Triplex with Updated Water
For Sale
$500,000
Pending
237 Spring St, Ossining, NY 10562
Well-kept income triplex in Ossining with 2025 replacement of water main and sewer lines.
Property Size1,992 SF
Days on Market58
Property Features for 237 Spring St
General Information
Standard status
Pending
Size
1,992 SF
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$12,984
Building Details
Building Size
1,992 SF
Year Built
1874
Units
3
Listing Agency:
(212) 891-7655
Listed By:
Peggy Wunderlich
(212) 891-7655
Source:
Elliman
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 11 at 11:54AM
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 Peggy Wunderlich
Investment Insights
Based on property information with market context.
This attractive triplex offers a functional residential income layout with three units. A cistern is located behind the house with stones on top; please do not disturb it. The property also includes a garage that was probably originally a stable, adding character to the exterior improvements. According to the seller, the water main and sewer lines were replaced in 2025. Taxes do not reflect STAR.
The home is a short distance to the Metro North train station and downtown Ossining, where you’ll find restaurants, shops, and the Farmers Market. The third-floor unit is currently occupied and can only be shown when the tenant is present for pre-arranged appointments.
For buyers and investors seeking a locally sited income property with recent infrastructure work completed, this triplex combines practical maintenance updates with a convenient Ossining setting near transit and downtown amenities. Pre-arranged access is required for the occupied third-floor unit, and appointments can be coordinated accordingly.
The home is a short distance to the Metro North train station and downtown Ossining, where you’ll find restaurants, shops, and the Farmers Market. The third-floor unit is currently occupied and can only be shown when the tenant is present for pre-arranged appointments.
For buyers and investors seeking a locally sited income property with recent infrastructure work completed, this triplex combines practical maintenance updates with a convenient Ossining setting near transit and downtown amenities. Pre-arranged access is required for the occupied third-floor unit, and appointments can be coordinated accordingly.
Key Highlights
- Triplex built in 1874 with a well‑kept income property setup.
- Water main and sewer lines replaced in 2025.
- Garage likely originally served as a stable.
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
$38,800
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
7.76%
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%
$776,000
$776.0K
Cap Rate 7%
$554,286
$554.3K
Cap Rate 9%
$431,111
$431.1K
Market Conditions
NOI Build-Up for 1,992 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
$59.3K $29.76/SF
− Vacancy
−$3.9K −$1.93/SF
EGI
$55.4K $27.83/SF
− OpEx
−$16.6K −$8.35/SF
NOI
$38.8K $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%
$776,000
Cap Rate 7%
$554,286
Cap Rate 9%
$431,111
Alternative Uses
Best Use
Multifamily LT 5
$554.3K
$485.0K – $646.7K
NOI $38,800 @ 7.0% cap · market cap 7.76%
Second Best
Apartment 5plus
$488.1K
$427.1K – $569.4K
NOI $34,166 @ 7.0% cap · market cap 6.83%
Theoretical Best
Retail
$601.7K
$526.5K – $702.0K
NOI $42,120 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
550
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?
Triplex - Well-kept income triplex in Ossining with 2025 replacement of water main and sewer lines.
Where is this triplex located?
The property is located at 237 Spring St Ossining, NY.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Triplex built in 1874 with a well‑kept income property setup.; Water main and sewer lines replaced in 2025.; Garage likely originally served as a stable.
