Estate-Like Triplex with River
For Sale
$1,500,000
Pending
59 Fairview Ave, Tarrytown, NY 10591
Three-unit triplex with expansive landscaped grounds and winter Hudson River panoramas, plus flexible bedroom configuration.
Property Size4,263 SF
Lot Size0.74 Acres
Days on Market51
Property Features for 59 Fairview Ave
General Information
Standard status
Pending
Size
4,263 SF
Total Parking Spaces
4
Lot size
0.74 Acres
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$27,076
Building Details
Building Size
4,263 SF
Year Built
1900
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
(914) 804-1775
Listed By:
Katherine Bellantoni · License #10491210816 (NY)
(914) 804-1775
Source:
Elliman
Added: Jun 20
Changed: Aug 8
Last Checked: Aug 8 at 3:39PM
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 Katherine Bellantoni
Investment Insights
Based on property information with market context.
Set on 0.74 acres offered as two lots, this estate-like triplex combines historic interior character with expansive outdoor grounds. The main level features a three-bedroom home with soaring 10' ceilings, detailed trim and moldings, and rich hardwood floors throughout. A sun-drenched entry den and sunroom line with windows capture Hudson River views, and two bedrooms are located on the first level. The primary bedroom is on the second floor via a private staircase and includes oversized windows, a Juliette balcony, and a walk-in closet.
The triplex also includes two rented one-bedroom units. One unit is accessed via a separate staircase and is currently configured as a one-bedroom residence while allowing flexibility to convert to two bedrooms; it also has 10' ceilings and hardwood floors. The top-floor one-bedroom unit offers dramatic views, hardwood floors, and additional space in a large entry hall that includes a bonus office area, plus a formal dining room. Storage includes a private closet off the bathroom and attic storage. Outside, the former detached garage has been converted to a 360 SF shed, and the property includes a charming gazebo and a former pool site that has been filled in.
Two rented units do not currently have access to the driveway (accommodating four cars), outdoor grounds, or secondary basement laundry, with rents adjusted accordingly. The property is located steps from the heart of the Village and moments from Metro-North, shops, restaurants, and major transportation, supporting both owner-occupant and investor use cases.
The triplex also includes two rented one-bedroom units. One unit is accessed via a separate staircase and is currently configured as a one-bedroom residence while allowing flexibility to convert to two bedrooms; it also has 10' ceilings and hardwood floors. The top-floor one-bedroom unit offers dramatic views, hardwood floors, and additional space in a large entry hall that includes a bonus office area, plus a formal dining room. Storage includes a private closet off the bathroom and attic storage. Outside, the former detached garage has been converted to a 360 SF shed, and the property includes a charming gazebo and a former pool site that has been filled in.
Two rented units do not currently have access to the driveway (accommodating four cars), outdoor grounds, or secondary basement laundry, with rents adjusted accordingly. The property is located steps from the heart of the Village and moments from Metro-North, shops, restaurants, and major transportation, supporting both owner-occupant and investor use cases.
Key Highlights
- Three‑unit triplex built in 1900 with 10' ceilings and hardwood floors throughout the units
- Expansive estate‑like grounds on 0.74 acres across 2 lots, including rolling lawns, specimen trees, and perennial gardens
- Winter Hudson River panoramas from multiple rooms, including sunroom and den lined with windows
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
$83,034
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
5.54%
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%
$1,660,680
$1.7M
Cap Rate 7%
$1,186,200
$1.2M
Cap Rate 9%
$922,600
$922.6K
Market Conditions
NOI Build-Up for 4,263 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
$126.9K $29.76/SF
− Vacancy
−$8.2K −$1.93/SF
EGI
$118.6K $27.83/SF
− OpEx
−$35.6K −$8.35/SF
NOI
$83.0K $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%
$1,660,680
Cap Rate 7%
$1,186,200
Cap Rate 9%
$922,600
Alternative Uses
Best Use
Multifamily LT 5
$1.19M
$1.04M – $1.38M
NOI $83,034 @ 7.0% cap · market cap 5.54%
Second Best
Apartment 5plus
$1.04M
$914.0K – $1.22M
NOI $73,118 @ 7.0% cap · market cap 4.87%
Theoretical Best
Retail
$1.29M
$1.13M – $1.50M
NOI $90,139 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,149
Businesses Nearby
Explore this area
Business Placement
Demographics for 10591, NY
23,301
Population
10,566
Households
2.2
Avg Household Size
41
Median Age
54%
College-Educated
87%
High-School Grad
9.4 sq mi
ZIP Area
2,479
Density / Sq Mi
$103,480
Median Household Income
$61,537
Median Earnings
$1,943
Median Rent
$661,800
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 - Three-unit triplex with expansive landscaped grounds and winter Hudson River panoramas, plus flexible bedroom configuration.
Where is this triplex located?
The property is located at 59 Fairview Ave Tarrytown, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Three‑unit triplex built in 1900 with 10' ceilings and hardwood floors throughout the units; Expansive estate‑like grounds on 0.74 acres across 2 lots, including rolling lawns, specimen trees, and perennial gardens; Winter Hudson River panoramas from multiple rooms, including sunroom and den lined with windows
