Three-Unit Triplex with New
For Sale
$230,000
522 Cross Street, Watertown, NY 13601
MULTI_FAMILY - Other - Watertown, NY
Property Size1,958 SF
Lot Size0.25 Acres
Price / SF$117.47
Days on Market110
Property Features for 522 Cross Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 5, Bathroom 3, Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 1, Bedroom 4
Patio and Porch features
Patio, Deck, Porch
Exterior features
Deck, Patio
Appliances
ElectricWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Watertown
Middle school district
Watertown
High school district
Watertown
Subdivision
Watertown-City-221800
Standard status
Active
APN
221800-009-000-0001-209-000-0000
Size
1,958 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Annual Amount
2646
Utilities
Heating system
Forced Air, Baseboard, Electric (Heating), Natural Gas
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Flooring type
Carpet, Varies, Vinyl
Building materials
VinylSiding
Architectural style
Other
Listing Agency:
Keller Williams Northern New York · Keller Williams Realty
(315) 459-6619
Listed By:
Noah Taylor · License #10401359495
(315) 778-6473
Added: Apr 29
Changed: Aug 4
Last Checked: Aug 16 at 2:06PM
MLS# S1676276
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Well-maintained three-unit triplex in Watertown featuring a mix of rented and vacant space. Two units are currently occupied: a spacious 2-bedroom apartment downstairs and an upper 2-bedroom unit. The first-floor 1-bedroom unit is currently vacant, offering flexibility for owner occupancy or additional rental income. Recent updates include a newly installed roof on the main structure and refreshed bathrooms with brand new luxury vinyl plank flooring. Additional interior improvements include updated flooring and fresh paint in the back right unit, along with open, functional layouts. Exterior porches were freshly painted in April 2026, and the property includes deck and patio features.
The property sits on a 0.25-acre lot and includes ample off-street parking, with space on the left and additional parking on the right. The backyard is notably large for a city lot. Constructed in 1900 with vinyl siding, the home is served by public water and uses electric and natural gas heating, with electric water heater support.
At 1,958 square feet, this triplex provides a straightforward way to own multiple units in one property while keeping one unit available for immediate repositioning.
The property sits on a 0.25-acre lot and includes ample off-street parking, with space on the left and additional parking on the right. The backyard is notably large for a city lot. Constructed in 1900 with vinyl siding, the home is served by public water and uses electric and natural gas heating, with electric water heater support.
At 1,958 square feet, this triplex provides a straightforward way to own multiple units in one property while keeping one unit available for immediate repositioning.
Key Highlights
- New roof installed on the main structure
- Two occupied 2‑bedroom units plus a currently vacant 1‑bedroom unit
- Freshly painted exterior porches in April 2026
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 - Well-maintained triplex with two rented 2-bedroom units and a vacant 1-bedroom unit, plus multiple recent interior updates.
Where is this triplex located?
The property is located at 522 Cross Street 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: New roof installed on the main structure; Two occupied 2‑bedroom units plus a currently vacant 1‑bedroom unit; Freshly painted exterior porches in April 2026
