Updated Two-Unit
For Sale
$179,900
Pending
810 Boyd St, Watertown, NY 13601
Two separate apartments include one occupied unit and one available for occupancy, with dedicated utilities and basement laundry hookups.
Property Size1,934 SF
Days on Market126
Property Features for 810 Boyd St
General Information
Standard status
Pending
Size
1,934 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$2,823
Building Details
Building Size
1,934 SF
Year Built
1880
Units
2
Listing Agency:
(315) 777-4365
Listed By:
Joseph Murtha
Source:
Elliman
Added: Apr 27
Changed: Aug 30
Last Checked: Aug 30 at 1:10AM
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 Joseph Murtha
Investment Insights
Based on property information with market context.
Located at 810 Boyd St in Watertown, this two-unit duplex was built in 1880 and contains distinct three-bedroom and two-bedroom apartments. The lower residence has a full bathroom, living room, and formal dining room, while the upper apartment includes a full bath, hardwood flooring in the living and dining areas, a built-in corner cabinet, and a large bedroom closet.
The first-floor unit is occupied, and the upstairs apartment is vacant. Improvements completed in 2022 included flooring, appliances, windows, kitchen cabinetry and countertop work, backsplash, lighting, and bathroom fixtures. The full basement provides two washer and dryer hookups, separate furnaces, hot water tanks, and electric meters. A full attic adds storage capacity. The property is near downtown Watertown and approximately 15 minutes from Fort Drum.
The first-floor unit is occupied, and the upstairs apartment is vacant. Improvements completed in 2022 included flooring, appliances, windows, kitchen cabinetry and countertop work, backsplash, lighting, and bathroom fixtures. The full basement provides two washer and dryer hookups, separate furnaces, hot water tanks, and electric meters. A full attic adds storage capacity. The property is near downtown Watertown and approximately 15 minutes from Fort Drum.
Key Highlights
- Two‑unit duplex with three‑bedroom lower apartment and two‑bedroom upper apartment
- First‑floor apartment occupied; upstairs unit vacant
- 2022 updates included flooring, appliances, windows, kitchen, lighting, and bathroom fixtures
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
$15,924
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
8.85%
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%
$318,480
$318.5K
Cap Rate 7%
$227,486
$227.5K
Cap Rate 9%
$176,933
$176.9K
Market Conditions
NOI Build-Up for 1,934 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
$24.4K $12.60/SF
− Vacancy
−$1.6K −$0.84/SF
EGI
$22.7K $11.76/SF
− OpEx
−$6.8K −$3.53/SF
NOI
$15.9K $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%
$318,480
Cap Rate 7%
$227,486
Cap Rate 9%
$176,933
Alternative Uses
Best Use
Multifamily LT 5
$227.5K
$199.1K – $265.4K
NOI $15,924 @ 7.0% cap · market cap 8.85%
Second Best
Apartment 5plus
$203.5K
$178.1K – $237.4K
NOI $14,245 @ 7.0% cap · market cap 7.92%
Theoretical Best
Office A
$533.1K
$466.5K – $622.0K
NOI $37,318 @ 7.0% cap · market cap 20.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
434
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 separate apartments include one occupied unit and one available for occupancy, with dedicated utilities and basement laundry hookups.
Where is this duplex located?
The property is located at 810 Boyd St Watertown, NY.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Two‑unit duplex with three‑bedroom lower apartment and two‑bedroom upper apartment; First‑floor apartment occupied; upstairs unit vacant; 2022 updates included flooring, appliances, windows, kitchen, lighting, and bathroom fixtures
