Building Details

Building Size 8,264 SF

Year Built 1836

Buildings 3

Stories 3

Listing Agency: Realty Trends Corp c***@aol.com Show Phone

Listed By: Cheryl Rosenthal · License #10311207324 Show Phone

Source: Excellchoicerealty

Added: Jun 28 Changed: Aug 28 Last Checked: Aug 29 at 10:20AM

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Investment Insights

Based on property information with market context.

Set at 314 Mill Hill Road in Nassau County, this historic multifamily estate includes a principal residence and two substantial guest homes. The main house provides 7 bedrooms and 8 bathrooms, along with a chef’s kitchen, formal dining room, wraparound porch, and second-floor balcony. The two guest homes are each approximately 2300 SF and have been updated, offering additional space for guests, staff, or other residential uses.

The estate occupies almost 6 acres and includes views toward Oyster Bay Harbor. A greenhouse adds an agricultural feature to the grounds, while a nearby private beach is only minutes away. The property’s documented history includes associations with William Townsend, Theodore Roosevelt III, and Oleg Cassini, and its historic character is reflected in the mansion-style architecture and expansive grounds.

Key Highlights

• Almost 6‑acre estate at 314 Mill Hill Road in Nassau County, NY
• Principal residence includes 7 bedrooms and 8 bathrooms
• Two guest homes, each approximately 2300 SF and nicely updated

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

$147,409

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

3.70%

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%

$2,948,180 $2.9M

Cap Rate 7%

$2,105,843 $2.1M

Cap Rate 9%

$1,637,878 $1.6M

Market Conditions

NOI Build-Up for 8,264 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

$280.6K $33.96/SF

− Vacancy

−$12.6K −$1.53/SF

EGI

$268.0K $32.43/SF

− OpEx

−$120.6K −$14.59/SF

NOI

$147.4K $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%

$2,948,180

Cap Rate 7%

$2,105,843

Cap Rate 9%

$1,637,878

Alternative Uses

Best Use

Apartment 5plus

$2.11M

$1.84M – $2.46M (±1% cap)

NOI $147,409 @ 7.0% cap · market cap 3.70%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$5.46M

$4.78M – $6.37M (±1% cap)

NOI $382,479 @ 7.0% cap · market cap 9.59%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Feather Centerpieces Party Supply Store

Suggested Use

Top Pick Real Estate Agency Pharmacy Big Box & Wholesale Store Parking Lot & Garage Auto Repair Shop Cafe & Coffee Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

192

Businesses Nearby

Explore this area Business Placement

Demographics for 11765, NY

701

Population

276

Households

2.5

Avg Household Size

44

Median Age

79%

College-Educated

96%

High-School Grad

2.3 sq mi

ZIP Area

305

Density / Sq Mi

$250,001

Median Household Income

$116,250

Median Earnings

$3,501

Median Rent

$2,000,001

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this multifamily properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Multifamily property - Historic property with two updated guest residences and views of Oyster Bay Harbor.

Where is this multifamily property located?

The property is located at 314 Mill Hill Road Mill Neck, NY.

What is the asking price?

The asking price for this property is $3,988,888.

What are key features of this property?

This property features: Almost 6‑acre estate at 314 Mill Hill Road in Nassau County, NY; Principal residence includes 7 bedrooms and 8 bathrooms; Two guest homes, each approximately 2300 SF and nicely updated