perennial gardens
Full, Block foundation
Natural Gas
Radiant
R/O water filter on shower in basement.
All Appliances, Decorations, Furniture, and Dishes. Everything present at the time of showing.
2
1
Aluminum/Steel, Stucco
Building Details
Year Built
1919
Units
2
Listing Agency:
Rock Realty
Listed By:
Max Mulhern · License #95486-94
(608) 509-3807
Source:
Compass
Added: May 7
Changed: Aug 8
Last Checked: Jul 21 at 6:11PM
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 Rock Realty
Investment Insights
Based on property information with market context.
Built in 1909, this historic duplex/full home on a corner lot offers two independently served living spaces. The upper apartment, known as “The Albert Inn,” has operated as a furnished Airbnb and includes 2 bedrooms, a kitchen, living room, porch, walk-up attic, and in-place furnishings, d2cor, and appliances. The main level features 2 bedrooms, 1.5 baths, a fireplace, 3-season porch, and a basement, with classic woodwork throughout.
Additional exterior and interior features include original hardwood floors, uranium glass and brass doorknobs, and a terracotta tile roof. Newer steel roofs were installed on the porch/garage in 2025, and the home includes separate HVAC units. Mature perennial gardens surround the property.
Located at 414 Dewey Avenue in Watertown’s Riverside neighborhood, the home is walkable to Riverside Park, downtown, schools, and the Rock River.
Additional exterior and interior features include original hardwood floors, uranium glass and brass doorknobs, and a terracotta tile roof. Newer steel roofs were installed on the porch/garage in 2025, and the home includes separate HVAC units. Mature perennial gardens surround the property.
Located at 414 Dewey Avenue in Watertown’s Riverside neighborhood, the home is walkable to Riverside Park, downtown, schools, and the Rock River.
Key Highlights
- 1909 historic home with duplex setup on a corner lot at 414 Dewey Ave in Watertown’s Riverside neighborhood
- Upper unit (“The Albert Inn”) has 2 bedrooms, kitchen, living room, porch, walk‑up attic, and includes furnishings/appliances
- Main level offers 2 bedrooms, 1.5 baths, fireplace, 3‑season porch, basement, and classic woodwork
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
$17,563
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
4.89%
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%
$351,260
$351.3K
Cap Rate 7%
$250,900
$250.9K
Cap Rate 9%
$195,144
$195.1K
Market Conditions
NOI Build-Up for 1,966 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
$26.0K $13.20/SF
− Vacancy
−$862 −$0.44/SF
EGI
$25.1K $12.76/SF
− OpEx
−$7.5K −$3.83/SF
NOI
$17.6K $8.93/SF
Area
Dodge County, WI
Vacancy
3.32%
Lease Rate
$13.20 /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%
$351,260
Cap Rate 7%
$250,900
Cap Rate 9%
$195,144
Alternative Uses
Best Use
Multifamily LT 5
$250.9K
$219.5K – $292.7K
NOI $17,563 @ 7.0% cap · market cap 4.89%
Second Best
Apartment 5plus
$232.5K
$203.5K – $271.3K
NOI $16,278 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$427.1K
$373.7K – $498.3K
NOI $29,896 @ 7.0% cap · market cap 8.33%
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
630
Businesses Nearby
Explore this area
Business Placement
Demographics for 53094, WI
18,510
Population
7,387
Households
2.5
Avg Household Size
39
Median Age
22%
College-Educated
92%
High-School Grad
88.8 sq mi
ZIP Area
208
Density / Sq Mi
$71,973
Median Household Income
$40,673
Median Earnings
$1,039
Median Rent
$223,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - 1909 historic duplex on a corner lot with separate HVAC and an upper furnished short-term rental unit.
Where is this duplex located?
The property is located at 414 Dewey Avenue Watertown, WI.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: 1909 historic home with duplex setup on a corner lot at 414 Dewey Ave in Watertown’s Riverside neighborhood; Upper unit (“The Albert Inn”) has 2 bedrooms, kitchen, living room, porch, walk‑up attic, and includes furnishings/appliances; Main level offers 2 bedrooms, 1.5 baths, fireplace, 3‑season porch, basement, and classic woodwork
