Updated Three-Unit
For Sale
$230,000
522 Cross St, Watertown, NY 13601
Two occupied apartments and a vacant one-bedroom unit support flexible residential income use.
Property Size1,958 SF
Price / SF$117.47
Days on Market44
Property Features for 522 Cross St
General Information
Standard status
Active
Size
1,958 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR, 1 x 1BR
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
Keller Williams Northern New York
(315) 778-6473
Listed By:
Noah Taylor · License #10401359495
Source:
Skinnercnyrealty
Added: Jul 18
Changed: Aug 30
Last Checked: Aug 25 at 5:28AM
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 Keller Williams Northern New York
Investment Insights
Based on property information with market context.
This three-unit residential property includes two occupied two-bedroom apartments and a vacant one-bedroom apartment. The available unit offers flexibility for an owner occupant or future rental use. Recent improvements include a new roof on the main structure, refreshed bathroom flooring, and updated finishes in the back right apartment, including new luxury vinyl flooring and fresh paint. A compact dining area sits beside the kitchen in that unit.
The exterior porches were freshly painted in April of 2026. The property also provides off-street parking on both sides, with a large lot to the left and additional parking on the right. A notably large backyard adds outdoor space, while the structure dates to 1900 and is located in Watertown, NY.
The exterior porches were freshly painted in April of 2026. The property also provides off-street parking on both sides, with a large lot to the left and additional parking on the right. A notably large backyard adds outdoor space, while the structure dates to 1900 and is located in Watertown, NY.
Key Highlights
- Three‑unit property with two 2‑bedroom apartments and one 1‑bedroom apartment
- Two apartments are occupied; the 1‑bedroom unit is vacant
- New roof installed on the main structure
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
$16,121
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
7.01%
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%
$322,420
$322.4K
Cap Rate 7%
$230,300
$230.3K
Cap Rate 9%
$179,122
$179.1K
Market Conditions
NOI Build-Up for 1,958 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
$24.7K $12.60/SF
− Vacancy
−$1.6K −$0.84/SF
EGI
$23.0K $11.76/SF
− OpEx
−$6.9K −$3.53/SF
NOI
$16.1K $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%
$322,420
Cap Rate 7%
$230,300
Cap Rate 9%
$179,122
Alternative Uses
Best Use
Multifamily LT 5
$230.3K
$201.5K – $268.7K
NOI $16,121 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$206.0K
$180.3K – $240.4K
NOI $14,422 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$539.7K
$472.3K – $629.7K
NOI $37,782 @ 7.0% cap · market cap 16.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
714
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?
Triplex - Two occupied apartments and a vacant one-bedroom unit support flexible residential income use.
Where is this triplex located?
The property is located at 522 Cross St Watertown, NY.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Three‑unit property with two 2‑bedroom apartments and one 1‑bedroom apartment; Two apartments are occupied; the 1‑bedroom unit is vacant; New roof installed on the main structure
