Two-Bedroom Duplex with Private
For Sale
$998,000
Pending
11 LEE Court, Great Neck, NY 11024
Residential Income, Great Neck, NY
Property Size1,526 SF
Lot Size0.11 Acres
Days on Market131
Property Features for 11 LEE Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 4, Basement, Bedroom 2, Bedroom 1
Parking features
Driveway
Elementary school
John F Kennedy School
Middle school
Great Neck North Middle School
High school
Great Neck North High School
Elementary school district
Great Neck
Middle school district
Great Neck
High school district
Great Neck
Directions
MIDDLE NECK ROAD TO LEE COURT - CORNER OF LEE COURT & REDBROOK TERRACE
Standard status
Pending
APN
2209-01-142-00-0113-0
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
15836
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Amenities
Olympic Pools
Lazy River
Ice-Skating
Sports Courts
Steppingstone Waterfront Park
Concerts
Marina
Building Details
Year built
1963
Number of units
2
Flooring type
Hardwood
Building materials
Frame
Listing Agency:
Edna Mashaal Realty LLC
(516) 504-8884
Listed By:
Edna Mashaal
(516) 840-8888
Added: Apr 13
Changed: Aug 20
Last Checked: Aug 21 at 6:06PM
MLS# 982314
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Detached legal 2-family duplex on a quiet setting with two separate apartments. Each unit offers two bedrooms, a living room, a kitchen, and one full bathroom, for a total of four bedrooms and two full baths. The home has approximately 1,526 SF of living space and includes a basement. Built in 1963 with frame construction and hardwood flooring, the property is heated with natural gas. Public water and public sewer service are available. Flooring and interior condition support a renovation or refresh approach, as the property is being sold as-is and requires TLC.
Set on a 55 x 90 lot (0.1136 acres), the property features a private driveway with parking and a two-car garage. Located in Great Neck, the home is near parks, shopping, transportation, and is within the Great Neck school district, including JFK Elementary and Great Neck North Middle/High School.
Each unit’s separate layout makes the property suitable for either an owner-occupant live-and-rent arrangement or an investor focused on rental income.
Set on a 55 x 90 lot (0.1136 acres), the property features a private driveway with parking and a two-car garage. Located in Great Neck, the home is near parks, shopping, transportation, and is within the Great Neck school district, including JFK Elementary and Great Neck North Middle/High School.
Each unit’s separate layout makes the property suitable for either an owner-occupant live-and-rent arrangement or an investor focused on rental income.
Key Highlights
- Legal 2‑family detached duplex with two separate apartments, each with two bedrooms and one full bath
- Approximately 1,526 SF of total living space, plus a basement
- Each unit includes a living room, kitchen, and full bath; total is 4 bedrooms and 2 baths
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$29,072
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.91%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$581,440
$581.4K
Cap Rate 7%
$415,314
$415.3K
Cap Rate 9%
$323,022
$323.0K
Market Conditions
NOI Build-Up for 1,526 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$43.9K $28.80/SF
− Vacancy
−$2.4K −$1.58/SF
EGI
$41.5K $27.22/SF
− OpEx
−$12.5K −$8.16/SF
NOI
$29.1K $19.05/SF
Area
Nassau County, NY
Vacancy
5.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$581,440
Cap Rate 7%
$415,314
Cap Rate 9%
$323,022
Alternative Uses
Best Use
Multifamily LT 5
$415.3K
$363.4K – $484.5K
NOI $29,072 @ 7.0% cap · market cap 2.91%
Second Best
Apartment 5plus
$388.9K
$340.3K – $453.7K
NOI $27,220 @ 7.0% cap · market cap 2.73%
Theoretical Best
Specialty Retail
$1.01M
$882.8K – $1.18M
NOI $70,627 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
426
Businesses Nearby
Explore this area
Business Placement
Demographics for 11024, NY
8,623
Population
2,454
Households
3.5
Avg Household Size
31
Median Age
52%
College-Educated
90%
High-School Grad
3.5 sq mi
ZIP Area
2,464
Density / Sq Mi
$170,476
Median Household Income
$45,589
Median Earnings
$2,467
Median Rent
$1,633,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Detached legal 2-family duplex with two separate 2-bedroom apartments, private driveway parking, and public utilities.
Where is this duplex located?
The property is located at 11 LEE Court Great Neck, NY.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: Legal 2‑family detached duplex with two separate apartments, each with two bedrooms and one full bath; Approximately 1,526 SF of total living space, plus a basement; Each unit includes a living room, kitchen, and full bath; total is 4 bedrooms and 2 baths
