Co-Op Apartment with Private
For Sale
$450,000
40 STONER Ave 01, Great Neck, NY 11021
Co-op suite with a dedicated private entrance and indoor parking, suited for office or residential use.
Property Size800 SF
Days on Market70
Property Features for 40 STONER Ave 01
General Information
Standard status
Active
Size
800 SF
Total Parking Spaces
1
Property subtype
Commercial
Building Details
Building Size
800 SF
Year Built
1965
Listing Agency:
Douglas Elliman Real Estate
(516) 498-2125
Listed By:
Mindy Miles Greenberg
(516) 498-2125
Source:
Elliman
Added: Jun 16
Changed: Aug 23
Last Checked: Aug 23 at 7:42AM
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 co-op suite is configured to function as office or residential space and includes its own dedicated private entrance. In addition to the exterior path to the entry, there is an inside door that connects to the building’s interior hallway, providing access to a dedicated indoor parking spot in the garage.
Located at 40 Stoner Avenue in the Carlyle co-op building in Great Neck, the space benefits from building support and amenities including a live-in super, a gym, and laundry on the floor. The offering is described as being in the Great Neck South area (with optional district noted in the remarks). The community is positioned for access to parks and culture, with town shopping and restaurants, along with the LIRR offering direct routes to Penn and Grand Central Madison.
The layout’s separation via a private entrance can be attractive for an owner-occupant seeking privacy, whether operating a professional office or using the space as a residence. The remarks also note the office component was occupied for forty years by one medical professional. As with co-op ownership, a financial review and interview are required as part of the approval process, and the remarks list a monthly amount of $700 plus $135 parking that includes heat, hot water, and real estate taxes.
Located at 40 Stoner Avenue in the Carlyle co-op building in Great Neck, the space benefits from building support and amenities including a live-in super, a gym, and laundry on the floor. The offering is described as being in the Great Neck South area (with optional district noted in the remarks). The community is positioned for access to parks and culture, with town shopping and restaurants, along with the LIRR offering direct routes to Penn and Grand Central Madison.
The layout’s separation via a private entrance can be attractive for an owner-occupant seeking privacy, whether operating a professional office or using the space as a residence. The remarks also note the office component was occupied for forty years by one medical professional. As with co-op ownership, a financial review and interview are required as part of the approval process, and the remarks list a monthly amount of $700 plus $135 parking that includes heat, hot water, and real estate taxes.
Key Highlights
- Co‑op suite built in 1965 with a dedicated private entrance and an inside door to the interior hallway
- Includes a dedicated indoor parking spot in a garage accessible from the building’s interior hallway
- Monthly co‑op maintenance of $700 plus $135 parking (includes heat, hot water, and real estate taxes)
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
$13,756
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
3.06%
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%
$275,120
$275.1K
Cap Rate 7%
$196,514
$196.5K
Cap Rate 9%
$152,844
$152.8K
Market Conditions
NOI Build-Up for 800 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
$22.4K $27.96/SF
− Vacancy
−$4.0K −$5.03/SF
EGI
$18.3K $22.93/SF
− OpEx
−$4.6K −$5.73/SF
NOI
$13.8K $17.20/SF
Area
Nassau County, NY
Vacancy
18.00%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
25.00%
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%
$275,120
Cap Rate 7%
$196,514
Cap Rate 9%
$152,844
Alternative Uses
Best Use
Office B
$196.5K
$172.0K – $229.3K
NOI $13,756 @ 7.0% cap · market cap 3.06%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$528.9K
$462.8K – $617.1K
NOI $37,026 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,085
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Co-op suite with a dedicated private entrance and indoor parking, suited for office or residential use.
Where is this office units located?
The property is located at 40 STONER Ave 01 Great Neck, NY.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Co‑op suite built in 1965 with a dedicated private entrance and an inside door to the interior hallway; Includes a dedicated indoor parking spot in a garage accessible from the building’s interior hallway; Monthly co‑op maintenance of $700 plus $135 parking (includes heat, hot water, and real estate taxes)
