Duplex Home with Detached
For Sale
Contact for pricing
32 Terrace Avenue, Ossining, NY 10562
Currently arranged for single-family use with a private backyard and separate garage.
Property Size1,286 SF
Price / SF$582.43
Days on Market126
Property Features for 32 Terrace Avenue
General Information
Standard status
Active
Size
1,286 SF
Total Parking Spaces
1
Property subtype
Retail, Multifamily
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1899
Buildings
1
Tenancy
Single
Listing Agency:
William Raveis Real Estate Rye
(914) 762-0070
Listed By:
Jason Kerwar · License #30KE1103257
Source:
Crexi
Added: Apr 28
Changed: Aug 29
Last Checked: Aug 29 at 3:49PM
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 William Raveis Real Estate Rye
Investment Insights
Based on property information with market context.
This legal two-family property offers three bedrooms and two bathrooms and is currently configured for use as a single-family home. The improvements include a detached one-car garage and a small backyard, providing practical outdoor and storage space.
Built in 1899, the residence is located on Terrace Avenue in the Village of Ossining, New York. Shops, transportation, and other amenities are located nearby, placing everyday services and transit options within the surrounding area.
Built in 1899, the residence is located on Terrace Avenue in the Village of Ossining, New York. Shops, transportation, and other amenities are located nearby, placing everyday services and transit options within the surrounding area.
Key Highlights
- Legal two‑family property currently being used as a single‑family home
- Three bedrooms and two bathrooms
- Detached 1‑car garage
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
$25,049
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
3.34%
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%
$500,980
$501.0K
Cap Rate 7%
$357,843
$357.8K
Cap Rate 9%
$278,322
$278.3K
Market Conditions
NOI Build-Up for 1,286 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
$38.3K $29.76/SF
− Vacancy
−$2.5K −$1.93/SF
EGI
$35.8K $27.83/SF
− OpEx
−$10.7K −$8.35/SF
NOI
$25.0K $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%
$500,980
Cap Rate 7%
$357,843
Cap Rate 9%
$278,322
Alternative Uses
Best Use
Multifamily LT 5
$357.8K
$313.1K – $417.5K
NOI $25,049 @ 7.0% cap · market cap 3.34%
Second Best
Apartment 5plus
$315.1K
$275.7K – $367.6K
NOI $22,057 @ 7.0% cap · market cap 2.94%
Theoretical Best
Retail
$388.5K
$339.9K – $453.2K
NOI $27,192 @ 7.0% cap · market cap 3.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,194
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 - Currently arranged for single-family use with a private backyard and separate garage.
Where is this duplex located?
The property is located at 32 Terrace Avenue Ossining, NY.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Legal two‑family property currently being used as a single‑family home; Three bedrooms and two bathrooms; Detached 1‑car garage
