Detached Two-Family
For Sale
$1,380,000
42-05 249th Street, Little Neck, NY 11363
MULTI_FAMILY - Other - Little Neck, NY
Property Size1,796 SF
Price / SF$768.37
Days on Market36
Property Features for 42-05 249th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 3, Basement, Bathroom 2
Interior features
First Floor Bedroom, First Floor Full Bath
Elementary school
Ps 94 David D Porter
Middle school
Jhs 67 Louis Pasteur
High school
Benjamin N Cardozo High School
Elementary school district
Queens 26
Middle school district
Queens 26
High school district
Queens 26
Directions
google map
Standard status
Active
APN
08127-0046
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8611
Building Details
Year built
1925
Number of units
2
Building materials
Brick
Architectural style
Other
Listing Agency:
E Realty International Corp
(718) 886-8110
Listed By:
Vicky Wei
(646) 651-3858
Added: Jul 9
Changed: Aug 12
Last Checked: Aug 13 at 12:06AM
MLS# 1024131
Copyright © 2026 OneKey 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 legal two-family detached residence in Little Neck offers approximately 1,796 SF of living space across four bedrooms and 2.5 bathrooms. Built in 1925 with brick construction, the property includes a full basement, private garage, and first-floor bedroom and full bath. The layout supports separate residential living arrangements within a single home.
The property is located at 42-05 249th Street, Little Neck, NY 11363, near H Mart, J-Mart, supermarkets, restaurants, and shopping. Little Neck LIRR Station is nearby, providing rail access for Manhattan commuters. The property is also situated within a strong school district, as identified in the listing information.
The property is located at 42-05 249th Street, Little Neck, NY 11363, near H Mart, J-Mart, supermarkets, restaurants, and shopping. Little Neck LIRR Station is nearby, providing rail access for Manhattan commuters. The property is also situated within a strong school district, as identified in the listing information.
Key Highlights
- Legal two‑family detached residence
- Approximately 1,796 SF with 4 bedrooms and 2.5 bathrooms
- Full basement and private garage
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
$43,902
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
3.18%
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%
$878,040
$878.0K
Cap Rate 7%
$627,171
$627.2K
Cap Rate 9%
$487,800
$487.8K
Market Conditions
NOI Build-Up for 1,796 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
$83.0K $46.20/SF
− Vacancy
−$3.2K −$1.76/SF
EGI
$79.8K $44.44/SF
− OpEx
−$35.9K −$20.00/SF
NOI
$43.9K $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%
$878,040
Cap Rate 7%
$627,171
Cap Rate 9%
$487,800
Alternative Uses
Best Use
Apartment 5plus
$627.2K
$548.8K – $731.7K
NOI $43,902 @ 7.0% cap · market cap 3.18%
Second Best
Multifamily LT 5
$424.7K
$371.6K – $495.5K
NOI $29,727 @ 7.0% cap · market cap 2.15%
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,682 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,661
Businesses Nearby
Explore this area
Business Placement
Demographics for 11363, NY
7,208
Population
3,002
Households
2.4
Avg Household Size
47
Median Age
55%
College-Educated
91%
High-School Grad
0.9 sq mi
ZIP Area
8,009
Density / Sq Mi
$110,833
Median Household Income
$68,985
Median Earnings
$2,235
Median Rent
$1,019,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Brick construction includes a full basement, private garage, and first-floor bedroom with a full bath.
Where is this duplex located?
The property is located at 42-05 249th Street Little Neck, NY.
What is the asking price?
The asking price for this property is $1,380,000.
What are key features of this property?
This property features: Legal two‑family detached residence; Approximately 1,796 SF with 4 bedrooms and 2.5 bathrooms; Full basement and private garage
