Renovated Co-op with Sunny
For Sale
$429,000
15 Hill Park Ave Ave 1C, Great Neck, NY 11021
Light, bright, renovated 2-bedroom co-op with balcony.
Property Size1,050 SF
Lot Size0.55 Acres
Days on Market266
Property Features for 15 Hill Park Ave Ave 1C
General Information
Standard status
Active
Size
1,050 SF
Lot size
0.55 Acres
Property subtype
Residential
Building Details
Building Size
1,050 SF
Year Built
1960
Listing Agency:
(516) 589-3894
Listed By:
Doris Kason · License #10401229168
(516) 589-3894
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 15
Last Checked: Aug 20 at 8:28AM
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 Doris Kason
Investment Insights
Based on property information with market context.
This is a fully renovated, light, and bright 2-bedroom corner co-op with a sunny balcony. It is situated in the desired and immaculately maintained Carlton, an upscale renovated building featuring a hotel-like entrance, elevator, laundry room, and a 24-hour live-in super. The kitchen has been redone with quartz counters, white cabinets, and stainless steel appliances. There is a brand new spa bathroom and crown molding throughout. A designated dining area complements the layout. The primary bedroom includes walk-in closets. The sprawling living space leads to the balcony. Hi-hat lighting is installed throughout. Brand new AC units are included, and outdoor and indoor parking is assigned. The property is located right near the LIRR and N20 bus, and near the town with the renowned Great Neck South School District, restaurants, shops, and other amenities in Great Neck's town. Monthly fees are included in the real estate taxes. Maintenance includes an assessment for the roof of $299.25 until March 2028.
Key Highlights
- Fully renovated 2‑bedroom corner co‑op with a sunny balcony.
- Located in the desired, immaculately maintained Carlton building with hotel‑like entrance and 24‑hour live‑in super.
- Renovated kitchen with quartz counters, white cabinets, and stainless steel appliances.
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
$18,729
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
4.37%
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%
$374,580
$374.6K
Cap Rate 7%
$267,557
$267.6K
Cap Rate 9%
$208,100
$208.1K
Market Conditions
NOI Build-Up for 1,050 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
$35.7K $33.96/SF
− Vacancy
−$1.6K −$1.53/SF
EGI
$34.1K $32.43/SF
− OpEx
−$15.3K −$14.59/SF
NOI
$18.7K $17.84/SF
Area
Nassau County, NY
Vacancy
4.50%
Lease Rate
$33.96 /SF/Yr
Expense Ratio
45.00%
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%
$374,580
Cap Rate 7%
$267,557
Cap Rate 9%
$208,100
Alternative Uses
Best Use
Apartment 5plus
$267.6K
$234.1K – $312.2K
NOI $18,729 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$694.2K
$607.5K – $810.0K
NOI $48,597 @ 7.0% cap · market cap 11.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,549
Businesses Nearby
Explore this area
Business Placement
Demographics for 11021, NY
19,376
Population
8,705
Households
2.2
Avg Household Size
46
Median Age
65%
College-Educated
94%
High-School Grad
2.4 sq mi
ZIP Area
8,073
Density / Sq Mi
$122,390
Median Household Income
$74,401
Median Earnings
$2,184
Median Rent
$734,200
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?
Apartment building - Light, bright, renovated 2-bedroom co-op with balcony.
Where is this apartment building located?
The property is located at 15 Hill Park Ave Ave 1C Great Neck, NY.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Fully renovated 2‑bedroom corner co‑op with a sunny balcony.; Located in the desired, immaculately maintained Carlton building with hotel‑like entrance and 24‑hour live‑in super.; Renovated kitchen with quartz counters, white cabinets, and stainless steel appliances.
