Updated Two-Family Duplex
For Sale
$970,000
9 Irving Place, Sleepy Hollow, NY 10591
Two large duplex units offer private decks, in-unit laundry, eat-in kitchens, and on-site parking.
Property Size4,052 SF
Days on Market32
Property Features for 9 Irving Place
General Information
Standard status
Active
Size
4,052 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 4BR/2BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$23,029
Amenities
private deck
eat-in kitchen
in-unit laundry
high ceilings
tall windows
on-site parking
Building Details
Building Size
4,052 SF
Year Built
1930
Buildings
1
Units
2
Listing Agency:
Coldwell Banker Realty
(845) 507-2555
Listed By:
Daniel Bucci
(845) 507-2555
Source:
Mahlerrealty
Added: Jul 31
Changed: Aug 28
Last Checked: Aug 28 at 11:30AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This two-family property contains two unusually spacious duplex units, with recent improvements and updates. The first unit measures 1,745 SF and includes four bedrooms and two full baths; the second offers 1,650 SF, three bedrooms, and two full baths. Both residences feature private decks, eat-in kitchens, in-unit laundry, tall windows, high ceilings, and on-site parking. The home was built in 1930.
Located at 9 Irving Place in Sleepy Hollow’s historic Village, the property is one block from Beekman Avenue and within one mile of Metro-North Tarrytown Station, the Hudson River waterfront, marinas, restaurants, DeCicco & Sons, and the Edge-on-Hudson development. Metro-North service reaches NYC in 36 minutes.
Located at 9 Irving Place in Sleepy Hollow’s historic Village, the property is one block from Beekman Avenue and within one mile of Metro-North Tarrytown Station, the Hudson River waterfront, marinas, restaurants, DeCicco & Sons, and the Edge-on-Hudson development. Metro-North service reaches NYC in 36 minutes.
Key Highlights
- Two duplex units measure 1,745 SF and 1,650 SF
- Unit mix includes 4 bedrooms and 2 full baths, plus 3 bedrooms and 2 full baths
- Private decks, eat‑in kitchens, and in‑unit laundry in both units
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
$78,925
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
8.14%
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%
$1,578,500
$1.6M
Cap Rate 7%
$1,127,500
$1.1M
Cap Rate 9%
$876,944
$876.9K
Market Conditions
NOI Build-Up for 4,052 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
$120.6K $29.76/SF
− Vacancy
−$7.8K −$1.93/SF
EGI
$112.7K $27.83/SF
− OpEx
−$33.8K −$8.35/SF
NOI
$78.9K $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%
$1,578,500
Cap Rate 7%
$1,127,500
Cap Rate 9%
$876,944
Alternative Uses
Best Use
Multifamily LT 5
$1.13M
$986.6K – $1.32M
NOI $78,925 @ 7.0% cap · market cap 8.14%
Second Best
Apartment 5plus
$992.8K
$868.7K – $1.16M
NOI $69,499 @ 7.0% cap · market cap 7.16%
Theoretical Best
Retail
$1.22M
$1.07M – $1.43M
NOI $85,677 @ 7.0% cap · market cap 8.83%
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
953
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?
Duplex - Two large duplex units offer private decks, in-unit laundry, eat-in kitchens, and on-site parking.
Where is this duplex located?
The property is located at 9 Irving Place Sleepy Hollow, NY.
What is the asking price?
The asking price for this property is $970,000.
What are key features of this property?
This property features: Two duplex units measure 1,745 SF and 1,650 SF; Unit mix includes 4 bedrooms and 2 full baths, plus 3 bedrooms and 2 full baths; Private decks, eat‑in kitchens, and in‑unit laundry in both units
