Office Building with Expansion
For Sale
$975,000
851 WASHINGTON ST, Watertown, NY 13601
Two-parcel office property with central air, gas service, on-site parking, and recent building improvements.
Property Size3,240 SF
Price / SF$300.93
Days on Market319
Property Features for 851 WASHINGTON ST
General Information
Standard status
Active
Size
3,240 SF
Property subtype
General Commercial
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$7,263
Amenities
Central Air, Gas
3
Asphalt
C
10 Parking Spaces.
Rectangular
120X142
Rectangular.
Building Details
Year Built
2007
Listing Agency:
Marzano Real Estate, LLC.
(315) 788-7777
Listed By:
Tara Marzano
(315) 788-7777
Source:
Xome
Added: Oct 17, 2025
Changed: Aug 31
Last Checked: Aug 31 at 12:42AM
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 Marzano Real Estate, LLC.
Investment Insights
Based on property information with market context.
This office property comprises two parcels with an existing building and room for expansion. The improvements include central air and gas service, along with a range of updates completed in the last five years. Work included the roof, air-conditioning system, furnace, flooring, paving, electrical components, and interior and exterior paint.
Positioned at the corner of WASHINGTON ST in Watertown, the property has a rectangular configuration measuring 120X142 and provides 10 parking spaces. The building was constructed in 2007, offering an established office setting with paved site improvements and additional land associated with the two-lot configuration.
Positioned at the corner of WASHINGTON ST in Watertown, the property has a rectangular configuration measuring 120X142 and provides 10 parking spaces. The building was constructed in 2007, offering an established office setting with paved site improvements and additional land associated with the two-lot configuration.
Key Highlights
- Two‑lot office property at 851 WASHINGTON ST, Watertown, NY 13601
- Updates in the last five years include roof, AC, furnace, flooring, paving, electrical and paint
- Corner setting with a rectangular 120X142 configuration
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
$45,140
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
4.63%
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%
$902,800
$902.8K
Cap Rate 7%
$644,857
$644.9K
Cap Rate 9%
$501,556
$501.6K
Market Conditions
NOI Build-Up for 3,240 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
$77.8K $24.00/SF
− Vacancy
−$17.6K −$5.42/SF
EGI
$60.2K $18.58/SF
− OpEx
−$15.0K −$4.64/SF
NOI
$45.1K $13.93/SF
Area
Jefferson County, NY
Vacancy
22.60%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$902,800
Cap Rate 7%
$644,857
Cap Rate 9%
$501,556
Alternative Uses
Best Use
Office B
$644.9K
$564.3K – $752.3K
NOI $45,140 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$893.1K
$781.5K – $1.04M
NOI $62,519 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
612
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-parcel office property with central air, gas service, on-site parking, and recent building improvements.
Where is this office building located?
The property is located at 851 WASHINGTON ST Watertown, NY.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Two‑lot office property at 851 WASHINGTON ST, Watertown, NY 13601; Updates in the last five years include roof, AC, furnace, flooring, paving, electrical and paint; Corner setting with a rectangular 120X142 configuration
