Property summary
This exceptional multi-family investment property, located at 223 State Street in the heart of Watertown, NY, presents a rare opportunity. The well-maintained Musselman Building boasts a prime downtown location, just one block from Public Square. This historic building offers a blend of residential and commercial spaces, maximizing income potential. The residential component includes ten one-bedroom apartments, two two-bedroom apartments, and four studio apartments, all recently renovated… while retaining original brick details in select areas. A convenient on-site laundry room adds to tenant appeal. Four commercial storefronts, each approximately 1,100 square feet, provide additional income streams. Further enhancing revenue, additional rental storage space is available. The building is equipped with a steam boiler, gas heating, an on-demand hot water heater, and an 80-gallon storage tank. Its strategic location offers easy access to major highways (I-81 and Route 11), Samaritan Medical Center, shopping, restaurants, and public parking directly across the street. Nearby attractions include the Black River's rafting destination, Watertown Zoo, and the state office building. The property also benefits from its proximity to Fort Drum (15 minutes), the Thousand Islands region (30 minutes), and the Canadian border (approximately 30 minutes). With 25,159 square feet on a 0.17-acre lot, this property offers significant income potential and a strong return on investment. The building's historic charm combined with modern updates makes it a truly unique and desirable property. This is a prime opportunity to acquire a substantial income-generating asset in a thriving downtown location. The asking price is $1,200,000.
Ownership intelligence
Resolved identity, portfolio, hold profile and investor signals. Included in the full report.
Owner contacts
Skip-traced phones and e-mails of the owner. Included with the full report.
Mortgages
Recorded lenders, amounts and estimated maturities of the owner's loan book — in the full report.
Property tax
No data for this sectionNo tax or assessment record is on file for this parcel in the county feed.
Value estimate
· Sep 2026No data for this sectionNo value estimate could be modeled: the record carries too little market input for this parcel.
Recently sold
No data for this sectionNo cleaned sale $/SF benchmark exists for this use type in this ZIP, submarket or county yet.
Cap rate analysis
No income signal is modeled for this parcel yet — the Cap Rates tab runs the workflow.
Zoning insight
No data for this sectionNo zoning code is on file for this parcel. Coverage grows with every catalog release.
Location intelligence
Demand index: how under-served this business type is around this point — modeled from the LocInt grid (area demand vs. what already operates, adjusted by real visit traffic). Higher means stronger unmet demand.
Location
Every figure names its source: public record, benchmark, or modeled. Coverage varies by property — thin data is stated as missing, never invented.
Comparables
6 recent transactions · within 1.5 miComparable in this City
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The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
No zoning code is on file for this parcel. Zoning coverage grows with every catalog release — check back, or open Location Intelligence for use analysis of this corner.
Phones and e-mails of the people behind this property's owner, traced from licensed contact data.
Owner phones and e-mails come with the full report for this property - traced from licensed contact data, with verification and Do-Not-Call flags on every number.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
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The mortgage data is behind the paid report: recorded loans of the owner - lender, amount, rate and the estimated maturity - as part of the Ownership Intelligence workspace.
Registration is required before any owner information is shown.
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- Alternative use
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