Two-Unit Duplex with Extra
New
For Sale
$198,500
836 Leray Street, Watertown, NY 13601
Residential, Watertown, NY
Property Size1,782 SF
Lot Size0.20 Acres
Price / SF$111.39
Days on Market5
Property Features for 836 Leray Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Basement, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 4
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot
Elementary school district
Watertown
Middle school district
Watertown
High school district
Watertown
Subdivision
Watertown-City-221800
Standard status
Active
APN
221800-002-000-0008-125-000-0000
Size
1,782 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Annual Amount
2738
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1880
Floors in Building
2
Number of units
2
Flooring type
Varies, Vinyl, Hardwood
Building materials
VinylSiding
Listing Agency:
Keller Williams Northern New York · Keller Williams Realty
(315) 459-6619
Listed By:
Noah Taylor · License #10401359495
(315) 778-6473
Added: Sep 18
Last Checked: Sep 22 at 4:06AM
MLS# S1714579
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 two-unit duplex at 836 Leray Street includes 1,782 square feet across two residential units. Each unit has 2 bedrooms and 1 bathroom, with additional space and a basement. Interior finishes include vinyl and hardwood flooring, while vinyl siding provides the exterior finish. The property was built in 1880 and is heated by forced-air natural gas systems.
Situated in Watertown, NY 13601, the property occupies a 0.1974-acre lot and is served by public water. A gas water heater is included. The layout supports separate occupancy of both units or use of one unit while the other is rented, subject to applicable requirements.
Situated in Watertown, NY 13601, the property occupies a 0.1974-acre lot and is served by public water. A gas water heater is included. The layout supports separate occupancy of both units or use of one unit while the other is rented, subject to applicable requirements.
Key Highlights
- Two‑unit duplex with 1,782 square feet
- Both units offer 2 bedrooms and 1 bathroom
- Additional space in each unit plus a basement
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 - Two clean residential units offer flexible occupancy or rental use, with natural-gas heating and public water service.
Where is this duplex located?
The property is located at 836 Leray Street 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‑unit duplex with 1,782 square feet; Both units offer 2 bedrooms and 1 bathroom; Additional space in each unit plus a basement
