Legal Two-Family
For Sale
$1,990,000
20 Spruce Street, Great Neck, NY 11021
Two well-configured units offer private entrances, full kitchens, dining rooms, and flexible living space.
Property Size3,130 SF
Lot Size0.22 Acres
Price / SF$635.78
Days on Market94
Property Features for 20 Spruce Street
General Information
Standard status
Active
Size
3,130 SF
Total Parking Spaces
2
Lot size
0.22 Acres
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$23,843
Amenities
full basement
walk-up attic
private entrance
access to Parkwood Pool
access to Ice Skating Rink
Building Details
Building Size
3,130 SF
Year Built
1922
Buildings
2
Tenancy
Multi
Listing Agency:
E Realty International Corp
Listed By:
Wenyan Mo
(917) 526-3002
Source:
Luxuryhomeny
Added: Jun 17
Changed: Sep 14
Last Checked: Sep 16 at 11:58PM
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 E Realty International Corp
Investment Insights
Based on property information with market context.
This legal two-family duplex, built in 1922, contains 3,130 square feet of living space on an oversized 9,375-square-foot property. Each unit includes 3 bedrooms, 2 full baths, a spacious living room, formal dining room, full kitchen, and private entrance. The property also features a full basement with a separate outside entrance, a large walk-up attic, a detached two-car garage, and a large backyard.
Located at 20 Spruce Street in the Village of Thomaston, the property is within the Great Neck South School District and one block from Thomaston Park. Residents have access to the Parkwood Pool and Ice Skating Rink, with shopping, restaurants, public transportation, and the Great Neck LIRR station nearby. The two-unit configuration supports owner-occupancy, extended-family living, or an income-producing residential use.
Located at 20 Spruce Street in the Village of Thomaston, the property is within the Great Neck South School District and one block from Thomaston Park. Residents have access to the Parkwood Pool and Ice Skating Rink, with shopping, restaurants, public transportation, and the Great Neck LIRR station nearby. The two-unit configuration supports owner-occupancy, extended-family living, or an income-producing residential use.
Key Highlights
- Legal two‑family duplex with 3,130 square feet of living space
- Oversized 9,375‑square‑foot property at 20 Spruce Street
- Each unit has 3 bedrooms, 2 full baths, a formal dining room, full kitchen, and private entrance
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
$59,630
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
3.00%
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%
$1,192,600
$1.2M
Cap Rate 7%
$851,857
$851.9K
Cap Rate 9%
$662,556
$662.6K
Market Conditions
NOI Build-Up for 3,130 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
$90.1K $28.80/SF
− Vacancy
−$5.0K −$1.58/SF
EGI
$85.2K $27.22/SF
− OpEx
−$25.6K −$8.16/SF
NOI
$59.6K $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%
$1,192,600
Cap Rate 7%
$851,857
Cap Rate 9%
$662,556
Alternative Uses
Best Use
Multifamily LT 5
$851.9K
$745.4K – $993.8K
NOI $59,630 @ 7.0% cap · market cap 3.00%
Second Best
Apartment 5plus
$797.6K
$697.9K – $930.5K
NOI $55,831 @ 7.0% cap · market cap 2.81%
Theoretical Best
Specialty Retail
$2.07M
$1.81M – $2.41M
NOI $144,864 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,410
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
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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 well-configured units offer private entrances, full kitchens, dining rooms, and flexible living space.
Where is this duplex located?
The property is located at 20 Spruce Street Great Neck, NY.
What is the asking price?
The asking price for this property is $1,990,000.
What are key features of this property?
This property features: Legal two‑family duplex with 3,130 square feet of living space; Oversized 9,375‑square‑foot property at 20 Spruce Street; Each unit has 3 bedrooms, 2 full baths, a formal dining room, full kitchen, and private entrance
