Duplex with Detached
For Sale
Under Contract
$180,000
551 Coffeen Street, Watertown, NY 13601
Residential, Watertown, NY
Property Size1,820 SF
Lot Size0.29 Acres
Price / SF$98.90
Days on Market55
Property Features for 551 Coffeen Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Basement, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 4
Patio and Porch features
Porch
Exterior features
EnclosedPorch, Porch
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot
Elementary school district
Watertown
Middle school district
Watertown
High school district
Watertown
Subdivision
Watertown-City-221800
Standard status
Active Under Contract
APN
221800-007-000-0009-102-000-0000
Size
1,820 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Annual Amount
2880
Utilities
Heating system
Natural Gas, Baseboard, Forced Air
Water source
Public
Amenities
detached garage
cozy backyard
Building Details
Year built
1880
Floors in Building
2
Number of units
2
Flooring type
Varies, Tile, Laminate
Building materials
VinylSiding
Roof type
Metal
Architectural style
Other
Listing Agency:
Lake Ontario Realty, LLC
(315) 649-3434
Listed By:
Shanae Wiseman · License #10301223974
(315) 778-1209
Added: Jul 16
Changed: Sep 7
Last Checked: Sep 8 at 9:06AM
MLS# S1697603
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.
This duplex in Watertown contains two apartments, each arranged with 2 bedrooms and 1 full bathroom. The first-floor residence has been renovated, while the property also includes a 25' x 50' detached garage, enclosed porch, additional porch, and off-street parking. The building was constructed in 1880 and measures 1,820 square feet on a 0.2909-acre lot.
Located on Coffeen Street, the property is near shopping, dining, parks, schools, Fort Drum, and everyday amenities. Public water serves the property, with natural gas baseboard and forced-air heating. Vinyl siding, a metal roof, and flooring that includes tile and laminate complete the primary physical details.
Located on Coffeen Street, the property is near shopping, dining, parks, schools, Fort Drum, and everyday amenities. Public water serves the property, with natural gas baseboard and forced-air heating. Vinyl siding, a metal roof, and flooring that includes tile and laminate complete the primary physical details.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom per apartment
- First‑floor unit has been renovated
- 25' x 50' detached garage
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
$14,985
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
8.33%
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%
$299,700
$299.7K
Cap Rate 7%
$214,071
$214.1K
Cap Rate 9%
$166,500
$166.5K
Market Conditions
NOI Build-Up for 1,820 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
$22.9K $12.60/SF
− Vacancy
−$1.5K −$0.84/SF
EGI
$21.4K $11.76/SF
− OpEx
−$6.4K −$3.53/SF
NOI
$15.0K $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%
$299,700
Cap Rate 7%
$214,071
Cap Rate 9%
$166,500
Alternative Uses
Best Use
Multifamily LT 5
$214.1K
$187.3K – $249.8K
NOI $14,985 @ 7.0% cap · market cap 8.33%
Second Best
Apartment 5plus
$191.5K
$167.6K – $223.4K
NOI $13,405 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$501.7K
$439.0K – $585.3K
NOI $35,119 @ 7.0% cap · market cap 19.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,181
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 - Two apartments each provide two bedrooms and one full bathroom, with a renovated first-floor unit and off-street parking.
Where is this duplex located?
The property is located at 551 Coffeen Street Watertown, NY.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bathroom per apartment; First‑floor unit has been renovated; 25' x 50' detached garage
