Turn-Key 5-Unit Apartment
For Sale
$445,000
831 Washington St, Watertown, NY 13601
Five-unit building with separately metered electric, shared basement laundry, and heat included in rent.
Property Size4,960 SF
Days on Market17
Property Features for 831 Washington St
General Information
Standard status
Active
Size
4,960 SF
Property subtype
Investment
Units
Unit Mix
2 x 2BR, 2 x studio, 1 x 4-5BR
Multifamily Units
5
Additional Details
Gross Income
$50,000
Taxes and HOA fees
Annual Taxes
$4,791
Amenities
shared laundry facilities
Building Details
Building Size
4,960 SF
Year Built
1950
Buildings
1
Stories
2
Units
5
Listing Agency:
Bridgeview Real Estate Services
(315) 782-9292
Listed By:
Robert Gardner · License #10301217226
Source:
Elliman
Added: Jul 28
Changed: Aug 8
Last Checked: Aug 12 at 10:02AM
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 Services
Investment Insights
Based on property information with market context.
Turn-key 5-unit residential apartment building built in 1950, maintained by ownership. Electric is separately metered for each unit, and heat is included in the rent. The property is served by a Utica steam boiler that is serviced at least once annually. The chimney was rebuilt by Redfield Construction with stainless steel liners, and the roof is less than 5 years old. The exterior has been recently painted.
Unit mix includes two two-bedroom units on the first floor, two studio units on the second floor, and a spacious 4-5 bedroom unit spanning two levels. Shared laundry facilities are available in the basement.
Located at 831 Washington St in Watertown, NY, the building is directly across from Samaritan Hospital.
Unit mix includes two two-bedroom units on the first floor, two studio units on the second floor, and a spacious 4-5 bedroom unit spanning two levels. Shared laundry facilities are available in the basement.
Located at 831 Washington St in Watertown, NY, the building is directly across from Samaritan Hospital.
Key Highlights
- 5‑unit residential apartment building built in 1950
- Separately metered electric and heat included in rent
- Utica steam boiler serviced at least once annually
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
$36,533
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
8.21%
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%
$730,660
$730.7K
Cap Rate 7%
$521,900
$521.9K
Cap Rate 9%
$405,922
$405.9K
Market Conditions
NOI Build-Up for 4,960 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
$71.4K $14.40/SF
− Vacancy
−$5.0K −$1.01/SF
EGI
$66.4K $13.39/SF
− OpEx
−$29.9K −$6.03/SF
NOI
$36.5K $7.37/SF
Area
Jefferson County, NY
Vacancy
7.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$730,660
Cap Rate 7%
$521,900
Cap Rate 9%
$405,922
Alternative Uses
Best Use
Apartment 5plus
$521.9K
$456.7K – $608.9K
NOI $36,533 @ 7.0% cap · market cap 8.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $95,708 @ 7.0% cap · market cap 21.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
902
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?
Apartment building - Five-unit building with separately metered electric, shared basement laundry, and heat included in rent.
Where is this apartment building located?
The property is located at 831 Washington St Watertown, NY.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: 5‑unit residential apartment building built in 1950; Separately metered electric and heat included in rent; Utica steam boiler serviced at least once annually
