Two-Family Duplex with
For Sale
$1,990,000
20 Spruce Street, Great Neck, NY 11021
Residential Income, Great Neck, NY
Property Size3,130 SF
Lot Size0.22 Acres
Price / SF$635.78
Days on Market89
Property Features for 20 Spruce Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Dining Room, Bathroom 3, Bedroom 4, Bathroom 4, Bedroom 6, Basement, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 3, Bathroom 1, Bedroom 2
Parking
6
Parking features
Driveway, Garage
Interior features
First Floor Bedroom, First Floor Full Bath, Formal Dining, Marble Counters, Pantry, Quartz/Quartzite Counters, Washer/Dryer Hookup
Fireplace
1
Elementary school
E M Baker School
Middle school
Great Neck South Middle School
High school
Great Neck South High School
Elementary school district
Great Neck
Middle school district
Great Neck
High school district
Great Neck
Standard status
Active
APN
2253-02-260-00-0217-0
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
23843
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
private entrance
large backyard
pool
ice skating rink
Building Details
Year built
1922
Number of units
2
Building materials
Stucco
Listing Agency:
E Realty International Corp
(718) 886-8110
Listed By:
Wenyan Mo
(917) 526-3002
Added: Jun 17
Changed: Sep 13
Last Checked: Sep 13 at 4:06PM
MLS# 1014941
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 1922 stucco duplex contains 3,130 sq. ft. of living space arranged as two residential units. Each unit includes three bedrooms, two full bathrooms, a living room, formal dining room, full kitchen, and private entrance. Interior features include marble and quartz/quartzite counters, pantry space, first-floor bedrooms and full baths, and washer/dryer hookups.
The property occupies a 9,375 sq. ft. lot, with a large backyard, detached two-car garage, and driveway parking. A full basement with a separate outside entrance and a large walk-up attic add substantial utility. Natural gas heating, wall/window cooling units, public water, and public sewer are also provided.
Located in the Village of Thomaston, the property is within the Great Neck South School District and one block from Thomaston Park. The Parkwood Pool and Ice Skating Rink, shopping, restaurants, public transportation, and the Great Neck LIRR station are nearby.
The property occupies a 9,375 sq. ft. lot, with a large backyard, detached two-car garage, and driveway parking. A full basement with a separate outside entrance and a large walk-up attic add substantial utility. Natural gas heating, wall/window cooling units, public water, and public sewer are also provided.
Located in the Village of Thomaston, the property is within the Great Neck South School District and one block from Thomaston Park. The Parkwood Pool and Ice Skating Rink, shopping, restaurants, public transportation, and the Great Neck LIRR station are nearby.
Key Highlights
- Two‑unit duplex with 3,130 sq. ft. of living space
- Each unit offers 3 bedrooms and 2 full baths
- 9,375 sq. ft. lot, equivalent to 0.2152 acres
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units provide matching three-bedroom layouts, private entrances, formal dining rooms, full kitchens, and two full baths.
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: Two‑unit duplex with 3,130 sq. ft. of living space; Each unit offers 3 bedrooms and 2 full baths; 9,375 sq. ft. lot, equivalent to 0.2152 acres
