28 Linden St 4 Unit Apartment Building $2,950,000 ($737,500/Unit) 4.40% Cap Rate Great Neck, NY 11021

The Thesis.
Free-market, fully-leased 4-unit Nassau County multifamily — outside NYC's rent regulation framework, with rents at market today, tenant-paid utilities, and immediate parking upside on M-to-M garages.
The Numbers.
Asking $2,950,000 — $737,500 per unit, $579/SF — against $129,663 in-place NOI on $159,600 gross potential income (4-unit base rent + parking + 2 onsite garages). In-place rents are $3,000/mo per 1BR and $3,500/mo per 2BR; all parking and garages contracted at $50/mo. Annual real estate taxes are $19,949. Full operating financials, leases, and estoppels release under executed NDA.
Why The Income Is Durable.
This is a Nassau County asset, fully outside NYC's RSL/ETPA framework — no rent control, no rent stabilization, full mark-to-market at every turn. The renter base sits in one of the wealthiest submarkets on Long Island: Great Neck reports a median household income of $152,350 and an average household income of $212,440, with more than 30% of households earning over $200,000 annually. Tenants come for the schools — Great Neck UFSD ranks #6 Best School District in New York (Niche 2026, overall grade A+), with Great Neck South Middle School #11 and E.M. Baker Elementary #16 statewide. Durable rent-paying capacity underwrites the building's in-place 1BR ($3,000) and 2BR ($3,500) monthly rents.
Why There's Upside.
All parking is positioned below market. The 2 onsite garages are held month-to-month — repricing available on day one of ownership. The 4 surface spots reset at lease renewal: Apt #1 and Apt #2 (50% of units) roll on 6/30/2026, with Apt #3 and Apt #4 on 1/31/2027 — a concentrated near-term repricing window. Standalone garage rentals in the Great Neck submarket typically clear well above the $50 contract rate.
The Building.
1943 masonry brick construction. 5,097 SF total 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. Tenant-paid electric and tenant-paid gas/heat via separate meters; landlord pays water/sewer only.
Location & Access.
Village of Thomaston — a supply-constrained pocket of Great Neck where multifamily product rarely trades. Approximately 1 mile to the NYC border, fully in Nassau County: Queens-adjacent renter demand without NYC's landlord-tenant jurisdiction or rent regulation. 0.4 mi walk to Great Neck LIRR — ~30-min express to Penn Station, Manhattan. 1.2 mi to North Shore University Hospital; 1.8 mi to Long Island Jewish Medical Center.
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.