567 Fairbanks StWatertown, NY 13601

Property Details for 567 Fairbanks St

Year built

1940

Lot size

0.07 AC

Property size (Sq ft)

18,000 SF

Zone code

UMU

Property type

Investment properties

Property subtype

Live-work space

APN

221800 6-05-303.000

APU

221800605303000

Description

This exceptional investment opportunity presents two historic commercial buildings totaling 22,500 square feet situated on a 0.07-acre lot along Watertown's scenic Black River. The Fairbanks Building, offering 18,000 square feet of adaptable space, previously served retail and storage needs. Adjacent is the Factory Square Building, a substantial structure exceeding 100,000 square feet, with a rich history as the H.H. Babcock Buggy Company's manufacturing site. Both buildings boast high ceilings, cargo elevators, and sprinkler systems, making them suitable for diverse commercial uses. Their prime location near the downtown business district and waterfront offers unparalleled redevelopment potential for retail, office, or mixed-use projects. The sale includes an adjoining warehouse and vacant lot. This unique offering presents a chance to acquire a piece of local history with direct downtown access. Potential for package sale with additional commercial/warehouse space and vacant land across the street is available. The property's historical significance and waterfront setting make it an attractive investment for those seeking restoration or repurposing opportunities.

• CAP approach

  CAP return

  Valuation

  6%

  $3,365,110

  6.5%

  $3,106,260

  7%

  $2,884,380

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,677,340

  Geo Method

  $2,398,920

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $6,278,940

  Retail / Commercial

  $3,162,610

  Hospitality / Lodging

  $2,220,270

  Office

  $3,040,850

  Institutional / Educational

  $3,213,150

  Residential Income

  $3,759,380

  Multifamily

  $4,758,690

  Automotive / Energy

  $2,754,120

  Parking / Income-Based Land

  $994,949

  Restaurant / Food Service

  $1,519,390

  Healthcare / Senior Housing

  $3,231,630

Location Insight

City

Watertown

County

Jefferson

State

New York

Latitude

43.9787

Longitude

-75.9002

CBSA code

48060

CBSA name

WATERTOWN-FORT DRUM, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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