$9,200,000
Investment Summary
- Monthly Cash Flow
- -$44,495
- Cap Rate
- 0.3%
- Cash-on-Cash Return
- -25.2%
- Debt Coverage Ratio
- 0.04
- Internal Rate of Return (5 years)
- -20.3%
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
Welcome to a sanctuary in North Hills - a one-of-a-kind Frank Lloyd Wright–inspired contemporary masterpiece, creating a living space that feels both timeless and inviting. The home echoes Wright’s approach, using natural local material such as wood and stone, with strong horizontal lines and clean geometry. Wright also used windows and skylights to bring natural light deep into interiors and frame views of the landscape, and integrated art and custom designed elements throughout his homes, all elements incorporated throughout this home. Thoughtfully conceived by renowned architect Tim Maldonado, this 1.30-acre, 7,200 +/- sqft estate in the village of North Hills offers a rare opportunity to experience refined luxury in a serene, private setting just minutes from New York City and the Hamptons. The 4 Bedroom, 7 bathroom residence was designed with complete privacy and artistic expression in mind. Clean lines, natural materials, and dramatic spatial relationships foster a fluid connection between indoors and out. Positioned along the primary street frontage and balanced by a sculptural cottage at the far end of the combined parcels, the estate becomes a secluded preserve—an immersive sanctuary that celebrates sculpture, serenity, and modern luxury. Upon entry, the entrance features an elegant pair of intricately carved wooden doors imported from Paris. A sleek, modern sculpture stands to one side, contrasting beautifully with the natural elements. The overall design harmonizes traditional and contemporary styles, making the entrance both charming and sophisticated. The home is further distinguished with expansive flamed Canadian granite floors, while a striking water feature frames the floating steel staircase. The chef’s kitchen is as functional as it is beautiful, featuring top-tier Miele, Subzero and Wolf appliances, bespoke European rift oak cabinetry, custom Ann Sacks tile, granite countertops, and a dedicated coffee station and pantry. Upstairs, the home continues to impress with a collection of serene, retreat-like bedrooms, two with its own en-suite bath, walls and ceilings finished in high-gloss lacquer for a refined, modern aesthetic. The primary suite is a private sanctuary, offering a spa-inspired bath with an oversized steam shower, multiple rain and body shower heads, a deep soaking tub, dual walk-in closets, and a private balcony overlooking the grounds. Nestled within lush, manicured grounds, the property offers an outdoor oasis, complete with a striking in-ground heated pool and spa, framed by mature fig trees, vibrant hydrangeas, a Koi pond, and expansive lounging and dining areas—ideal for alfresco dining, entertaining and quiet relaxation. Adding to the estate’s unique appeal is a separate, award-winning cottage known as “Waterfall Pavillion” that received a Design Award of Merit from the Society of American Registered Architects (SARA) New York in the 2007 Design Awards. Designed with the warm, rustic charm of a mountain retreat, the pavilion features soaring ceilings with exposed beams, rich custom millwork, oversized windows with automated blinds, and refined finishes throughout creating a serene, Aspen-like atmosphere. The Pavillion includes a full kitchen outfitted with Wolf appliances, a luxurious spa-style bath, and a versatile flex space. No detail has been overlooked in the ongoing care and maintenance of the property. A heated three-car garage, finished lower level with kitchen, 1,000 bottle count temperature-controlled wine cellar, updated five-zone central AC, reflective tinted glass windows, 2 commercial grade generators, and a durable rubberized roof all speak to the same level of thoughtfulness and quality that defines every inch of this remarkable home. This property is more than a residence—it’s a work of art. A private sanctuary where contemporary design, nature, and luxury converge in one of Manhasset’s most prestigious communities.
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Location
Property Details
Parking
- Description: Garage
- Details: Attached, Driveway, Garage, Heated Garage, Private
- Garage Spaces: 3
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 5
- # of Baths (Total): 7.0
Interior Features
- # of Rooms: 11
- # of Stories: 1
- Basement: Yes
- Basement Description: Finished, Full, Storage Space, Walk-Out Access
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Stucco
- Pool: Yes
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 0300E001086
- Lot Size: 57090 sqft
Property Information
- Property Type: Single Family Residence
- Style: Contemporary
- Year Built: 1991
Tax Information
- Annual Tax: $32,834
Utilities
- Water & Sewer: Public
- Heating: Forced Air
- Cooling: Central Air
Location
- County: Nassau
Listing Details
Investment Summary
- Monthly Cash Flow
- -$44,495
- Cap Rate
- 0.3%
- Cash-on-Cash Return
- -25.2%
- Debt Coverage Ratio
- 0.04
- Internal Rate of Return (5 years)
- -20.3%
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:
| $9,200,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$7,360,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $1,840,000 |
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:
| $276,000 |
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:
| $2,116,000 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 7,200 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $1,278 |
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:
| $0.96 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $7,360,000 |
|---|---|
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:
| $46,520 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $2,736 |
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:
| $483 |
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:
| $49,739 |
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:
| $6,900 | $82,800 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$414 | -$4,968 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $6,486 | $77,832 |
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. | 40% | -$2,736 | -$32,835 |
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% | -$483 | -$5,796 |
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% | -$552 | -$6,624 |
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% | -$345 | -$4,140 |
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% | -$345 | -$4,140 |
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. | n/a | n/a | n/a |
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 | 65% | -$4,461 | -$53,535 |
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:
| $2,025 | $24,300 |
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. | -$46,520 | -$558,240 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$44,495 | -$533,940 |