Legal Three-Family
For Sale
$828,000
Pending
38 Wood St, Lynbrook, NY 11563
Three separate units in a legal three-family home with an unfinished basement and dedicated laundry area.
Property Size2,648 SF
Days on Market102
Property Features for 38 Wood St
General Information
Standard status
Pending
Size
2,648 SF
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$22,250
Building Details
Building Size
2,648 SF
Year Built
1915
Units
3
Listing Agency:
Becker Realty Services, INC
Listed By:
Lisa A. Fava
(516) 887-0667
Source:
Elliman
Added: Jun 3
Changed: Sep 5
Last Checked: Sep 12 at 6:54AM
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 Becker Realty Services, INC
Investment Insights
Based on property information with market context.
This legal three-family residence is arranged as three separate apartments across the home’s floors. The first-floor apartment offers two bedrooms, a living room, an eat-in kitchen, and a full bath. The second-floor apartment also includes two bedrooms, a living room, an eat-in kitchen, and a full bath. The third-floor apartment provides one bedroom, a living room, an eat-in kitchen, and a full bath. The home also includes a full unfinished basement with high ceilings and a dedicated laundry area.
The property is located in Lynbrook, close to the Long Island Rail Road, restaurants, and local amenities, with a community pool nearby. The provided mobility metrics indicate the area is very walkable, with good nearby transit service.
Designed for an owner-occupant or investor, the layout offers multiple income-producing units while still supporting a resident living arrangement in one portion of the property. The unfinished basement and dedicated laundry area add practical flexibility for day-to-day use. Please note that shoes must be removed before viewing the apartments.
The property is located in Lynbrook, close to the Long Island Rail Road, restaurants, and local amenities, with a community pool nearby. The provided mobility metrics indicate the area is very walkable, with good nearby transit service.
Designed for an owner-occupant or investor, the layout offers multiple income-producing units while still supporting a resident living arrangement in one portion of the property. The unfinished basement and dedicated laundry area add practical flexibility for day-to-day use. Please note that shoes must be removed before viewing the apartments.
Key Highlights
- Legal three‑family home built in 1915 with three separate apartments
- First‑floor unit: 2 bedrooms, living room, eat‑in kitchen, and full bath
- Second‑floor unit: 2 bedrooms, living room, eat‑in kitchen, and full bath
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
$50,448
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
6.09%
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%
$1,008,960
$1.0M
Cap Rate 7%
$720,686
$720.7K
Cap Rate 9%
$560,533
$560.5K
Market Conditions
NOI Build-Up for 2,648 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
$76.3K $28.80/SF
− Vacancy
−$4.2K −$1.58/SF
EGI
$72.1K $27.22/SF
− OpEx
−$21.6K −$8.16/SF
NOI
$50.4K $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%
$1,008,960
Cap Rate 7%
$720,686
Cap Rate 9%
$560,533
Alternative Uses
Best Use
Multifamily LT 5
$720.7K
$630.6K – $840.8K
NOI $50,448 @ 7.0% cap · market cap 6.09%
Second Best
Apartment 5plus
$674.8K
$590.4K – $787.2K
NOI $47,234 @ 7.0% cap · market cap 5.70%
Theoretical Best
Specialty Retail
$1.75M
$1.53M – $2.04M
NOI $122,556 @ 7.0% cap · market cap 14.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,599
Businesses Nearby
Explore this area
Business Placement
Demographics for 11563, NY
23,349
Population
8,088
Households
2.9
Avg Household Size
43
Median Age
44%
College-Educated
91%
High-School Grad
2.3 sq mi
ZIP Area
10,152
Density / Sq Mi
$138,006
Median Household Income
$65,565
Median Earnings
$2,173
Median Rent
$595,500
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?
Triplex - Three separate units in a legal three-family home with an unfinished basement and dedicated laundry area.
Where is this triplex located?
The property is located at 38 Wood St Lynbrook, NY.
What is the asking price?
The asking price for this property is $828,000.
What are key features of this property?
This property features: Legal three‑family home built in 1915 with three separate apartments; First‑floor unit: 2 bedrooms, living room, eat‑in kitchen, and full bath; Second‑floor unit: 2 bedrooms, living room, eat‑in kitchen, and full bath
