Duplex with Separate
For Sale
$550,000
Pending
41 Ellis Place, Ossining, NY 10562
Residential Income, Ossining, NY
Property Size2,276 SF
Lot Size0.17 Acres
Days on Market148
Property Features for 41 Ellis Place
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 6, Bathroom 2, Basement, Bedroom 5, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 1
Parking features
Driveway
Interior features
Walk Through Kitchen
Basement
Storage Space
High school
Ossining High School
Elementary school district
Ossining
Middle school district
Ossining
High school district
Ossining
Standard status
Pending
APN
4203-089-020-00000-000-0030-000-0-3
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
16435
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Building Details
Year built
1912
Number of units
2
Flooring type
Hardwood, Tile
Building materials
Shingle Siding
Architectural style
Colonial
Listing Agency:
Century 21 Full Service Realty · Century 21 Real Estate
(845) 639-1234
Listed By:
Paula C. Esteves
(914) 760-6138
Added: Apr 21
Changed: Sep 15
Last Checked: Sep 15 at 3:06PM
MLS# 991931
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.
This legal two-family property includes a separate studio apartment with its own entrance, providing distinct living quarters within a Colonial residence built in 1912. The approximately 2,276-square-foot home features hardwood and tile flooring, large windows, high ceilings, multiple living areas, three full bathrooms, and a walk-through kitchen. A mansard-style roof, covered front porch, original details, shingle siding, and baseboard heating add to the property's physical character. The kitchens and bathrooms are functional and offer room for updates.
Set on a 7,405-square-foot lot, the property includes a private driveway, off-street parking, a backyard, patio space, and a detached structure. Public water and sewer serve the property, with natural gas available. The home is located on Ellis Place in Ossining, near downtown shops, restaurants, parks, the Hudson River waterfront, and Metro-North service. Its Westchester County setting also places it near employment centers in White Plains, Tarrytown, and Stamford.
Set on a 7,405-square-foot lot, the property includes a private driveway, off-street parking, a backyard, patio space, and a detached structure. Public water and sewer serve the property, with natural gas available. The home is located on Ellis Place in Ossining, near downtown shops, restaurants, parks, the Hudson River waterfront, and Metro-North service. Its Westchester County setting also places it near employment centers in White Plains, Tarrytown, and Stamford.
Key Highlights
- Legal 2‑family property with a separate studio apartment and private entrance
- Approximately 2,276 sq ft of living space on a 7,405 sq ft lot
- 1912 Colonial with mansard‑style roof, covered front porch, and original details
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
$44,332
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
8.06%
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%
$886,640
$886.6K
Cap Rate 7%
$633,314
$633.3K
Cap Rate 9%
$492,578
$492.6K
Market Conditions
NOI Build-Up for 2,276 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
$67.7K $29.76/SF
− Vacancy
−$4.4K −$1.93/SF
EGI
$63.3K $27.83/SF
− OpEx
−$19.0K −$8.35/SF
NOI
$44.3K $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%
$886,640
Cap Rate 7%
$633,314
Cap Rate 9%
$492,578
Alternative Uses
Best Use
Multifamily LT 5
$633.3K
$554.2K – $738.9K
NOI $44,332 @ 7.0% cap · market cap 8.06%
Second Best
Apartment 5plus
$557.7K
$488.0K – $650.6K
NOI $39,037 @ 7.0% cap · market cap 7.10%
Theoretical Best
Retail
$687.5K
$601.6K – $802.1K
NOI $48,125 @ 7.0% cap · market cap 8.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,259
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Legal two-family property with independent living quarters, driveway parking, and a private backyard in Ossining.
Where is this duplex located?
The property is located at 41 Ellis Place Ossining, NY.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Legal 2‑family property with a separate studio apartment and private entrance; Approximately 2,276 sq ft of living space on a 7,405 sq ft lot; 1912 Colonial with mansard‑style roof, covered front porch, and original details
