Maintained Two-Family
For Sale
$705,000
321 Spring Street, Ossining, NY 10562
Two apartments offer sunrooms, hardwood floors, and separate laundry areas with shared outdoor space.
Property Size2,110 SF
Days on Market69
Property Features for 321 Spring Street
General Information
Standard status
Active
Size
2,110 SF
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
Apartments may enjoy some updating
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$20,809
Amenities
sunroom
hardwood floors
deck
laundry stations
off-street parking
Building Details
Building Size
2,110 SF
Year Built
1930
Buildings
1
Units
2
Construction
stucco
Listing Agency:
Corcoran Legends Realty
(914) 420-2775
Listed By:
Margaret Callaci
(914) 420-2775
Source:
Nextlevelrealestateny
Added: Jun 23
Changed: Aug 29
Last Checked: Aug 30 at 5:38PM
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 Corcoran Legends Realty
Investment Insights
Based on property information with market context.
Built in 1930, this two-unit property offers a practical residential income configuration in Ossining’s historic Sparta district. Each apartment contains 1,000 square feet with two bedrooms, one bathroom, a living room, kitchen, dining area, and bright four-season sunroom. Oak flooring, stucco walls, and solid wood trim add period character, while the building has been carefully maintained.
The full unfinished basement provides a dedicated laundry station for each apartment along with storage space. Outside, a shared backyard includes a hardwood deck, and the property provides a driveway plus off-street parking. Arcadian Shopping, Scarborough-on-Hudson train station with service to GCS, and the Hudson River Front are all within a short walk.
The full unfinished basement provides a dedicated laundry station for each apartment along with storage space. Outside, a shared backyard includes a hardwood deck, and the property provides a driveway plus off-street parking. Arcadian Shopping, Scarborough-on-Hudson train station with service to GCS, and the Hudson River Front are all within a short walk.
Key Highlights
- Two‑family property with two 1,000‑square‑foot apartments
- Each unit includes 2 bedrooms, 1 updated bathroom, and a 4‑season sunroom
- Full unfinished basement with 2 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
$41,098
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
5.83%
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%
$821,960
$822.0K
Cap Rate 7%
$587,114
$587.1K
Cap Rate 9%
$456,644
$456.6K
Market Conditions
NOI Build-Up for 2,110 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
$62.8K $29.76/SF
− Vacancy
−$4.1K −$1.93/SF
EGI
$58.7K $27.83/SF
− OpEx
−$17.6K −$8.35/SF
NOI
$41.1K $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%
$821,960
Cap Rate 7%
$587,114
Cap Rate 9%
$456,644
Alternative Uses
Best Use
Multifamily LT 5
$587.1K
$513.7K – $685.0K
NOI $41,098 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$517.0K
$452.4K – $603.2K
NOI $36,190 @ 7.0% cap · market cap 5.13%
Theoretical Best
Retail
$637.4K
$557.7K – $743.6K
NOI $44,615 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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 - Two apartments offer sunrooms, hardwood floors, and separate laundry areas with shared outdoor space.
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 property with two 1,000‑square‑foot apartments; Each unit includes 2 bedrooms, 1 updated bathroom, and a 4‑season sunroom; Full unfinished basement with 2 laundry stations and storage
