Remarks
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* with an offer to increase to $2,000/month to remain in place. **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: All three tenants have been issued 90-day notice letters, and the property can be delivered fully 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.
