Renovated Two-Story
For Sale
$339,900
720 Mill St Unit 2, Watertown, NY 13601
Updated two-unit property with dedicated laundry rooms, covered porch, and a two-stall garage.
Property Size2,567 SF
Price / SF$132.41
Days on Market37
Property Features for 720 Mill St Unit 2
General Information
Standard status
Active
Size
2,567 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 4BR/2BA
Multifamily Units
2
Amenities
laundry room
covered porch
Building Details
Year Built
1880
Buildings
1
Stories
2
Listing Agency:
Marble Key Realty LLC
(315) 783-0191
Listed By:
Julie Ablan-Woodrow
Source:
Skinnercnyrealty
Added: Jul 25
Changed: Aug 30
Last Checked: Aug 30 at 5:48AM
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 Marble Key Realty LLC
Investment Insights
Based on property information with market context.
Located at 720 Mill St Unit 2 in Watertown, NY 13601, this renovated duplex contains 2,567 SF across two stories. Each of the two units offers 4 bedrooms, 2 bathrooms with tiled showers, a dedicated laundry room, and an updated kitchen fitted with brand-new appliances. Laminate flooring and recessed lighting extend throughout the interiors, while the layouts provide substantial living space within each residence.
The property occupies a corner lot and includes a covered porch along with a 2-stall garage. Built in 1880, it combines the scale of an established residential structure with extensive interior updates and separate unit configurations.
The property occupies a corner lot and includes a covered porch along with a 2-stall garage. Built in 1880, it combines the scale of an established residential structure with extensive interior updates and separate unit configurations.
Key Highlights
- Two‑story duplex with 2,567 SF
- Each unit includes 4 bedrooms and 2 bathrooms
- Dedicated laundry room in both units
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
$21,135
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
6.22%
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%
$422,700
$422.7K
Cap Rate 7%
$301,929
$301.9K
Cap Rate 9%
$234,833
$234.8K
Market Conditions
NOI Build-Up for 2,567 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
$32.3K $12.60/SF
− Vacancy
−$2.2K −$0.84/SF
EGI
$30.2K $11.76/SF
− OpEx
−$9.1K −$3.53/SF
NOI
$21.1K $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%
$422,700
Cap Rate 7%
$301,929
Cap Rate 9%
$234,833
Alternative Uses
Best Use
Multifamily LT 5
$301.9K
$264.2K – $352.3K
NOI $21,135 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$270.1K
$236.3K – $315.1K
NOI $18,907 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$707.6K
$619.2K – $825.6K
NOI $49,533 @ 7.0% cap · market cap 14.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
345
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 - Updated two-unit property with dedicated laundry rooms, covered porch, and a two-stall garage.
Where is this duplex located?
The property is located at 720 Mill St Unit 2 Watertown, NY.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Two‑story duplex with 2,567 SF; Each unit includes 4 bedrooms and 2 bathrooms; Dedicated laundry room in both units
