Two-Unit Duplex with
For Sale
$935,000
22 Locust Avenue, Glen Head, NY 11545
Legal two-family residence with separate entrances, updated kitchens and baths, and a fenced backyard.
Property Size1,560 SF
Days on Market35
Property Features for 22 Locust Avenue
General Information
Standard status
Active
Size
1,560 SF
Total Parking Spaces
2
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$12,526
Amenities
fenced backyard
Building Details
Building Size
1,560 SF
Year Built
1905
Tenancy
Multi
Listing Agency:
Douglas Elliman Real Estate
(516) 314-3966
Listed By:
Julia Krispeal · License #10301223180
Source:
Cottiemaxwellrealestate
Added: Jul 6
Changed: Aug 8
Last Checked: Aug 9 at 11:20AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This legal two-family residence includes two spacious apartments, each with two bedrooms, one full bath, hardwood floors, comfortable living areas, updated kitchens and baths, and a separate entrance. Built in 1905, the property also features a fenced backyard and detached two-car garage.
The residence is located near local shops, dining, parks, and the Long Island Rail Road. Its two-apartment configuration and separate entrances support distinct living arrangements within a single property.
The residence is located near local shops, dining, parks, and the Long Island Rail Road. Its two-apartment configuration and separate entrances support distinct living arrangements within a single property.
Key Highlights
- Legal two‑family residence with two separate apartments
- Each apartment includes two bedrooms and one full bath
- Hardwood floors, updated kitchens and baths, and separate entrances
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
$29,720
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
3.18%
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%
$594,400
$594.4K
Cap Rate 7%
$424,571
$424.6K
Cap Rate 9%
$330,222
$330.2K
Market Conditions
NOI Build-Up for 1,560 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
$44.9K $28.80/SF
− Vacancy
−$2.5K −$1.58/SF
EGI
$42.5K $27.22/SF
− OpEx
−$12.7K −$8.16/SF
NOI
$29.7K $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%
$594,400
Cap Rate 7%
$424,571
Cap Rate 9%
$330,222
Alternative Uses
Best Use
Multifamily LT 5
$424.6K
$371.5K – $495.3K
NOI $29,720 @ 7.0% cap · market cap 3.18%
Second Best
Apartment 5plus
$397.5K
$347.8K – $463.8K
NOI $27,826 @ 7.0% cap · market cap 2.98%
Theoretical Best
Specialty Retail
$1.03M
$902.5K – $1.20M
NOI $72,201 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
571
Businesses Nearby
Explore this area
Business Placement
Demographics for 11545, NY
12,008
Population
4,686
Households
2.6
Avg Household Size
46
Median Age
66%
College-Educated
96%
High-School Grad
11.5 sq mi
ZIP Area
1,044
Density / Sq Mi
$164,583
Median Household Income
$77,976
Median Earnings
$2,220
Median Rent
$1,028,900
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?
Duplex - Legal two-family residence with separate entrances, updated kitchens and baths, and a fenced backyard.
Where is this duplex located?
The property is located at 22 Locust Avenue Glen Head, NY.
What is the asking price?
The asking price for this property is $935,000.
What are key features of this property?
This property features: Legal two‑family residence with two separate apartments; Each apartment includes two bedrooms and one full bath; Hardwood floors, updated kitchens and baths, and separate entrances
