Two-Unit Duplex with
New
For Sale
$135,000
711 Leray Street, Watertown, NY 13601
Residential, Watertown, NY
Property Size1,485 SF
Lot Size0.35 Acres
Price / SF$90.91
Days on Market3
Property Features for 711 Leray Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 3, Bedroom 4, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Basement
Patio and Porch features
Porch
Interior features
SlidingGlassDoors
Exterior features
EnclosedPorch, Porch
Appliances
ElectricWaterHeater, GasWaterHeater
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
221800-001-000-0004-130-000-0000
Size
1,485 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Annual Amount
2693
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
large back yard
Building Details
Year built
1890
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Carpet, Laminate, Varies
Building materials
AtticCrawlHatchwaysInsulated, VinylSiding
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
Bridgeview Real Estate
(315) 782-9292
Listed By:
Gloria Peluso · License #10301215237
(315) 783-5468
Added: Oct 3
Last Checked: Oct 5 at 7:06AM
MLS# S1718156
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 1,485-square-foot duplex contains two separate apartments, each with a kitchen, living area, bedrooms, and bathroom. Built in 1890, the property has an enclosed porch and a 0.3499-acre lot with a backyard. Heating is forced-air natural gas, and the water supply is public.
Shopping, restaurants, schools, and other local amenities are nearby. The property is being sold as is.
Shopping, restaurants, schools, and other local amenities are nearby. The property is being sold as is.
Key Highlights
- Two apartments, each with a kitchen, living area, bedrooms, and bathroom
- 1,485 square feet of building area
- 0.3499‑acre lot with a 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
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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
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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 - Both apartments have their own kitchen, living area, bedrooms, and bathrooms.
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 building area; 0.3499‑acre lot with a backyard
