104 Grohmans Lane
About This Property
Scenario 2: Development opportunity - The Premises also has redevelopment potential for a builder, as the owner has prepared two subdivision concepts for the property! The first concept contemplates the existing dwelling being maintained (and fully compliant with Town of Oyster Bay zoning code), with the newly created second parcel being a flag lot that would require variances from the Town of Oyster Bay Zoning Board of Appeals. The second concept would require a builder to demolish the existing dwelling and split the existing parcel in half along the Grohmans Lane frontage. The second subdivision concept would require variances from the Town of Oyster Bay Zoning Board of Appeals for both parcels. Of course, once any variances are obtained from the Town of Oyster Bay, the builder would then have to apply to the Nassau County Planning Commission for subdivision approval. The sale of the property is "as-is" and will not be contingent on any variances and/or subdivision approvals from the Town of Oyster Bay or the Nassau County Planning Commission. Documentation reflecting the foregoing is available upon request. Taxes stated do not reflect any exemptions or deductions.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Dec 17, 2025 | Sold | ||
| Sold | |||
| Oct 19, 2025 | In contract | - | |
| In contract | |||
| Sep 1, 2025 | Relisted | $1,500,000 | |
| Relisted | |||
| May 6, 2025 | In contract | - | |
| In contract | |||
| Apr 22, 2025 | Listed by EXIT Realty Premier | $1,500,000 | |
| Listed by EXIT Realty Premier | |||
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017