Renovated Co-op Apartment in Great
For Sale
$485,000
Pending
45 Hill Park Ave PR2, Great Neck, NY 11021
Two-bedroom co-op near town, shops, and transportation.
Property Size966 SF
Days on Market266
Property Features for 45 Hill Park Ave PR2
General Information
Standard status
Pending
Size
966 SF
Property subtype
Residential
Building Details
Building Size
966 SF
Year Built
1962
Listing Agency:
Compass Greater NY LLC
(646) 409-6181
Listed By:
Audrey Wu
(646) 409-6181
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 21
Last Checked: Aug 21 at 12:51PM
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 Compass Greater NY LLC
Investment Insights
Based on property information with market context.
This is a renovated two-bedroom, one-bathroom co-op apartment located in Great Neck. The unit is situated close to the town center, shops, restaurants, buses, and the Long Island Rail Road (LIRR). The apartment includes a storage unit. Parking is available. Washer and dryer are allowed in the unit. The maintenance fee is $1004.25. Residents have access to Great Neck Park District amenities, including Steppingstone Park, Parkwood pool and tennis facilities, and the Andrew Stergiopoulos ice skating rink. The property is located within the Saddle Rock Elementary School district and offers an option zone for middle and high school.
Key Highlights
- Renovated two bedroom apartment with in‑unit washer/dryer allowed.
- Close proximity to town, shops, restaurants, busses, and LIRR.
- Access to Great Neck Park District amenities (Steppingstone Park, Parkwood pool and tennis, ice skating rink).
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
$17,231
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
3.55%
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%
$344,620
$344.6K
Cap Rate 7%
$246,157
$246.2K
Cap Rate 9%
$191,456
$191.5K
Market Conditions
NOI Build-Up for 966 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
$32.8K $33.96/SF
− Vacancy
−$1.5K −$1.53/SF
EGI
$31.3K $32.43/SF
− OpEx
−$14.1K −$14.59/SF
NOI
$17.2K $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%
$344,620
Cap Rate 7%
$246,157
Cap Rate 9%
$191,456
Alternative Uses
Best Use
Apartment 5plus
$246.2K
$215.4K – $287.2K
NOI $17,231 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$638.7K
$558.9K – $745.2K
NOI $44,709 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,308
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-bedroom co-op near town, shops, and transportation.
Where is this apartment building located?
The property is located at 45 Hill Park Ave PR2 Great Neck, NY.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Renovated two bedroom apartment with in‑unit washer/dryer allowed.; Close proximity to town, shops, restaurants, busses, and LIRR.; Access to Great Neck Park District amenities (Steppingstone Park, Parkwood pool and tennis, ice skating rink).
