28 Linden St - Apartments FOR SALE


Great Neck, NY 11021- Thomaston
$2,950,000 USD
347-230-2300
28 Linden St, Great Neck, NY for Sale
$2,950,000 USD
Apartments - FOR SALE
1/15
null | 4.28% Cap Rate

28 Linden St
Great Neck, NY 11021
Thomaston


HIGHLIGHTS

  • FULLY-STABILIZED 4-UNIT BRICK — 100% occupied; rents already positioned at market
  • 4.28% IN-PLACE CAP — On $2,950,000 asking ($737,500/unit, $579/SF); no mark-to-market lift required
  • $126,171 STABILIZED NOI — On $156,000 gross rental income ($3K/1BR + $3.5K/2BR market rents)
  • 16.1% EXPENSE RATIO — Lower tax burden vs. adjacent 26 Linden ($19,949 vs. $23,772)
  • PRIME LOCATION — 0.4 mi LIRR walk; top 1% Great Neck UFSD; Village of Thomaston
  • PORTFOLIO OPTION — Acquire individually OR with the 18-unit Eyssimont portfolio (NDA required)

OVERVIEW

INVESTMENT PROFILE Fully-stabilized 4-unit brick multifamily at 28 Linden Street, Great Neck (Thomaston), NY. 100% occupied with rents positioned at market: $3,000/mo per 1BR and $3,500/mo per 2BR for $156,000 in annual gross rental income. Underwritten in-place NOI of approximately $126,171 against an asking price of $2,950,000 ($737,500 per unit, $579/SF) yields a clean 4.28% in-place cap rate with no mark-to-market lift required. LOCATION & ACCESS Located in the Village of Thomaston in Great Neck, the asset is 0.4 mi to the Great Neck LIRR station (~30 minutes to Penn Station, Manhattan), 1.2 mi to North Shore University Hospital, and 1.8 mi to Long Island Jewish Medical Center. Zoned for the top 1% nationally-ranked Great Neck Union Free School District, the location anchors durable, premium-paying renter demand on the North Shore. OPERATING PROFILE Tenant-paid electric (separately metered) and tenant-paid gas/heat keep landlord operating expenses lean. Total operating expenses of approximately $25,149 against $156,000 in gross revenue translate to a 16.1% expense ratio — among the lowest in the immediate Great Neck submarket. Annual real estate taxes of $19,949 are meaningfully lower than adjacent 26 Linden ($23,772), supporting wider operating margin per dollar of revenue. PHYSICAL PROFILE 1943 masonry brick construction, 5,097 SF total building with a larger-than-submarket 1,274 SF average unit size. Updated kitchens with stainless appliances and dishwashers; renovated baths; hardwood floors throughout all four units. Off-street parking, in-building basement laundry, and basement storage. No deferred capex line items identified in the most recent ownership review. ACQUISITION NOTE Available individually or as part of the broader 18-unit Eyssimont Realty portfolio (26 & 28 Linden Street + 37 & 39 Spruce Street). Portfolio-level terms, full financials, current leases, and tenant estoppels available under executed NDA. Tours by appointment only.

FOR SALE DETAILS

PRICE

$2,950,000 USD

PRICE/SF

$579 USD /SF

# OF UNITS

4

PRICE/UNIT

$737,500

CAP RATE

4.28%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1943

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.11 AC

LAND SF

4,792 SF

ZONING

R-6

APN/PARCEL ID

2253-02-261-00-0114-0

ASK ABOUT THIS PROPERTY

Rae AroraKELLER WILLIAMS POINTS NORTHMore Info
347-230-2300

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Rae AroraKELLER WILLIAMS POINTS NORTHMore Info
347-230-2300

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.