Real Estate Investing in Great Neck, New York (11023)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 11023 (Great Neck, NY)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 9.0% vacancy may signal weakening demand.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
What’s happening in Great Neck, NY (11023)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 11023 Great Neck
Not every below-median market is a bargain. Great Neck's 11023 ZIP reports signals that favor experienced operators who can absorb the risk $1.5M pricing implies.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 11023 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
Within NY, ZIP 11023 trails on several market indicators that neighboring Nassau County submarkets outperform. The gap is real and notable enough to shape underwriting.
Demographically, 11023 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
The 11023 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Great Neck:
Property Strategy for 11023
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 3BR | $1,307,887 | $3,750 | 2.1% | +8.8% | $435,962 |
| 4BR | $1,569,059 | $3,970 | 1.8% | +7.4% | $392,265 |
| 5BR | $2,106,571 | — | — | +7.1% | $421,314 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 11023 Compare?
| Metric | 11023 | Great Neck | New York |
|---|---|---|---|
| Home Value | $1,536,127 | $1,680,138 | $505,608 |
| 5-Year CAGR | 7.3% | 8.0% | 6.6% |
| Avg Rent | $7,581 | $4,976 | - |
| Cap Rate | 3.9% | 2.5% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 11023 (Great Neck, NY). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 11023 (Great Neck, NY)?
~25 seconds · no account needed · your report is anonymous
Property managers serving Nassau County
Manage rentals here? List your business →Bell Realty Management, Inc. is a premier management company for apartment houses, retail, office, mixed-use, and various commercial properties in NYC and Long Island. summary from their website
Cain Realty Management Corp. is a family-owned and operated industrial and commercial property management company in Plainview, NY. summary from their website
Boraie Development creates and manages visionary communities in New Jersey's urban centers, focusing on transformative projects. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $1,536,127 |
| Monthly Rent | $7,581 |
| Price-to-Rent | 16.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.9% |
| Cap Rate | 3.9% |
| 5-Year IRR | 11.2% |
📈 Home Appreciation
| 1-Year | +7.3% ▲ |
| 3-Year CAGR | +9.4% ▲ |
| 5-Year CAGR | +7.3% ▲ |
| 10-Year CAGR | +4.9% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.9%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 11023
Population: 9,824
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 11023
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
JOHN F KENNEDY SCHOOL
MANHASSET MIDDLE SCHOOL
GREAT NECK SOUTH MIDDLE SCHOOL
LAKEVILLE ELEMENTARY SCHOOL
SHELTER ROCK ELEMENTARY SCHOOL
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
How much rent can I charge in Great Neck, NY?
Rents in Great Neck, NY run near $7,581/mo. Compared with median home prices of $1.5M that produces solid gross yields for typical rentals.
How strong is the working-renter base in Great Neck, NY?
Tenant demand in Great Neck, NY is solid. The local workforce $7,581/mo rents across most rental classes.
Is Great Neck in NY worth investing in?
Investors tracking Great Neck, NY will find a 3.0/5 rating supported by $1.5M median home values and $7,581/mo rents. That profile suits long-term holders targeting even-keeled returns.
Which real estate strategy fits Great Neck, NY?
Investors who focus on careful cash-flow rentals with hands-on management typically do well in Great Neck, NY. The numbers - $1.5M homes against $7,581/mo rents - support that play.
Is vacancy a concern in Great Neck, NY?
Expect elevated vacancy in Great Neck, NY. Rents at $7,581/mo are absorbed by the tenant base without meaningful lag.
You know 11023 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 11023 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 11023 ranks in New York-Newark-Jersey City, NY-NJ-PA
Every ZIP in this metro, ranked. Free.
AI Market Advisor
Ask questions about investing in 11023 (Great Neck)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 11023 (Great Neck, NY).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.