Brick Multifamily
For Sale
$1,720,000
2322 Parsons Blvd, Whitestone, NY 11357
Residential Income, Whitestone, NY
Property Size3,564 SF
Lot Size34.42 Acres
Price / SF$482.60
Days on Market77
Property Features for 2322 Parsons Blvd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 5, Bedroom 1, Laundry Room, Bathroom 3, Bathroom 4, Bathroom 1, Bedroom 4, Bedroom 7, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 6, Bathroom 5
Interior features
Walk-In Closet(s)
Subdivision
Whitestone
Directions
Parsons Blvd & 23 Ave
Standard status
Active
Size
3,564 SF
Lot size
34.42 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13952
Utilities
Heating system
Natural Gas, Hot Water(Heating), Zoned
Water source
Public
Amenities
balcony
wood floors
Manhattan view
Building Details
Year built
1975
Floors in Building
3
Flooring type
Hardwood
Building materials
Brick
Roof type
Asphalt
Architectural style
Other
Listing Agency:
EAST COAST NEW YORK
(718) 428-2900
Listed By:
Kyung S Park
(917) 974-0992
Added: Jun 30
Changed: Sep 13
Last Checked: Sep 14 at 6:06AM
MLS# 11863408
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-level multifamily property contains 3,564 square feet and was built in 1975 with brick construction, hardwood floors, asphalt roofing, public water, and zoned natural-gas hot-water heating. The first floor includes a family room and one bathroom, while the finished basement provides additional ground-level space. The upper levels each offer three bedrooms, two bathrooms, and a balcony, creating a substantial residential configuration across the building.
The property includes a two-car driveway and is positioned near bus service, shopping, and the Cross Island Parkway in Whitestone. Additional features include a laundry room and walk-in closet space. The building measures 22 by 54 feet and sits on a 34.42-acre lot.
The property includes a two-car driveway and is positioned near bus service, shopping, and the Cross Island Parkway in Whitestone. Additional features include a laundry room and walk-in closet space. The building measures 22 by 54 feet and sits on a 34.42-acre lot.
Key Highlights
- 3,564‑square‑foot multifamily property built in 1975
- Four‑level layout with a finished basement and ground‑level access
- Second and third floors each include 3 bedrooms, 2 bathrooms, and a balcony
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$87,120
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.07%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,742,400
$1.7M
Cap Rate 7%
$1,244,571
$1.2M
Cap Rate 9%
$968,000
$968.0K
Market Conditions
NOI Build-Up for 3,564 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$164.7K $46.20/SF
− Vacancy
−$6.3K −$1.76/SF
EGI
$158.4K $44.44/SF
− OpEx
−$71.3K −$20.00/SF
NOI
$87.1K $24.44/SF
Area
Queens County, NY
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,742,400
Cap Rate 7%
$1,244,571
Cap Rate 9%
$968,000
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.09M – $1.45M
NOI $87,120 @ 7.0% cap · market cap 5.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.63M
$2.30M – $3.07M
NOI $183,920 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
984
Businesses Nearby
Explore this area
Business Placement
Demographics for 11357, NY
42,319
Population
16,586
Households
2.6
Avg Household Size
46
Median Age
38%
College-Educated
86%
High-School Grad
2.8 sq mi
ZIP Area
15,114
Density / Sq Mi
$97,754
Median Household Income
$58,814
Median Earnings
$2,228
Median Rent
$920,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Four-level brick residence with finished lower-level space, hardwood flooring, balconies, and driveway parking in Whitestone.
Where is this multifamily property located?
The property is located at 2322 Parsons Blvd Whitestone, NY.
What is the asking price?
The asking price for this property is $1,720,000.
What are key features of this property?
This property features: 3,564‑square‑foot multifamily property built in 1975; Four‑level layout with a finished basement and ground‑level access; Second and third floors each include 3 bedrooms, 2 bathrooms, and a balcony
