39 Terrace Avenue, Ossining, NY 10562
Local realty services provided by:Better Homes and Gardens Real Estate Choice Realty
39 Terrace Avenue,Ossining, NY 10562
$875,000
- 8 Beds
- 4 Baths
- 2,380 sq. ft.
- Multi-family
- Pending
Listed by:james w. schunk
Office:schunk realty group
MLS#:845529
Source:One Key MLS
Price summary
- Price:$875,000
- Price per sq. ft.:$367.65
About this home
Welcome to 39 Terrace Avenue, a well-maintained and versatile three-family property nestled on a 0.20-acre lot in the vibrant Village of Ossining. With a total of 2,380 square feet across three distinct residential units—including a detached rear cottage—this offering is perfect for primary residency AND investors seeking strong income potential and long-term upside.
**Unit 1 – First Floor (3BR/1BA):**
This spacious 3-bedroom apartment occupies the entire first floor of the main house (excluding entrance/stairs for unit#2) and features dual entry points—from the charming front porch or the rear entry through a screened-in porch/storage area. The layout includes an eat-in kitchen, cozy living room, and three well-proportioned bedrooms. Currently occupied by a Section 8 tenant contributing $2,250 and an additional $150 directly, this tenant has expressed a willingness to increase total rent to $2,750/month, with the expectation that Section 8 will approve the voucher increase.
**Unit 2 – Second Floor + Attic (4BR/2BA):**
The second and third floors combine into a larger 4-bedroom, 2-bath duplex, offering generous living space, a modern eat-in kitchen, and a primary suite occupying the finished attic level. Currently leased for $2,700/month, this unit is under market value and is expected to command up to $4,000/month based on current comps.
**Unit 3 – Detached Rear Cottage (1BR/1BA):**
Tucked privately at the back of the lot is a charming standalone cottage** with its own driveway, entryway, and utilities. The cottage tenant pays all utilities directly and is currently renting at $1,750/month*
**Utilities & Expenses:**
- Oil Heat & Water** for the main house are paid by the landlord.
- Tenants pay electric and gas separately, with three electric and gas meters in place.
- The cottage is fully independent with all utility responsibilities handled by the tenant.
Occupancy Flexibility:
The front tenants have been issued 90-day notice letters and can be delivered vacant at closing. However, each tenant has expressed an interest in staying if the new owner prefers a turnkey investment with stable, long-term renters.
Additional Highlights:
- Off-street parking for multiple vehicles
- Large Unfinished basement for storage &/OR additional opportunity
- Located near public transportation, shops, and schools
- Zoned and configured as a legal 3-family home
- Projected pro forma rents of $8,750/month-$9,500 when brought to market value
Whether you're looking to owner-occupy, hold as a high-yield rental, or reposition for higher income, 39 Terrace Avenue presents a rare opportunity to acquire a fully detached triplex in a desirable Westchester County location.
Contact an agent
Home facts
- Year built:1926
- Listing Id #:845529
- Added:119 day(s) ago
- Updated:July 13, 2025 at 07:43 AM
Rooms and interior
- Bedrooms:8
- Total bathrooms:4
- Full bathrooms:4
- Living area:2,380 sq. ft.
Heating and cooling
- Heating:Hot Water, Oil
Structure and exterior
- Year built:1926
- Building area:2,380 sq. ft.
- Lot area:0.2 Acres
Schools
- High school:Ossining High School
- Middle school:Anne M Dorner Middle School
Utilities
- Water:Public
- Sewer:Public Sewer
Finances and disclosures
- Price:$875,000
- Price per sq. ft.:$367.65
- Tax amount:$15,722 (2024)
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