Detached Duplex with Two-Car
New
For Sale
$958,000
11 Lee Court Unit A, Great Neck, NY 11024
Two separate apartments offer flexible residential income and occupancy options.
Property Size1,526 SF
Lot Size0.11 Acres
Price / SF$627.79
Days on Market3
Property Features for 11 Lee Court Unit A
General Information
Standard status
Active
Size
1,526 SF
Total Parking Spaces
2
Lot size
0.11 Acres
Property subtype
Duplex
Property Condition
Severity
Repairs Needed
Evidence
ready for updates
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$16,255
Building Details
Building Size
1,526 SF
Year Built
1963
Buildings
1
Listing Agency:
Lin Pan Realty Group LLC
Listed By:
Lin Pan
(917) 902-8853
Source:
Cottiemaxwellrealestate
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 13 at 4:10AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lin Pan Realty Group LLC
Investment Insights
Based on property information with market context.
This detached duplex at 11 Lee Court includes two separate apartments, each arranged with a living room, kitchen, two bedrooms, and one full bathroom. The property contains approximately 1,526 square feet of interior space, with four bedrooms and two full baths overall. A private driveway and detached 2-car garage provide dedicated parking and storage. Built in 1963, the home is being sold as-is and offers a configuration suited to two-family occupancy.
The property sits on a 55 x 90 lot in Great Neck, near shopping, parks, transportation, and local amenities. Residents have access to Great Neck Park District facilities, including swimming pools, a lazy river, ice skating, sports courts, Steppingstone Waterfront Park, marina access, and seasonal concerts.
The property sits on a 55 x 90 lot in Great Neck, near shopping, parks, transportation, and local amenities. Residents have access to Great Neck Park District facilities, including swimming pools, a lazy river, ice skating, sports courts, Steppingstone Waterfront Park, marina access, and seasonal concerts.
Key Highlights
- Legal two‑family residence with two separate apartments
- Approximately 1,526 square feet of interior space
- Each apartment includes 2 bedrooms and 1 full bathroom
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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Open Analytics
Current Use
Lease Details
2
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate apartments offer flexible residential income and occupancy options.
Where is this duplex located?
The property is located at 11 Lee Court Unit A 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 residence with two separate apartments; Approximately 1,526 square feet of interior space; Each apartment includes 2 bedrooms and 1 full bathroom
