Duplex with
New
For Sale
$234,900
632 Hillcrest Ave, Watertown, NY 13601
Two residential units offer distinct layouts, private outdoor areas, and on-site parking.
Property Size1,745 SF
Days on Market2
Property Features for 632 Hillcrest Ave
General Information
Standard status
Active
Size
1,745 SF
Property subtype
Multi Family
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,100
Amenities
garage
stackable laundry
stamped concrete patio
private patio
Building Details
Building Size
1,745 SF
Year Built
1986
Buildings
2
Stories
1
Units
2
Listing Agency:
Lake Ontario Realty LLC
(315) 771-8464
Listed By:
Stephanie Eiss · License #10401395919
(315) 771-8464
Source:
Elliman
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 7:07AM
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 Lake Ontario Realty LLC
Investment Insights
Based on property information with market context.
This two-unit residential property includes a three-bedroom, one-bath main residence and a one-bedroom, one-bath second unit. The larger unit has a spacious living room, eat-in kitchen, stackable laundry, mixed flooring, and a stamped concrete patio. The second residence provides a living area, eat-in kitchen, mixed vinyl plank and laminate flooring, and a private patio accessed through a sliding glass door. A garage, public water service, and a broad driveway or parking area are also included. The duplex and garage occupy separate land parcels, while the listed taxes and assessment cover both parcels. Built in 1986, the property is located at 632 Hillcrest Ave in Watertown, NY. Restaurants and shopping are nearby, and the property is situated on a dead-end street. WalkScore is 77 and BikeScore is 59.
Key Highlights
- Two‑unit property with a 3‑bedroom, 1‑bath main unit and a 1‑bedroom, 1‑bath second unit
- Garage and large driveway/parking lot included
- Main unit features stackable laundry and a stamped concrete patio
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
$14,367
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
6.12%
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%
$287,340
$287.3K
Cap Rate 7%
$205,243
$205.2K
Cap Rate 9%
$159,633
$159.6K
Market Conditions
NOI Build-Up for 1,745 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
$22.0K $12.60/SF
− Vacancy
−$1.5K −$0.84/SF
EGI
$20.5K $11.76/SF
− OpEx
−$6.2K −$3.53/SF
NOI
$14.4K $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%
$287,340
Cap Rate 7%
$205,243
Cap Rate 9%
$159,633
Alternative Uses
Best Use
Multifamily LT 5
$205.2K
$179.6K – $239.5K
NOI $14,367 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$183.6K
$160.7K – $214.2K
NOI $12,853 @ 7.0% cap · market cap 5.47%
Theoretical Best
Office A
$481.0K
$420.9K – $561.2K
NOI $33,672 @ 7.0% cap · market cap 14.33%
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
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
153
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 residential units offer distinct layouts, private outdoor areas, and on-site parking.
Where is this duplex located?
The property is located at 632 Hillcrest Ave Watertown, NY.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: Two‑unit property with a 3‑bedroom, 1‑bath main unit and a 1‑bedroom, 1‑bath second unit; Garage and large driveway/parking lot included; Main unit features stackable laundry and a stamped concrete patio
