18-Unit Brick Apartment
39 Spruce St, Great Neck, NY 11021
For Sale
New
$2,600,000
Four buildings are offered individually or together across a four-lot multifamily property.
Property Size4,572 SF
Days on Market2
Property Features for 39 Spruce St
General Information
Standard status
Size
Property subtype
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
laundry rooms
tenant storage areas
Building Details
Building Size
Year Built
Buildings
Units
Construction
Listing Agency:
Laffey International Realt Estate
Listed By:
John Schoonmaker
(516) 972-2739
Source:
Elliman
Added: Nov 12
Last Checked: Nov 12 at 2:26PM
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 Laffey International Realt Estate
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Investment Insights
Based on property information with market context.
This 18-unit apartment property comprises four two-story brick buildings on separate tax lots. Two buildings contain five apartments each, while the other two have four apiece. Each building has its own mechanical room and laundry room, plus tenant storage. The apartments have been modestly updated, and the buildings were built in 1943. The property includes over 20 parking spots, five drive-in garages, and two driveways. Buyers may acquire one, two, three, or all four buildings.
The property is minutes from Northern Boulevard and Long Island Medical Center, with shopping, dining, and transportation options nearby. An upscale community park is directly across the street. Great Neck UFSD serves the area, and the location offers access to New York City.
The property is minutes from Northern Boulevard and Long Island Medical Center, with shopping, dining, and transportation options nearby. An upscale community park is directly across the street. Great Neck UFSD serves the area, and the location offers access to New York City.
Key Highlights
- 18 apartments across four two‑story brick buildings
- Two buildings have 5 units each; the other two have 4 units each
- Four tax lots; available as one, two, three, or all four buildings
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$81,553
Cap Rate
3.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,631,060
$1.6M
Cap Rate 7%
$1,165,043
$1.2M
Cap Rate 9%
$906,144
$906.1K
Market Conditions
NOI Build-Up for 4,572 SF
Gross rent
$155.3K $33.96/SF
− Vacancy
−$7.0K −$1.53/SF
EGI
$148.3K $32.43/SF
− OpEx
−$66.7K −$14.59/SF
NOI
$81.6K $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 Rate 5%
$1,631,060
Cap Rate 7%
$1,165,043
Cap Rate 9%
$906,144
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.02M – $1.36M
NOI $81,553 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.02M
$2.65M – $3.53M
NOI $211,604 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
3,410
Businesses Nearby
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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
Properties on Market for Apartment buildings in Nassau County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Four buildings are offered individually or together across a four-lot multifamily property.
Where is this apartment building located?
The property is located at 39 Spruce St Great Neck, NY.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 18 apartments across four two‑story brick buildings; Two buildings have 5 units each; the other two have 4 units each; Four tax lots; available as one, two, three, or all four buildings
