Detached Two-Family
New
For Sale
$958,000
11 Lee Court, Great Neck, NY 11024
Residential Income, Great Neck, NY
Property Size1,526 SF
Lot Size0.11 Acres
Price / SF$627.79
Days on Market3
Property Features for 11 Lee Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 3, Bathroom 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
Active
APN
2209-01-142-00-0113-0
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
16255
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1963
Number of units
2
Building materials
Frame
Listing Agency:
Lin Pan Realty Group LLC
(516) 693-9888
Listed By:
Lin Pan
(917) 902-8853
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 13 at 2:06PM
MLS# 1049853
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.
This detached duplex at 11 Lee Court contains two separate apartments, each arranged with a living room, kitchen, two bedrooms, and one full bathroom. The property provides approximately 1,526 square feet of interior space on a 55 x 90 lot, along with a private driveway and detached 2-car garage. Built in 1963, the frame home is being sold as-is and offers a layout suitable for updates or customization.
Public water and public sewer serve the property, with natural gas heat. The residence is located near shopping, parks, transportation, and local amenities, with access to Great Neck Park District facilities that include swimming pools, a lazy river, ice skating, sports courts, Steppingstone Waterfront Park, marina access, and seasonal concerts.
Public water and public sewer serve the property, with natural gas heat. The residence is located near shopping, parks, transportation, and local amenities, with access to Great Neck Park District facilities that include swimming pools, a lazy river, ice skating, sports courts, Steppingstone Waterfront Park, marina access, and seasonal concerts.
Key Highlights
- Legal two‑family duplex with two separate apartments
- Each apartment includes a living room, kitchen, two bedrooms, and one full bathroom
- Approximately 1,526 square feet on a 55 x 90 lot
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
3.03%
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 3.03%
Second Best
Apartment 5plus
$388.9K
$340.3K – $453.7K
NOI $27,220 @ 7.0% cap · market cap 2.84%
Theoretical Best
Specialty Retail
$1.01M
$882.8K – $1.18M
NOI $70,627 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Separate apartment layouts provide options for owner occupancy, rental use, or multigenerational living.
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 $958,000.
What are key features of this property?
This property features: Legal two‑family duplex with two separate apartments; Each apartment includes a living room, kitchen, two bedrooms, and one full bathroom; Approximately 1,526 square feet on a 55 x 90 lot
