Two-Family Duplex with 4-Season
For Sale
$705,000
321 Spring Street, Ossining, NY 10562
MULTI_FAMILY - Ossining, NY
Property Size2,000 SF
Lot Size0.11 Acres
Price / SF$352.50
Days on Market62
Property Features for 321 Spring Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bathroom 2, Basement, Bedroom 3, Bathroom 1, Bedroom 2
Parking features
Driveway
Window features
Insulated Windows
Patio and Porch features
Deck
Basement
Unfinished, Full, Storage Space
Elementary school
Brookside
Middle school
Anne M Dorner Middle School
High school
Ossining High School
Elementary school district
Ossining
Middle school district
Ossining
High school district
Ossining
Standard status
Active
APN
4203-097-015-00000-000-0050-000-0-2
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
20809
Utilities
Sewer type
Public Sewer
Heating system
Oil
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
shared hardwood deck
Building Details
Year built
1930
Number of units
2
Flooring type
Hardwood
Building materials
Stucco
Listing Agency:
Corcoran Legends Realty
(914) 332-6300
Listed By:
Margaret Callaci
(914) 420-2775
Added: Jun 11
Changed: Aug 4
Last Checked: Aug 11 at 7:06PM
MLS# 1011605
Copyright © 2026 OneKey MLS. 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.
Located at 321 Spring Street in Ossining’s Sparta district, this beautifully maintained two-family duplex was built in 1930 and sits on a 0.1096-acre lot. Each apartment is approximately 1,000 SF and includes two bedrooms, one updated bathroom, a living room, kitchen, dining room, and a large bright 4-season sunroom. Oak hardwood floors, stucco walls, and solid wood trim add character throughout.
The full, unfinished basement offers practical separation with two laundry stations, one for each unit, along with plenty of storage. The shared backyard includes a large hardwood deck, and the home also provides an ample driveway with off-street parking.
Heating is oil-based, and cooling is provided by wall/window unit(s) and window unit(s). Public water and public sewer serve the property. Residents may also value the walkability to Arcadian Shopping, the Scarborough-on-Hudson train station to GCS, and the Hudson River Front.
The full, unfinished basement offers practical separation with two laundry stations, one for each unit, along with plenty of storage. The shared backyard includes a large hardwood deck, and the home also provides an ample driveway with off-street parking.
Heating is oil-based, and cooling is provided by wall/window unit(s) and window unit(s). Public water and public sewer serve the property. Residents may also value the walkability to Arcadian Shopping, the Scarborough-on-Hudson train station to GCS, and the Hudson River Front.
Key Highlights
- Two‑family duplex with 4‑season sunrooms and two bedrooms per unit
- Each unit is approximately 1,000 SF
- Full unfinished basement with two laundry stations and storage
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
$38,956
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
5.53%
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%
$779,120
$779.1K
Cap Rate 7%
$556,514
$556.5K
Cap Rate 9%
$432,844
$432.8K
Market Conditions
NOI Build-Up for 2,000 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
$59.5K $29.76/SF
− Vacancy
−$3.9K −$1.93/SF
EGI
$55.7K $27.83/SF
− OpEx
−$16.7K −$8.35/SF
NOI
$39.0K $19.48/SF
Area
Westchester County, NY
Vacancy
6.50%
Lease Rate
$29.76 /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%
$779,120
Cap Rate 7%
$556,514
Cap Rate 9%
$432,844
Alternative Uses
Best Use
Multifamily LT 5
$556.5K
$487.0K – $649.3K
NOI $38,956 @ 7.0% cap · market cap 5.53%
Second Best
Apartment 5plus
$490.1K
$428.8K – $571.7K
NOI $34,304 @ 7.0% cap · market cap 4.87%
Theoretical Best
Retail
$604.1K
$528.6K – $704.8K
NOI $42,289 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
352
Businesses Nearby
Explore this area
Business Placement
Demographics for 10562, NY
34,252
Population
12,745
Households
2.7
Avg Household Size
40
Median Age
46%
College-Educated
87%
High-School Grad
13.5 sq mi
ZIP Area
2,537
Density / Sq Mi
$113,069
Median Household Income
$53,499
Median Earnings
$2,118
Median Rent
$486,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained two-family duplex with stucco exterior, oak hardwood floors, and oil heat plus window AC units.
Where is this duplex located?
The property is located at 321 Spring Street Ossining, NY.
What is the asking price?
The asking price for this property is $705,000.
What are key features of this property?
This property features: Two‑family duplex with 4‑season sunrooms and two bedrooms per unit; Each unit is approximately 1,000 SF; Full unfinished basement with two laundry stations and storage
