Two-Unit
New
For Sale
$135,000
711 Leray Street, Watertown, NY 13601
Each apartment has its own kitchen, living area, bedrooms, and bathroom.
Property Size1,485 SF
Price / SF$90.91
Days on Market2
Property Features for 711 Leray Street
General Information
Standard status
Active
Size
1,485 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1890
Buildings
1
Listing Agency:
Bridgeview Real Estate
Listed By:
Gloria Peluso · License #PELUSOGL
(315) 783-5468
Source:
716realtygroup
Added: Oct 4
Last Checked: Oct 4 at 6:39AM
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 Bridgeview Real Estate
Investment Insights
Based on property information with market context.
This 1,485-square-foot duplex contains two separate apartments. Each has a kitchen, living area, bedrooms, and bathroom. The property was built in 1890 and is being sold as is. The lot measures over 15,000 square feet and includes a large backyard.
The property is on Leray Street in Watertown, near shopping, restaurants, schools, and local amenities.
The property is on Leray Street in Watertown, near shopping, restaurants, schools, and local amenities.
Key Highlights
- Two apartments, each with a kitchen, living area, bedrooms, and bathroom
- 1,485 square feet of property size
- Lot of over 15000 sq ft with a large backyard
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
$12,227
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
9.06%
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%
$244,540
$244.5K
Cap Rate 7%
$174,671
$174.7K
Cap Rate 9%
$135,856
$135.9K
Market Conditions
NOI Build-Up for 1,485 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
$18.7K $12.60/SF
− Vacancy
−$1.2K −$0.84/SF
EGI
$17.5K $11.76/SF
− OpEx
−$5.2K −$3.53/SF
NOI
$12.2K $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%
$244,540
Cap Rate 7%
$174,671
Cap Rate 9%
$135,856
Alternative Uses
Best Use
Multifamily LT 5
$174.7K
$152.8K – $203.8K
NOI $12,227 @ 7.0% cap · market cap 9.06%
Second Best
Apartment 5plus
$156.3K
$136.7K – $182.3K
NOI $10,938 @ 7.0% cap · market cap 8.10%
Theoretical Best
Office A
$409.4K
$358.2K – $477.6K
NOI $28,655 @ 7.0% cap · market cap 21.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
425
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Each apartment has its own kitchen, living area, bedrooms, and bathroom.
Where is this duplex located?
The property is located at 711 Leray Street Watertown, NY.
What is the asking price?
The asking price for this property is $135,000.
What are key features of this property?
This property features: Two apartments, each with a kitchen, living area, bedrooms, and bathroom; 1,485 square feet of property size; Lot of over 15000 sq ft with a large backyard
