46 Terrace Cir Unit 3F · University Gardens, NY 11021

$350,000

2 bd · 1.0 ba · 810 sqft · Condo · 79 Days on market

Built 1949 ↓ 7% since listing

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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 +16.6/30.0
• Schools +7.6/10.0
• ARV discount +7.5/15.0
• DSCR +5.1/10.0
• 1% rule +4.5/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 46 Terrace Circle 3F, a bright, top-floor (walk up) 2-bedroom, 1-bath apartment offering a spacious living room and dedicated dining area. All rooms feature windows, allowing for abundant natural light throughout the home. The spacious kitchen is complemented by a quartz countertop, and the updated bathroom includes a window and a soaking tub. Additional features include laundry in the basement, storage available for rent, and deeded 1-car garage parking with a monthly fee of $68.72. Community amenities include a swimming pool, playground, dog park, community room, and more. Conveniently located near the Little Neck LIRR, buses, supermarket, and shopping along Northern Boulevard.

Key facts

• Quartz countertop
• Top-floor apartment
• Updated bathroom

Tags

• TOP-FLOOR APARTMENT
• SPACIOUS LIVING ROOM
• DEDICATED DINING AREA
• ABUNDANT NATURAL LIGHT
• QUARTZ COUNTERTOP
• UPDATED BATHROOM

Property features AI

Finance

• HOA & community: Community pool; Playground; Other community amenities

Exterior

• Parking: Garage; 1 parking space (fee applies)
• Utilities: Electricity connected (PSEG); Natural gas connected; Sewer connected (public sewer); Water connected
• Home design: Stock cooperative
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Dishwasher; Gas range; Microwave; Refrigerator
• Bedrooms: Entry level: 3
• Flooring: Carpet; Ceramic tile; Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Steam heating; Wall/window AC unit(s)
• Interior features: Galley-type kitchen with quartz/quartzite counters; Common basement; Pets allowed
• Laundry & utility: Laundry room in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $350k.

Deal economics

• At list price, monthly cash flow is $210 ($3k/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 $333k (4.9% below list).
• Recommended offer: $329k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 2.6% in University Gardens — 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 77/100 on livability (#197 in NY, #3,023 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities C-, 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: Saddle Rock School (math 87% / reading 82%, grade A+, #93 of 2,108 statewide, top 6%, 542 students, 16% 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 13% FRL track the district average.
• Market conditions: 200 active listings in the ZIP; 20 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 33% 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 $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 79 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1949 — 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 $329,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 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 1949 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.95% ✗
• Cap rate: 7.01%
• Cash-on-cash: 2.57%
• DSCR: 1.11
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -12.2%
• Equity multiple: 0.56×
• Total profit: $-43,319
• Equity at exit: $52,186

10-year hold

• IRR: -3.1%
• Equity multiple: 0.79×
• Total profit: $-20,334
• Equity at exit: $30,262

Cash invested: $98,000 (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: 8.8×

Monthly cashflow live

• Estimated rent: $3,327 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$699
• Net cashflow: $210

Break-even live

Break-even rent $3,062

Max offer price $350,000

Occupancy floor 89%

Sensitivity live

Price	-10% $451	-5% $330	+0% $210	+5% $89	+10% $-32
Rent	-10% $-53	-5% $78	+0% $210	+5% $341	+10% $472
Rate	-1.0pp $386	-0.5pp $299	base $210	+0.5pp $119	+1.0pp $27

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4212 Marathon Pkwy Little Neck, NY	1.0	1.0	550	$2,375	$4.32	25d	1	0.50mi
4 Chelsea Pl Apt 3F Great Neck, NY	2.0	2.0	900	$4,600	$5.11	25d	1	0.57mi
141 Great Neck Rd Unit 2G Great Neck, NY	2.0	1.5	1000	$4,250	$4.25	3d	1	0.59mi
50 Knightsbridge Rd Unit 2B Great Neck Plaza, NY	2.0	1.0	850	$3,450	$4.06	5d	1	0.60mi
60 Knightsbridge Rd Unit 3F Great Neck Plaza, NY	2.0	1.0	850	$3,550	$4.18	5d	1	0.60mi
70 Knightsbridge Rd Unit 3F Great Neck Plaza, NY	2.0	1.0	850	$3,450	$4.06	44d	1	0.60mi
4245 247th St Little Neck, NY	3.0	1.0	1080	$3,800	$3.52	25d	1	0.64mi
11 Schenck Ave Unit 2D Great Neck Plaza, NY	1.0	1.0	750	$2,200	$2.93	44d	1	0.87mi
7 Bond St Unit 3J Great Neck, NY	1.0	1.0	650	$2,800	$4.31	20d	1	0.89mi
17 Schenck Ave Unit 3B Great Neck Plaza, NY	1.0	1.0	700	$2,295	$3.28	13d	1	0.90mi
4 Maple Dr Apt 6H Great Neck, NY	1.0	1.0	900	$2,300	$2.56	44d	1	0.95mi
4230 Douglaston Pkwy Little Neck, NY	1.0	1.0	700	$1,800	$2.57	19d	1	0.95mi
4420 Douglaston Pkwy Unit 5A Little Neck, NY	2.0	1.0	900	$3,100	$3.44	4d	1	0.96mi
12 Welwyn Rd Unit 2P Great Neck Plaza, NY	2.0	1.0	795	$2,735	$3.44	45d	1	0.98mi
16 Stoner Ave Unit 2G Great Neck, NY	1.0	1.0	700	$2,800	$4.00	44d	1	1.07mi
37 Spruce St Unit 2 Great Neck, NY	2.0	1.0	900	$3,500	$3.89	44d	1	1.15mi
253-15 60th Ave Unit 2nd Floor Flushing, NY	3.0	2.0	1100	$3,500	$3.18	3d	1	1.17mi
245-63 61st Ave Unit 1FL Flushing, NY	3.0	2.0	1000	$3,000	$3.00	24d	1	1.32mi
261 Schenck Ave Unit 1st Floor Great Neck, NY	2.0	1.0	975	$3,700	$3.79	25d	1	1.39mi
261 Schenck Ave Unit 2nd Floor Great Neck, NY	2.0	1.0	1000	$3,500	$3.50	25d	1	1.39mi

HOA detail condo

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

Listing history 3 events

1. 2026-05-01
   status Pending
2. 2026-03-31
   price $350,000
3. 2026-02-05
   listed $375,000 Active

ⓘ 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 ≥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: $39,924
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,194
• − Management: −$3,194
• − Depreciation: −$10,182
• Taxable loss: −$3,251
• Est. tax savings @ 24.0%: +$780
• After-tax cash flow: $3,295/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 — University Gardens

• Score: 77/100
• State rank: #197
• US rank: #3023

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: University Gardens, NY
• County: Nassau County · 653,051 people
• 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

-6.7% since first listed

3 events — show timeline

• 2026-05-01 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-31 Price Changed $350,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-05 Listed $375,000 OneKey® MLS as Distributed by MLS Grid