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.