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    Island Park Legal Two-Family Home Title is generated by Realmo AI

    26 Lancaster Road, Island Park, NY 11558

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    Claim this Listing
    Pending
    $749,000

    MULTI_FAMILY - Ranch - Island Park, NY

    Type:Single Family Residence
    Lot size:
    0.14 Acres
    Added:
    Jan 12, 2026
    Days on Market:
    124
    Last Refresh:
    May 16 at 11:06 pm

    Property Features for 26 Lancaster Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Single Family Residence
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Bedroom 5, Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 4, Dining Room, Bedroom 2
    Parking
    4
    Parking features
    On Street
    Patio and Porch features
    Patio
    Interior features
    Beamed Ceilings, Ceiling Fan(s), Eat-in Kitchen, Formal Dining, Primary Bathroom, Storage, Washer/Dryer Hookup
    Exterior features
    Garden, Lighting, Mailbox, Rain Gutters
    Standard status
    Pending
    APN
    2021-43-035-00-0051-0
    Lot size
    0.14 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    13362

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Baseboard
    Cooling system
    Multi Units
    Water source
    Public

    Building Details

    Year built
    1966
    Number of units
    2
    Flooring type
    Hardwood
    Building materials
    Brick, Frame, Vinyl Siding
    Architectural style
    Ranch
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Monica U. Altmann E-PRO RSPS SFR

    Listing agent Monica U. Altmann E-PRO RSPS SFR

    Listing office Douglas Elliman Real Estate 390 Franklin Ave, Huntington Station, NY

    Listing date Jan 12, 2026

    MLS# 950887 Listing URL

    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.

    HighLights

    • Legal 2‑family property offering immediate rental income potential
    • Spacious 3‑bed/2‑bath upper apartment with hardwood floors, dining room, and large kitchen
    • Additional first‑floor room for the upper apartment, suitable as a 4th bedroom, office, or exercise space, with garage access
    • Convenient location close to school, LIRR station, and downtown Island Park
    • First‑floor 2‑bed/1‑bath apartment with private entrance, eat‑in kitchen, and in‑unit washer/dryer
    • Separate electric and gas meters for the upper apartment

    Overview

    This legal two-family home is located in Island Park, close to the school, Long Island Rail Road (LIRR) station, and the downtown area. The first-floor apartment is a two-bedroom, one-bath unit with a private entrance on the left side of the home. It features a large eat-in kitchen, a full bath with a tub, a stackable washer/dryer, and access to the side yard. The apartment also includes a generously sized living room with multiple windows facing the large yard. The first-floor tenant pays for separate electric and cable, while heat and hot water are included in the rent. Street parking is available. The upper apartment on the second floor is a large three-bedroom, two-bath unit with a front entrance. It features hardwood floors throughout, a dining room, and a large kitchen with gas appliances. The primary bedroom has its own shower bath and a large closet. The hallway bath has a tub/shower. There are two additional bedrooms. This apartment has access to an additional room on the first floor, which could serve as a fourth bedroom, a work-from-home space, or an exercise room. The first-floor room also has access to the garage. Separate electric and gas meters are installed. The landlord pays for heat and hot water (gas). The property is situated on a 0.1377-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Island Park
    County
    Nassau
    State
    New York
    Longitude
    -73.659992
    Latitude
    40.599704

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    FAQs

    What type of property is this?
    Duplex - Legal two-family home near school and LIRR station.
    Where is this duplex located?
    The property is located at 26 Lancaster Road Island Park, NY.
    What is the asking price?
    The asking price for this property is $749,000.
    What are key features of this property?
    This property features: Legal 2‑family property offering immediate rental income potential; Spacious 3‑bed/2‑bath upper apartment with hardwood floors, dining room, and large kitchen; Additional first‑floor room for the upper apartment, suitable as a 4th bedroom, office, or exercise space, with garage access
    (516) 578-6861
    We can help!
    Listing Contact
    Monica U. Altmann E-PRO RSPS SFR
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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