616 Union Avenue
About This Property
With approximately 1,650 square feet of living space, the home features a flexible and functional layout with generously sized rooms and classic early-20th-century character waiting to be restored. The main level includes multiple living areas, original hardwood flooring in several rooms, and two first-floor bedrooms offering valuable flexibility for guests, home office use, or multi-generational living. Upstairs, you'll find three additional bedrooms providing ample sleeping space rarely found at this price point.
The full unfinished basement provides excellent storage, workshop potential, and mechanical access, while the detached garage adds further utility for parking or future improvement. The large lot offers valuable outdoor space with room for gardening and entertaining.
The property does require significant updating and is being sold as-is, making it ideal for buyers seeking a renovation project or value-add opportunity in a growing Hudson Valley market.
Conveniently located near downtown Peekskill's restaurants, arts scene, waterfront parks, and Metro-North, this property offers strong upside for those willing to invest the work.
Bring your contractor and your imagination - the potential here is substantial.
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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%.
How much can I actually make?
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.
How is cap rate calculated?
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 |
|---|---|---|---|
| Apr 23, 2026 | Sold | ||
| Sold | |||
| Mar 14, 2026 | In contract | - | |
| In contract | |||
| Feb 27, 2026 | Listed by Schunk Realty Group | $369,000 | |
| Listed by Schunk Realty Group | |||
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017