Building Details

Building Size 850 SF

Year Built 1978

Listing Agency: l***@lavieenrose.nyc Show Phone

Listed By: Lise Elgressy Show Phone

Source: Elliman

Added: Nov 27, 2025 Changed: Aug 8 Last Checked: Aug 8 at 5:34AM

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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 Lise Elgressy

Investment Insights

Based on property information with market context.

Located in the desirable Village of Great Neck Plaza, The Carlyle is a premier building featuring a renovated apartment with high-end materials and a modern concept. This sunny junior 4 apartment includes hardwood oak plank flooring, LED lighting, SEER cooling, green features, insulated doors, stainless steel appliances, sleek lined cabinetry, modern bathrooms, fitted closets, and a large terrace. The Carlyle features a newly renovated modern lobby, laundry rooms on each floor, guaranteed heated garage parking, a generator, and a brand-new gym. The property is near shops, restaurants, and the LIRR. Residents can enjoy Great Neck Park District amenities, including Parkwood Pool, ice skating, and tennis, as well as Steppingstone Park & Marina.

Key Highlights

• Totally renovated with high‑end materials, featuring a modern concept.
• Located in the desirable Village of Great Neck Plaza, near shops, restaurants, and LIRR.
• The Carlyle offers guaranteed heated garage parking and a brand‑new gym.

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

$15,162

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

2.81%

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%

$303,240 $303.2K

Cap Rate 7%

$216,600 $216.6K

Cap Rate 9%

$168,467 $168.5K

Market Conditions

NOI Build-Up for 850 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

$28.9K $33.96/SF

− Vacancy

−$1.3K −$1.53/SF

EGI

$27.6K $32.43/SF

− OpEx

−$12.4K −$14.59/SF

NOI

$15.2K $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%

$303,240

Cap Rate 7%

$216,600

Cap Rate 9%

$168,467

Alternative Uses

Best Use

Apartment 5plus

$216.6K

$189.5K – $252.7K (±1% cap)

NOI $15,162 @ 7.0% cap · market cap 2.81%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$562.0K

$491.8K – $655.7K (±1% cap)

NOI $39,340 @ 7.0% cap · market cap 7.29%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Dr. Robert Martin Physician The Carlyle Hotel & Motel Lazar Lois Marketing ... Advertising Agency

Suggested Use

Top Pick Daycare Center (Bike/Boat/Book/etc) Store Electrical Service Garden Center Grocery & Convenience Store Bar & Pub

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

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 Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Modern, renovated junior 4 apartment with terrace in Great Neck.

Where is this apartment building located?

The property is located at 40 Stoner Ave 2F Great Neck Plaza, NY.

What is the asking price?

The asking price for this property is $540,000.

What are key features of this property?

This property features: Totally renovated with high‑end materials, featuring a modern concept.; Located in the desirable Village of Great Neck Plaza, near shops, restaurants, and LIRR.; The Carlyle offers guaranteed heated garage parking and a brand‑new gym.