Two-Unit
For Sale
$198,500
836 Leray St, Watertown, NY 13601
Each residence includes two bedrooms, one bathroom, and additional space for flexible use.
Property Size1,782 SF
Days on Market8
Property Features for 836 Leray St
General Information
Standard status
Active
Size
1,782 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,738
Building Details
Building Size
1,782 SF
Year Built
1880
Stories
2
Units
2
Listing Agency:
Keller Williams Realty Syracuse
Listed By:
Noah Taylor · License #10401359495
(315) 778-6473
Source:
Elliman
Added: Sep 19
Last Checked: Sep 24 at 1:19PM
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 Keller Williams Realty Syracuse
Investment Insights
Based on property information with market context.
This two-unit residential property in Watertown includes matching layouts with two bedrooms and one bathroom per unit. Both residences also offer additional space beyond the primary rooms, providing flexibility within each side of the duplex.
Built in 1880, the property is located at 836 Leray St. Walk Score is 41, indicating a car-dependent setting, while Bike Score is 26, classified as somewhat bikeable.
Built in 1880, the property is located at 836 Leray St. Walk Score is 41, indicating a car-dependent setting, while Bike Score is 26, classified as somewhat bikeable.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- Additional space included in both units
- Built in 1880
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
$14,672
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
7.39%
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%
$293,440
$293.4K
Cap Rate 7%
$209,600
$209.6K
Cap Rate 9%
$163,022
$163.0K
Market Conditions
NOI Build-Up for 1,782 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
$22.5K $12.60/SF
− Vacancy
−$1.5K −$0.84/SF
EGI
$21.0K $11.76/SF
− OpEx
−$6.3K −$3.53/SF
NOI
$14.7K $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%
$293,440
Cap Rate 7%
$209,600
Cap Rate 9%
$163,022
Alternative Uses
Best Use
Multifamily LT 5
$209.6K
$183.4K – $244.5K
NOI $14,672 @ 7.0% cap · market cap 7.39%
Second Best
Apartment 5plus
$187.5K
$164.1K – $218.8K
NOI $13,125 @ 7.0% cap · market cap 6.61%
Theoretical Best
Office A
$491.2K
$429.8K – $573.1K
NOI $34,385 @ 7.0% cap · market cap 17.32%
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
351
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
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence includes two bedrooms, one bathroom, and additional space for flexible use.
Where is this duplex located?
The property is located at 836 Leray St Watertown, NY.
What is the asking price?
The asking price for this property is $198,500.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; Additional space included in both units; Built in 1880
