361 Lake Drive, Lake Peekskill, NY 10537

They didn't build many true two-family homes here, which is exactly why 361 Lake Drive is so extraordinary. In fact, it's one of the only ones in town. Whether you're looking for an exceptional investment, a place where rental income helps offset expenses, or a flexible setup where loved ones can live together while maintaining their own privacy, this property offers versatility that is incredibly hard to come by. Then there's the house itself. What sets this home apart is the character you simply cannot recreate. Beautifully updated while honoring its original design, every space showcases timeless qualities and distinguished touches that make it truly special. Stunning built-in bookshelves, original woodwork, antique doorways, a wood-burning fireplace, and graceful flow throughout creates a sense of warmth, charm, and individuality. There are two spacious separate apartments, each with its own private entrance and electric meter, plus an additional landlord meter servicing the basement. Live in one apartment and rent the other, rent both for income, or create the perfect arrangement for extended family or friends. The first apartment offers expansive living and dining spaces, a charming vintage-inspired eat-in kitchen, two comfortable bedrooms, a full bath, office or guest space, and an enclosed porch with seasonal lake views. The kitchen brings so much personality with turquoise cabinetry, crisp white appliances, an antique sink, patterned walls, and a propane stove. Just imagine the meals prepared and gatherings shared in this truly unique space. Upstairs, the second apartment continues the home's timeless character with library-style built-ins, another blissfully updated eat-in kitchen, two additional bedrooms, a bonus room, remodeled bath, and an incredible double terrace overlooking the property with seasonal lake views. Whether you're enjoying morning coffee, working outside with your laptop, or relaxing with a good book, this peaceful outdoor space is sure to become a favorite. Outside, North Beach is just behind the house, and you'll enjoy lake rights to all three neighborhood beaches for kayaking, canoeing, fishing, or simply relaxing by the water. The full walk-out basement offers abundant storage with exciting potential for future finishing. Recent improvements include a roof and water tank replaced approximately six years ago, a first-floor hot water heater replaced just one year ago, a second-floor hot water heater replaced this March, a complete whole-house electrical rewire completed in April 2026 and approved by the town, a remodeled second-floor bathroom, new second-floor kitchen flooring, new first-floor hallway flooring, refinished exterior concrete steps, new Trex steps leading to the back, interior rooms all freshly painted, and the entire exterior has been stripped and completely repainted new! Just minutes from shopping, restaurants, schools, and everyday conveniences, with highways and Metro-North approximately 10 minutes away, commuting to New York City is incredibly convenient. Enjoy easy access to the city while coming home to peaceful lake surroundings. And perhaps the most remarkable part of all... A true two-family home of this size could easily command well over $1 million in New York City. Here, just about an hour from Manhattan, you can own a property with income potential, lake rights, beautiful surroundings, and original character for only $649,900. Properties with this combination of versatility, charm, and setting are truly special and rarely available.