$3,999,000
Investment Summary
- Monthly Cash Flow
- -$20,263
- Cap Rate
- 0.0%
- Cash-on-Cash Return
- -26.4%
- Debt Coverage Ratio
- -0.00
- Internal Rate of Return (5 years)
- -21.5%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Property Description
Leahead-Gold Coast Waterfront Mansion! Imagine finding a treasure of immense worth that has been hidden for decades and forgotten by the world. Such is this mysterious “grand lady” standing before you, who, like Grizzabella in “Cats”, is ready for a new life. Unlike the ragtag cat, however, this 1896 mansion is in beautiful condition maintaining most of its gorgeous features including gleaming hardwood floors, custom-carved paneling, high, coffered and open-beam ceilings, six exquisite fireplaces, breathtaking leaded-glass windows and doors plus huge pocket doors built to match the rooms they separate. These are immense spaces waiting to entertain huge parties. Its utilities, bathrooms, kitchen, etc. are maintained and updated. Plus, the century-old adornments have not aged much. Originally over five acres of gardens, woodland, pool with waterfall, spa, and lawns extending to a rocky bluff overlooking Long Island Sound, the home’s setting remains serene and romantic with 1.34-acres encompassing all the key elements. The home has seven bedrooms, seven baths, one powder room, and a renovated kitchen with high-end finishes and appliances. The estate’s early history has recently been discovered. In 1897, Henry W. J. Bucknall, bought the Glen Cove five-acre estate. Bucknall had been raised in Portugal and Spain, schooled in his native England, where he was football captain, and learned to appreciate history and the arts. His family was in the cork business, growing and selling bottle corks, etc. He moved to New York and became very successful importing cork. He married in 1894 and bought his new estate naming it “Leahead” after an ancestral home in England. He was one of the first to settle in a new wealthy neighborhood, “Red Spring Colony,” in Glen Cove where successful businessmen soon followed. His property included a gatehouse and a carriage house, but over the years they were sold off along with much of the property. Something happened that caused the house to lose its entire second floor and turret. The cause is unknown. The third floor remains today with two generous bedrooms that share a full bath. The remaining roof is mostly flat and has an added huge skylight over the first-floor reception hall, which is the center of the home. It is entered from the foyer (with its entry into the breathtaking banquet hall with barrel ceiling, massive limestone fireplace, and French doors to a patio) and leads into a huge living room with fireplace and large bay window and door opening to another patio with water views. An arched staircase leads to a balcony library and down to the butler’s pantry. French doors open to the first-floor primary suite offering many closets, a primary bath, and sitting room with impressive ornate fireplace and French doors to a patio. An adjoining bedroom has a bath and closets. The service wing of the first floor holds a walk-in pantry, laundry room, Butler’s pantry, and steps down into the eat-in kitchen with breakfast nook and access to a deck. The gourmet kitchen offers extensive cabinetry, granite counters and backsplash, a built-in stainless-steel high-end gas stovetop, double oven, microwave, dishwasher, sub-zero refrigerator, hood, huge double sink, and under-cabinet lighting. A wide door opens to the oak paneled banquet hall. Two bedrooms with baths complete the first floor. Not counting the huge basement with staff quarters and immense storage space, this amazing 7,594-square-foot-home is ready for you to make into your dream estate and live happily ever after. Energy Star home - Sophisticated computer controlled central heating / cooling system. View 3D Tour and Floor Plan.
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Location
Property Details
Parking
- Description: Private, Attached, 2 Car Attached
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 6
Bathroom Information
- # of Baths (Full): 7
- # of Baths (Partial): 1
- # of Baths (Total): 8.0
Interior Features
- # of Rooms: 12
- # of Stories: 1
- Attic: Yes
- Basement: Yes
- Basement Description: Full, Partially Finished, Storage Space, Walk-Out Access
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Stucco
- Pool: Yes
HOA
- Has HOA: Yes
- HOA Fee: $400/annually
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 31051000064
- Lot Size: 58340 sqft
Property Information
- Property Type: Single Family Residence
- Style: Estate
- Year Built: 1896
Tax Information
- Annual Tax: $45,646
Utilities
- Water & Sewer: Public
- Heating: Active Solar, Baseboard, Heat Pump, Hot Water, Oil, Passive Solar, Propane, Steam, Other
- Cooling: Attic Fan, Central Air, Ductless, ENERGY STAR Qualified Equipment
Location
- County: Nassau
Listing Details
Investment Summary
- Monthly Cash Flow
- -$20,263
- Cap Rate
- 0.0%
- Cash-on-Cash Return
- -26.4%
- Debt Coverage Ratio
- -0.00
- Internal Rate of Return (5 years)
- -21.5%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Purchase Details
Purchase PriceThe price paid for the property. Purchase price:
| $3,999,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$3,199,200 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $799,800 |
Closing CostsFees and expenses associated with purchasing a property, typically ranging from 2% to 5% of the home’s purchase price, paid at the end of a home purchase to cover services like lending, title transfer, and taxes. Closing costs:
| $119,970 |
Rehab CostsCosts incurred to repair or improve the property, including: roof, flooring, exterior siding, kitchen, exterior paint, bathrooms, etc. Rehab costs:
| $0 |
Initial Cash InvestedThe total initial cash invested in the property. Calculation:Down payment + Buying costs + Rehab costs Initial cash invested:
| $919,770 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 7,594 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $527 |
Monthly Rent Per Square FootMonthly rent divided by the number of square feet. This ratio helps investors compare rental income efficiency across properties, markets, and unit sizes Calculation:Monthly Rent / Square Feet Monthly rent per square foot:
| $0.72 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $3,199,200 |
|---|---|
Loan to Value Ratio (LTV)Loan amount divided by the market value of the property. Calculation:Loan Amount / Market Value
Loan to value ratio:
| 80.0% |
Loan TypeThe type of loan (e.g., fixed, adjustable).
Loan type:
| Amortizing |
TermThe loan repayment period in years.
Term:
| 30 years |
Interest RateThe percentage a lender charges on the borrowed amount of a loan, determining the cost of borrowing money.
Interest rate:
| 6.500% |
Principal & Interest (PI)The principal is the portion of the loan payment that reduces the loan balance. The interest is the lender's charge for borrowing money. Calculation:(P * r * (1 + r) ** n) / ((1 + r) ** n - 1) Where:
P = Loan amount (principal)
Principal & interest:
| $20,221 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $3,804 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified.
Insurance:
| $385 |
Private Mortgage Insurance (PMI)A fee that borrowers pay when they take out a conventional loan with a loan-to-value (LTV) ratio above 80%.
Private mortgage insurance (PMI):
| $0 |
Monthly PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. Monthly payment:
| $24,410 |
Operating Income
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Gross RentThe total rental income received from tenants before deducting any expenses. Includes base rent, late fees, pet fees, parking fees, and other recurring charges.
Gross rent:
| $5,500 | $66,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$330 | -$3,960 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $5,170 | $62,040 |
Operating Expenses
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services. | 69% | -$3,804 | -$45,647 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified. | 7% | -$385 | -$4,620 |
Property ManagementThe costs associated with hiring a property manager to handle the day-to-day operations of a rental property. Includes management fees, leasing fes, eviction fees, etc. Calculation:Assumes 8% of gross rental income. | 8% | -$440 | -$5,280 |
Repairs & MaintenanceOngoing costs for routine upkeep and minor fixes needed to keep a property in good working condition. Calculation:Assumes 5% of gross rental income. Varies by property age and condition. | 5% | -$275 | -$3,300 |
Capital ExpensesLarge, infrequent costs for major improvements or replacements, like a new roof, HVAC system, or appliances. Calculation:Assumes 5% of gross rental income. Varies by property age. | 5% | -$275 | -$3,300 |
HOA FeesRegular dues paid to a Homeowners Association for community maintenance, amenities, and management. Similar fees include: Condo Association Fees, Co-op Maintenance Fees, etc. | 1% | -$33 | -$396 |
Operating ExpensesRecurring costs required to maintain and manage a rental property, including property taxes, insurance, maintenance, repairs, utilities (if paid by the owner), property management fees, and other day-to-day expenses. Calculation:Insurance + Property Taxes + Property Management + Repairs & Maintenance + Capital Expenditures + HOA Fees | 95% | -$5,212 | -$62,543 |
Cash Flow
| Monthly | Yearly | |
|---|---|---|
Net Operating Income (NOI)The income generated from a property after deducting all operating expenses but before deducting mortgage payments, taxes, and capital expenditures. Calculation:Gross Operating Income - Operating Expenses
Net operating income:
| -$42 | -$504 |
Mortgage PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. | -$20,221 | -$242,652 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $20,263 | $243,156 |