58 Grace Ave Unit 1G · Great Neck Plaza, NY 11021

$319,000

1 bd · 1.0 ba · 800 sqft · Condo · 52 Days on market

Built 1958 $399/sqft · 18% below area Est $389k · 18% under

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +16.0/30.0
• ARV discount +15.0/15.0
• Schools +7.6/10.0
• DSCR +5.0/10.0
• 1% rule +4.4/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

A true gem in the heart of town! Chic 1 bedroom 1 bath coop in a newly remodeled elevator building 3 blocks from the LIRR. This front facing unit looks onto a lovely tree-lined street & boasts an updated kitchen, large living/dining room with high ceilings & hardwood floors throughout. Many extras including: full time super on premises, free cage storage & laundry. Cats allowed. Mtc incl RE tax, heat & water. Incredible find & located perfectly near all Great Neck has to offer!, Additional information: Appearance:Excellent,Interior Features:Efficiency Kitchen,Lr/Dr

Key facts

• Close to lirr
• Community pool
• Private storage unit

Tags

• NEWLY RENOVATED LOBBY
• PRIVATE STORAGE UNIT
• COMMUNITY POOL
• ACROSS FROM GRACE PARK
• CLOSE TO LIRR
• CLOSE TO SHOPPING

Property features AI

Finance

• HOA & community: Association fees cover common area maintenance, exterior maintenance, gas, grounds care, heat, hot water, sewer, snow removal, trash and water

Exterior

• Parking: On-street parking (unassigned)
• Utilities: Electric service by PSEG; Public sewer; Cable available; Electricity connected; Natural gas connected; Phone available; Sewer connected; Public trash collection; Water available; Water connected
• Home design: Stock cooperative; Three stories total; Entry level: 1
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Kitchen: Gas cooktop; Refrigerator
• Bedrooms: Bedroom on the first floor
• Flooring: Hardwood floors
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard heating
• Interior features: First-floor bedroom; First-floor full bath; Galley-style kitchen; Three total rooms
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $319k.

Deal economics

• At list price, monthly cash flow is $160 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $299k (6.2% below list).
• Recommended offer: $299k (6.2% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 4.4% in Great Neck Plaza — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 85/100 on livability (#35 in NY, #551 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• Great Neck Union Free School District (suburban): math 86% / reading 83% proficiency, ranked #30 of 590 in NY (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: E M Baker School (math 85% / reading 84%, grade A+, #93 of 2,108 statewide, top 6%, 664 students, 19% FRL); Great Neck South Middle School (math 79% / reading 81%, grade A+, #28 of 729 statewide, top 4%, 861 students, 23% FRL); Great Neck South High School (math 100% / reading 92%, grade A+, #71 of 1,100 statewide, top 7%, 1,262 students, 0% FRL) — zoned schools at 14% FRL track the district average.
• Market conditions: 200 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($309k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $245k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $299,255 (6.2% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 6.89%
• Cash-on-cash: 2.14%
• DSCR: 1.10
• GRM: 8.9

CMA / ARV

• ARV (median comp): $389,459
• List price: $319,000
• Delta: -18.09%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -12.9%
• Equity multiple: 0.54×
• Total profit: $-41,483
• Equity at exit: $47,564

10-year hold

• IRR: -3.9%
• Equity multiple: 0.74×
• Total profit: $-22,852
• Equity at exit: $27,581

Cash invested: $89,320 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 11021

• Active inventory: 200
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,993 high
• Mortgage (P&I): −$1,673
• Tax est. 1.5%: −$399 /mo · $4,785/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$628
• Net cashflow: $160

Break-even live

Break-even rent $2,791

Max offer price $319,000

Occupancy floor 90%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12 Welwyn Rd Unit 2P Great Neck Plaza, NY	2.0	1.0	795	$2,735	$3.44	44d	1	0.15mi
17 Schenck Ave Unit 3B Great Neck Plaza, NY	1.0	1.0	700	$2,295	$3.28	13d	1	0.16mi
11 Schenck Ave Unit 2D Great Neck Plaza, NY	1.0	1.0	750	$2,200	$2.93	44d	1	0.17mi
16 Stoner Ave Unit 2G Great Neck, NY	1.0	1.0	700	$2,800	$4.00	44d	1	0.20mi
7 Bond St Unit 3J Great Neck, NY	1.0	1.0	650	$2,800	$4.31	20d	1	0.23mi
4 Maple Dr Apt 6H Great Neck, NY	1.0	1.0	900	$2,300	$2.56	44d	1	0.27mi
70 Knightsbridge Rd Unit 3F Great Neck Plaza, NY	2.0	1.0	850	$3,450	$4.06	44d	1	0.45mi
60 Knightsbridge Rd Unit 3F Great Neck Plaza, NY	2.0	1.0	850	$3,550	$4.18	5d	1	0.46mi
50 Knightsbridge Rd Unit 2B Great Neck Plaza, NY	2.0	1.0	850	$3,450	$4.06	5d	1	0.46mi
141 Great Neck Rd Unit 2G Great Neck, NY	2.0	1.5	1000	$4,250	$4.25	3d	1	0.51mi
37 Spruce St Unit 2 Great Neck, NY	2.0	1.0	900	$3,500	$3.89	44d	1	0.54mi
4 Chelsea Pl Apt 3F Great Neck, NY	2.0	2.0	900	$4,600	$5.11	25d	1	0.63mi
261 Schenck Ave Unit 2nd Floor Great Neck, NY	2.0	1.0	1000	$3,500	$3.50	25d	1	0.68mi
261 Schenck Ave Unit 1st Floor Great Neck, NY	2.0	1.0	975	$3,700	$3.79	25d	1	0.68mi
240 E Shore Rd Great Neck, NY	3.0	1.0–2.5	999	$4,770	$4.77	1d	1	0.79mi
14 Beach Rd Unit 3B Great Neck, NY	2.0	1.0	850	$3,500	$4.12	19d	1	1.25mi
14 Beach Rd Unit 3A Great Neck, NY	2.0	1.0	1000	$3,400	$3.40	10d	1	1.25mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $319,000 Active 52 DOM
2. 2026-06-17
   days on market $319,000 Active 51 DOM
3. 2026-06-16
   days on market $319,000 Active 50 DOM
4. 2026-06-15
   days on market $319,000 Active 49 DOM
5. 2026-06-13
   days on market $319,000 Active 47 DOM
6. 2026-06-09
   days on market $319,000 Active 43 DOM
7. 2026-06-08
   days on market $319,000 Active 42 DOM
8. 2026-06-07
   days on market $319,000 Active 41 DOM
9. 2026-06-04
   days on market $319,000 Active 38 DOM
10. 2026-06-03
    days on market $319,000 Active 37 DOM
11. 2026-06-02
    days on market $319,000 Active 36 DOM
12. 2026-06-01
    days on market $319,000 Active 35 DOM
13. 2026-05-31
    days on market $319,000 Active 34 DOM
14. 2026-04-27
    listed $339,000 Active 500-char remark
15. 2019-10-08
    soldstatus $245,000 Closed 591-char remark

    Show marketing remark (591 chars)

    A true gem in the heart of town! Chic 1 bedroom 1 bath coop in a newly remodeled elevator building 3 blocks from the LIRR. This front facing unit looks onto a lovely tree-lined street & boasts an updated kitchen, large living/dining room with high ceilings & hardwood floors throughout. Many extras including: full time super on premises, free cage storage & laundry. Cats allowed. Mtc incl RE tax, heat & water. Incredible find & located perfectly near all Great Neck has to offer!, Additional information: Appearance:Excellent,Interior Features:Efficiency Kitchen,Lr/Dr

16. 2019-07-12
    status Under Contract 591-char remark

    Show marketing remark (591 chars)

    A true gem in the heart of town! Chic 1 bedroom 1 bath coop in a newly remodeled elevator building 3 blocks from the LIRR. This front facing unit looks onto a lovely tree-lined street & boasts an updated kitchen, large living/dining room with high ceilings & hardwood floors throughout. Many extras including: full time super on premises, free cage storage & laundry. Cats allowed. Mtc incl RE tax, heat & water. Incredible find & located perfectly near all Great Neck has to offer!, Additional information: Appearance:Excellent,Interior Features:Efficiency Kitchen,Lr/Dr

17. 2019-06-21
    price $250,000 591-char remark

    Show marketing remark (591 chars)

    A true gem in the heart of town! Chic 1 bedroom 1 bath coop in a newly remodeled elevator building 3 blocks from the LIRR. This front facing unit looks onto a lovely tree-lined street & boasts an updated kitchen, large living/dining room with high ceilings & hardwood floors throughout. Many extras including: full time super on premises, free cage storage & laundry. Cats allowed. Mtc incl RE tax, heat & water. Incredible find & located perfectly near all Great Neck has to offer!, Additional information: Appearance:Excellent,Interior Features:Efficiency Kitchen,Lr/Dr

18. 2019-06-12
    listed $260,000 New 591-char remark

    Show marketing remark (591 chars)

    A true gem in the heart of town! Chic 1 bedroom 1 bath coop in a newly remodeled elevator building 3 blocks from the LIRR. This front facing unit looks onto a lovely tree-lined street & boasts an updated kitchen, large living/dining room with high ceilings & hardwood floors throughout. Many extras including: full time super on premises, free cage storage & laundry. Cats allowed. Mtc incl RE tax, heat & water. Incredible find & located perfectly near all Great Neck has to offer!, Additional information: Appearance:Excellent,Interior Features:Efficiency Kitchen,Lr/Dr

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,911
• − Mortgage interest: −$17,869
• − Property taxes: −$4,785
• − Insurance: −$1,595
• − Repairs & maintenance: −$2,873
• − Management: −$2,873
• − Depreciation: −$9,280
• Taxable loss: −$3,364
• Est. tax savings @ 24.0%: +$807
• After-tax cash flow: $2,722/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Great Neck Union Free School District
• NCES district ID: 3612510
• Math proficiency: 86% ▬ 0.00%
• Reading proficiency: 83% ▬ 0.00%
• Median HH income: $99,939
• Composite: 76.19/100
• National rank: #111
• State rank: #30 of 590 in NY

Livability — Great Neck Plaza

• Score: 85/100
• State rank: #35
• US rank: #551

Category grades

Amenities A+ Commute A+ Cost of living F Crime A+ Employment A+ Housing A+ Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Great Neck Plaza, NY
• County: Nassau County · 653,051 people
• City population: 19,474
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 19,783
• Household income: $120,230
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 601.0

Population outlook (Nassau County) Hauer SSP2

• Today (2025): 1,409,302 people
• By 2030: 1,431,482 · +1.6%
• By 2040: 1,471,607 · +4.4%
• By 2050: 1,502,845 · +6.6%
• By 2075: 1,575,403 · +11.8%
• By 2100: 1,554,356 · +10.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 56% Asian 31% Hispanic / Latino 8% Two or more races 5% Black 1%
• Common ancestry: Scotch-Irish 5% Romanian 4% Subsaharan African 1%
• Foreign-born: 36% · China, Canada, South Korea
• Languages at home: 54% English-only · Chinese 16% Other Indo-European 10% Spanish 7%

Political lean MEDSL · Nassau

• 2024 margin: Toss-up / Even · D 47.9% · R 52.1%
• 2008→2024 swing: -12.6pp toward R · 2008: 8.4pp · 2024: -4.2pp
• All cycles: 2024: R+4.2 2020: D+9.5 2016: D+5.3 2012: D+6.7 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -736.84%
• Current HPI: 254.751
• Rent YoY: —
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+22.7% since first listed

6 events — show timeline

• 2026-05-21 Price Changed $319,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-27 Listed $339,000 OneKey® MLS as Distributed by MLS Grid
• 2019-10-08 Sold (MLS) $245,000 OneKey® MLS as Distributed by MLS Grid
• 2019-07-12 Pending — OneKey® MLS as Distributed by MLS Grid
• 2019-06-21 Price Changed $250,000 OneKey® MLS as Distributed by MLS Grid
• 2019-06-12 Listed $260,000 OneKey® MLS as Distributed by MLS Grid