3311 Franklin Avenue
About This Property
Rich in potential, the carriage house offers an ideal setting for guests, extended family, or rental income, adding a valuable layer of flexibility to this distinctive offering. Originally built in 1910, the main residence has been fully renovated including a new kitchen in 2018 and the addition of a laundry room in 2019, thoughtfully blending the home's historic appeal with contemporary conveniences.
Outside, a private, fenced backyard creates a peaceful retreat, where bluestone patios set the scene for outdoor dining, relaxed entertaining, or quiet moments in the country air. The detached garage and carriage house amenities further distinguish the property, offering a compelling combination of lifestyle appeal and investment potential.
Set on 0.21 acres just moments from Millbrook's celebrated boutiques, restaurants, galleries, and everyday conveniences, this is village living at its most appealing - with the added benefit of a versatile guest residence and income-producing potential in one of the Hudson Valley's most sought-after communities.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
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Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
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Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Oct 11, 2026 | No longer available | - | |
| No longer available | |||
| Oct 11, 2026 | Listed by Compass Greater NY, LLC | $1,225,000 | |
| Listed by Compass Greater NY, LLC | |||
| Jul 10, 2026 | Price Decreased |
$1,250,000
↓ $145K
(10.4%) | |
| Price Decreased | |||
| May 8, 2026 | Price Decreased |
$1,395,000
↓ $105K
(7%) | |
| Price Decreased | |||
| Mar 10, 2026 | Listed by Neil Charles Real Estate, LLC | $1,500,000 | |
| Listed by Neil Charles Real Estate, LLC | |||
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Don't miss this exceptional value in the heart of the Village of Millbrook: a beautifully maintained and thoughtfully updated 3-bedroom, 2-bath home (2,132 sq ft) complemented by a detached 1,750 sq ft two-car garage with an approximately 1,000 sq ft, 1-bedroom, 1-bath guest apartment above, currently generating rental income that pays for the taxes and maintenance for the entire property!
Set on 0.21 acres just steps from Millbrook's boutiques, restaurants, galleries, and everyday conveniences, the property offers an increasingly rare combination of village living and income-producing potential.
Originally built in 1910, the main residence was extensively renovated in 2002 with new windows, updated heating systems, a new oil tank, and two-zone central air conditioning, blending modern comfort with historic character. The guest apartment was constructedin 2018 and provides excellent flexibility for rental income, guests, or extended family.
The private fenced backyard serves as a peaceful retreat, featuring two bluestone patios ideal for outdoor dining, entertaining, or relaxing.
Ideally located near highly regarded public and private schools, summer camps, and premier sporting clubs, including the Millbrook Golf & Tennis Club, Tamarack Preserve, and Mashomack Preserve Club. The region is renowned for its equestrian lifestyle, with access to horse shows, fox hunting, riding trails, and top-tier equestrian facilities. Hiking, fly-fishing, polo, and skiing are all nearby.
Millbrook's central location provides convenient access to Rhinebeck, Red Hook, Pine Plains, Millerton, Hudson, Litchfield County, and the Berkshires, home to Tanglewood and a wealth of cultural attractions.
Just 1¾ hours from Manhattan by car or via Metro-North Railroad, this unique property offers the perfect blend of village convenience, country charm, and income-producing flexibility.
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017