Five-Unit Apartment
For Sale
$445,000
831 Washington Street, Watertown, NY 13601
MultiFamily, Watertown, NY
Property Size4,960 SF
Lot Size0.18 Acres
Price / SF$89.72
Days on Market53
Property Features for 831 Washington Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Rooms
Basement, Bedroom 3, Bedroom 2, Bedroom 1
Parking features
Garage
Exterior features
BlacktopDriveway
Appliances
GasOven, GasRange, GasWaterHeater, Refrigerator
Lot features
Corner Lot, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Watertown
Middle school district
Watertown
High school district
Watertown
Directions
Corner of Washington and Bowers
Subdivision
Watertown-City-221800
Standard status
Active
APN
221800-011-000-0013-126-000-0000
Size
4,960 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
4791
Utilities
Heating system
Natural Gas, Steam
Water source
Public
Amenities
shared laundry facilities
Building Details
Year built
1950
Floors in Building
2
Number of units
5
Flooring type
Tile, Varies, Laminate, Carpet
Building materials
Cedar
Roof type
Shingle
Listing Agency:
Bridgeview Real Estate
(315) 782-9292
Listed By:
Robert Gardner · License #10301217226
(315) 777-2189
Added: Jul 27
Changed: Sep 16
Last Checked: Sep 17 at 8:06PM
MLS# S1700040
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 five-unit apartment building at 831 Washington Street includes two first-floor two-bedroom apartments, two second-floor studio units, and a larger four- to five-bedroom residence arranged across two levels. The basement provides shared laundry facilities, while the property also includes a garage and blacktop driveway. Units feature a mix of carpet, laminate, tile, and varied flooring finishes. Gas appliances, public water, and natural-gas steam heat serve the building, with heat included in the rent.
Constructed in 1950, the building has a shingle roof that is less than 5 years old and a recently painted cedar exterior. Electric service is separately metered for each unit. The Utica steam boiler is serviced at least annually, and the chimney has been rebuilt with stainless steel liners by Redfield Construction. The property is located across from Samaritan Hospital in Watertown, NY.
Constructed in 1950, the building has a shingle roof that is less than 5 years old and a recently painted cedar exterior. Electric service is separately metered for each unit. The Utica steam boiler is serviced at least annually, and the chimney has been rebuilt with stainless steel liners by Redfield Construction. The property is located across from Samaritan Hospital in Watertown, NY.
Key Highlights
- Five‑unit configuration with two two‑bedroom apartments, two studios, and one 4‑5 bedroom unit
- 4,960 square feet on 0.1773 acres
- Each unit has separately metered electric service
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
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Open Analytics
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Residential property with separately metered electric service, shared laundry, and a garage.
Where is this apartment building located?
The property is located at 831 Washington Street 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: Five‑unit configuration with two two‑bedroom apartments, two studios, and one 4‑5 bedroom unit; 4,960 square feet on 0.1773 acres; Each unit has separately metered electric service
