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    Legal Two-Family Cape with Basement Title is generated by Realmo AI

    68 Shipherd Avenue, Lynbrook, NY 11563

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    For Sale
    $799,999

    MULTI_FAMILY - Other - Lynbrook, NY

    Lot size:
    0.11 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 5 at 7:06 am

    Property Features for 68 Shipherd Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    3
    Bathrooms
    3
    Rooms
    Bedroom 1, Bathroom 3, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 2, Basement
    Interior features
    First Floor Bedroom, Master Downstairs
    Basement
    Full, Partially Finished, Walk-Out Access
    Standard status
    Active
    APN
    2025-38-470-00-0171-0
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    18040

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Oil
    Cooling system
    Window Unit(s), Wall/Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1953
    Number of units
    2
    Building materials
    Vinyl Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Stephen Zappalla

    Listing agent Stephen Zappalla

    Listing office Keller Williams Realty Elite 695 Broadway, Massapequa Park, NY

    Listing date Jun 2, 2026

    MLS# 1008051 Listing URL

    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.

    HighLights

    • Expanded Cape legal two‑family with first‑floor primary living and multiple bedrooms
    • Newly finished, fully legalized basement with full bathroom; accessible from inside or a separate outside entrance
    • Roof, kitchens, and bathrooms updated within the last five years
    • 5,000 SF lot with long private driveway, detached two‑car garage, and additional paved off‑street parking
    • First‑floor unit includes 2 bedrooms, spacious living room, eat‑in kitchen, and recently renovated full bathroom
    • Upstairs unit features a 240 SF bedroom with double closets, formal living room, eat‑in kitchen, and updated full bathroom

    Overview

    This expanded Cape is a legal two-family home with a versatile, fully finished basement. The first-floor unit includes two bedrooms, a spacious living room, an eat-in kitchen, and a recently renovated full bathroom. The second unit features a large bedroom with double closets, a formal living room, and an eat-in kitchen, along with an updated full bathroom. The standout improvement is the newly finished and fully legalized basement, which includes a full bathroom and can be accessed through the first-floor unit or via a separate outside entrance. A dedicated utility area and ample storage are also located in the lower level.

    The property sits on a lot sized for practical outdoor space, with a long private driveway leading to a detached two-car garage. There is also an additional paved parking area for extra off-street parking, along with a spacious backyard for recreation. The home is conveniently located just minutes from Lynbrook Village, with easy access to the LIRR, major highways and parkways, and nearby restaurants, shopping, and nightlife.

    Recent updates support a cleaner, more turnkey ownership experience, with the roof, kitchens, and bathrooms updated within the last five years. This layout can suit investors seeking income from two separate units and an added finished basement, or owner-occupants looking for flexible living arrangements with the basement’s independent entrance option.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lynbrook
    County
    Nassau
    State
    New York
    Longitude
    -73.664224
    Latitude
    40.655659

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    FAQs

    What type of property is this?
    Duplex - Expanded Cape offers two units plus a fully legalized basement with a full bath and flexible separate access.
    Where is this duplex located?
    The property is located at 68 Shipherd Avenue Lynbrook, NY.
    What is the asking price?
    The asking price for this property is $799,999.
    What are key features of this property?
    This property features: Expanded Cape legal two‑family with first‑floor primary living and multiple bedrooms; Newly finished, fully legalized basement with full bathroom; accessible from inside or a separate outside entrance; Roof, kitchens, and bathrooms updated within the last five years
    (516) 319-4820
    We can help!
    Listing Contact
    Stephen Zappalla
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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