Colonial Duplex with Finished
For Sale
$999,000
42-21 249th Street, Queens, NY 11363
Residential, Queens, NY
Property Size1,410 SF
Lot Size0.08 Acres
Price / SF$708.51
Days on Market119
Property Features for 42-21 249th Street
General Information
Property type
Residential
Property subtype
Duplex
Zoning
R3-1
Bedrooms
4
Bathrooms
2
Full bathrooms
1
Rooms
Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 3
Parking features
Driveway
Patio and Porch features
Deck
Fireplace
1
Basement
Finished
Lot features
Back Yard
Subdivision
Off Island
Standard status
Active
APN
08127-0054
Size
1,410 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
6837
Utilities
Sewer type
Public Sewer
Heating system
Steam, Natural Gas
Cooling system
Wall Unit(s)
Amenities
sunroom
deck
yard
Building Details
Year built
1925
Floors in Building
2
Building materials
Aluminum Siding
Architectural style
Colonial
Listing Agency:
Robert DeFalco Realty, Inc.
(718) 987-7900
Listed By:
Lin Chen · License #LC2842
(718) 987-7900
Added: Apr 28
Changed: Aug 23
Last Checked: Aug 24 at 10:06PM
MLS# 2602321
Copyright © 2026 Staten Island Board of Realtors. 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 Colonial duplex, built in 1925, offers 1,410 square feet on a 0.079-acre lot measuring 20 by 172 feet. The home includes four bedrooms, two bathrooms, living and dining areas, an eat-in kitchen, a legal sunroom, and a full finished basement. A deck connects to the kitchen and provides access to the yard. Aluminum siding, natural gas steam heat, wall-unit cooling, a fireplace, and a driveway are also included.
The property is located in Little Neck, Queens, near shopping and transportation. Public sewer service supports the residence, while the R3-1 zoning designation and existing duplex classification provide the property’s current residential framework.
The property is located in Little Neck, Queens, near shopping and transportation. Public sewer service supports the residence, while the R3-1 zoning designation and existing duplex classification provide the property’s current residential framework.
Key Highlights
- 1,410‑square‑foot Colonial duplex built in 1925
- 0.079‑acre lot measuring 20 by 172 feet
- Four bedrooms and two bathrooms
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
$34,467
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
3.45%
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%
$689,340
$689.3K
Cap Rate 7%
$492,386
$492.4K
Cap Rate 9%
$382,967
$383.0K
Market Conditions
NOI Build-Up for 1,410 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
$65.1K $46.20/SF
− Vacancy
−$2.5K −$1.76/SF
EGI
$62.7K $44.44/SF
− OpEx
−$28.2K −$20.00/SF
NOI
$34.5K $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%
$689,340
Cap Rate 7%
$492,386
Cap Rate 9%
$382,967
Alternative Uses
Best Use
Apartment 5plus
$492.4K
$430.8K – $574.5K
NOI $34,467 @ 7.0% cap · market cap 3.45%
Second Best
Multifamily LT 5
$333.4K
$291.7K – $389.0K
NOI $23,338 @ 7.0% cap · market cap 2.34%
Theoretical Best
Office A
$1.04M
$909.5K – $1.21M
NOI $72,763 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Four-bedroom Colonial duplex with a finished basement, deck, driveway parking, and public sewer service.
Where is this duplex located?
The property is located at 42-21 249th Street Queens, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 1,410‑square‑foot Colonial duplex built in 1925; 0.079‑acre lot measuring 20 by 172 feet; Four bedrooms and two bathrooms
