2 Townhouse Pl Unit 3N · Great Neck Plaza, NY 11021

$278,000

1 bd · 1.0 ba · 800 sqft · Condo · 88 Days on market

Built 1956 $348/sqft · 56% below area

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Why this score? — see what drove the B- 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 +26.6/30.0
• DSCR +9.1/10.0
• Schools +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• 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

Large One Bedroom One Bath at the Townhouse Place Complex. This unit features a Large Eat in Kitchen, w/ stainless steel appliances, high ceilings, hardwood floors and an In-unit Washer and Dryer. The apartment Faces south and gets lots of sunlight. Each Room has a window-ac unit. Comes with a storage been in basement. The building has laundry facilities a bike room and a parking garage ( waitlist currently) and new gym in the development. Centrally located and walking distance to the LIRR, convenient shopping and neighborhood parks.

Key facts

• Eating kitchen
• Bike room
• New gym

Tags

• EATING KITCHEN
• LAUNDRY
• STORAGE UNIT
• BIKE ROOM
• NEW GYM

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $278k.

Deal economics

• At list price, monthly cash flow is $692 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $278k).
• Recommended offer: $261k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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.
• Market conditions: 200 active listings in the ZIP; 19 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).
• This rent runs 34% of the median local income ($120k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 88 days — a 6% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $190k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; 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 $261,319 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 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 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.22% ✓
• Cap rate: 9.52%
• Cash-on-cash: 11.52%
• DSCR: 1.51
• GRM: 6.9

CMA / ARV

• ARV (median comp): $627,963
• List price: $278,000
• Delta: -55.73%
• 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: -0.3%
• Equity multiple: 0.99×
• Total profit: $-904
• Equity at exit: $41,451

10-year hold

• IRR: 9.4%
• Equity multiple: 1.72×
• Total profit: $56,291
• Equity at exit: $24,036

Cash invested: $77,840 (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: 6.9×

Monthly cashflow live

• Estimated rent: $3,378 high
• Mortgage (P&I): −$1,458
• Tax est. 1.5%: −$348 /mo · $4,170/yr
• Insurance: −$116
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$709
• Net cashflow: $692

Break-even live

Break-even rent $2,502

Max offer price $278,000

Occupancy floor 75%

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: $69,500
• Closing costs: $8,340
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
141 Great Neck Rd Unit 2G Great Neck, NY	2.0	1.5	1000	$4,250	$4.25	2d	1	0.13mi
4 Chelsea Pl Apt 3F Great Neck, NY	2.0	2.0	900	$4,600	$5.11	24d	1	0.14mi
50 Knightsbridge Rd Unit 2B Great Neck Plaza, NY	2.0	1.0	850	$3,450	$4.06	4d	1	0.21mi
60 Knightsbridge Rd Unit 3F Great Neck Plaza, NY	2.0	1.0	850	$3,550	$4.18	4d	1	0.23mi
70 Knightsbridge Rd Unit 3F Great Neck Plaza, NY	2.0	1.0	850	$3,450	$4.06	43d	1	0.24mi
7 Bond St Unit 3J Great Neck, NY	1.0	1.0	650	$2,800	$4.31	19d	1	0.29mi
4 Maple Dr Apt 6H Great Neck, NY	1.0	1.0	900	$2,300	$2.56	43d	1	0.30mi
11 Schenck Ave Unit 2D Great Neck Plaza, NY	1.0	1.0	750	$2,200	$2.93	43d	1	0.43mi
16 Stoner Ave Unit 2G Great Neck, NY	1.0	1.0	700	$2,800	$4.00	43d	1	0.44mi
17 Schenck Ave Unit 3B Great Neck Plaza, NY	1.0	1.0	700	$2,295	$3.28	13d	1	0.47mi
12 Welwyn Rd Unit 2P Great Neck Plaza, NY	2.0	1.0	795	$2,735	$3.44	44d	1	0.56mi
37 Spruce St Unit 2 Great Neck, NY	2.0	1.0	900	$3,500	$3.89	43d	1	0.93mi
4212 Marathon Pkwy Little Neck, NY	1.0	1.0	550	$2,375	$4.32	24d	1	1.13mi
261 Schenck Ave Unit 2nd Floor Great Neck, NY	2.0	1.0	1000	$3,500	$3.50	24d	1	1.14mi
261 Schenck Ave Unit 1st Floor Great Neck, NY	2.0	1.0	975	$3,700	$3.79	24d	1	1.14mi
14 Beach Rd Unit 3B Great Neck, NY	2.0	1.0	850	$3,500	$4.12	19d	1	1.23mi
14 Beach Rd Unit 3A Great Neck, NY	2.0	1.0	1000	$3,400	$3.40	10d	1	1.23mi
240 E Shore Rd Great Neck, NY	3.0	1.0–2.5	999	$4,770	$4.77	1d	1	1.28mi
4230 Douglaston Pkwy Little Neck, NY	1.0	1.0	700	$1,800	$2.57	19d	1	1.50mi

HOA detail condo

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

Listing history 21 events

1. 2026-05-15
   status Active 548-char remark

   Show marketing remark (548 chars)

   Large One Bedroom One Bath at the Townhouse Place Complex. This unit features a Large Eat in Kitchen, w/ stainless steel appliances, high ceilings, hardwood floors and an In-unit Washer and Dryer. The apartment Faces south and gets lots of sunlight. Each Room has a window-ac unit. Comes with a storage been in basement. The building has laundry facilities a bike room and a parking garage ( waitlist currently) and new gym in the development. Centrally located and walking distance to the LIRR, convenient shopping and neighborhood parks.

2. 2026-05-06
   historical 548-char remark

   Show marketing remark (548 chars)

   Large One Bedroom One Bath at the Townhouse Place Complex. This unit features a Large Eat in Kitchen, w/ stainless steel appliances, high ceilings, hardwood floors and an In-unit Washer and Dryer. The apartment Faces south and gets lots of sunlight. Each Room has a window-ac unit. Comes with a storage been in basement. The building has laundry facilities a bike room and a parking garage ( waitlist currently) and new gym in the development. Centrally located and walking distance to the LIRR, convenient shopping and neighborhood parks.

3. 2026-02-15
   listed $278,000 Active 548-char remark

   Show marketing remark (548 chars)

   Large One Bedroom One Bath at the Townhouse Place Complex. This unit features a Large Eat in Kitchen, w/ stainless steel appliances, high ceilings, hardwood floors and an In-unit Washer and Dryer. The apartment Faces south and gets lots of sunlight. Each Room has a window-ac unit. Comes with a storage been in basement. The building has laundry facilities a bike room and a parking garage ( waitlist currently) and new gym in the development. Centrally located and walking distance to the LIRR, convenient shopping and neighborhood parks.

4. 2026-01-13
   historical
5. 2025-12-08
   price $278,000
6. 2025-10-10
   listed $299,000 Active
7. 2025-10-10
   historical
8. 2025-08-06
   listed $299,000 Active
9. 2025-08-06
   historical
10. 2025-07-01
    price $319,000
11. 2025-04-05
    listed $338,000 Active
12. 2025-04-05
    historical
13. 2015-10-20
    soldstatus $190,000 Closed
14. 2015-10-20
    soldstatus $190,000
15. 2015-07-22
    status Under Contract
16. 2015-06-13
    listed $199,000 New
17. 2015-06-12
    listed $199,000
18. 2014-02-28
    historical
19. 2013-09-03
    listed $179,999
20. 2013-08-24
    historical
21. 2012-02-24
    listed $188,000

ⓘ 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 8/10 Severe FEMA zone X (unshaded) · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°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: $40,534
• − Mortgage interest: −$15,572
• − Property taxes: −$4,170
• − Insurance: −$2,056
• − Repairs & maintenance: −$3,243
• − Management: −$3,243
• − Depreciation: −$8,087
• Taxable income: $4,163
• Est. tax owed @ 24.0%: −$999
• After-tax cash flow: $7,302/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

+47.9% since first listed

21 events — show timeline

• 2026-05-15 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-05-06 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-02-15 Listed $278,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-13 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-12-08 Price Changed $278,000 OneKey® MLS as Distributed by MLS Grid
• 2025-10-10 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-10-10 Listed $299,000 OneKey® MLS as Distributed by MLS Grid
• 2025-08-06 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-08-06 Listed $299,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-01 Price Changed $319,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-05 Listed $338,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-05 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 2015-10-20 Sold (MLS) $190,000 OneKey® MLS as Distributed by MLS Grid
• 2015-10-20 Sold (MLS) $190,000 MLSLI
• 2015-07-22 Pending — MLSLI
• 2015-06-13 Listed $199,000 MLSLI
• 2015-06-12 Listed $199,000 OneKey® MLS as Distributed by MLS Grid
• 2014-02-28 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2013-09-03 Listed $179,999 OneKey® MLS as Distributed by MLS Grid
• 2013-08-24 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2012-02-24 Listed $188,000 OneKey® MLS as Distributed by MLS Grid