359 Main St, Owego, NY: A Historic Multi-Unit Estate with Modern Income Potential

Discover a rare jewel in the heart of Downtown Owego, New York. This isn’t just a house; it’s a piece of architectural history with a built-in business model. Originally the residence of Frank E. Colby, the visionary owner of the Owego Bridge Co., this 1860s estate offers over 5,000 square feet of living space and a unique opportunity for house hacking or high-yield property investment.

Property Overview

• Price: $309,900

• Square Footage: 5,033 sq. ft.

• Bedrooms: 8

• Bathrooms: 4

• Lot Size: Deep, luscious village lot

• Year Built: 1860

Architectural Grandeur Meets Modern Utility

Stepping into 359 Main Street is like stepping back into the Gilded Age, but with the conveniences of the 21st century. The main residence is a masterclass in Victorian-era craftsmanship, featuring:

• The Owner’s Suite: A dramatic two-story unit anchored by a sweeping grand staircase that opens into a breathtaking vertical view.

• Timeless Curb Appeal: The exterior has been recently refreshed with new paint, preserving its historic character while ensuring low maintenance for years to come.

• Outdoor Living: Two massive front porches provide the perfect vantage point for village parades and quiet morning coffees.

The Income Advantage: Let Your Property Pay for Itself

One of the most compelling reasons to consider this Owego landmark is the multi-unit configuration. In today’s market, the “mortgage-free living” strategy is highly sought after by savvy buyers.

1. The Carriage House: Originally built for horses and buggies, this structure has been masterfully converted into a two-car garage with a stylish, modern apartment above. It is perfect for an Airbnb, a long-term rental, or a private guest house.

2. The Third-Floor Retreat: Tucked away in the main house is an additional apartment described as “cute as a button.” This unit is already tenant-occupied, providing immediate cash flow the moment you close.

3. Financial Peace of Mind: Unlike many properties near the water, this estate sits in a preferred zone where no flood insurance is required, saving you thousands of dollars in annual carrying costs.

Living in Owego, NY: America’s “Coolest Small Town”

Owego has frequently been voted one of the best small towns in America. Residents of 359 Main St are just a short walk from:

• Artisan boutiques and antique shops.

• The scenic Susquehanna Riverwalk.

• Award-winning local eateries and craft breweries.

The deep village lot offers a private sanctuary for gardening, entertaining, or even further expansion, a rarity for such a central downtown location.

Investment Summary

Whether you are an investor looking for a high-cap-rate addition to your portfolio or a family wanting to live in a grand historic mansion while tenants pay the mortgage, this property is an exceptional find. At only $61 per square foot, the value proposition is unmatched in the Finger Lakes/Southern Tier region.

Listing Provided By: NEXTHOME KINGDOM Agents: Carrie R. King & Nancy Lee Messemer MLS#: 333792 (Greater Binghamton Association of REALTORS)

From Zillow