Two-Family Duplex With
For Sale
$3,195,000
21-17 38th Street, Queens, NY 11105
Newly built two-family residence with a private rooftop terrace, owner’s triplex, separate rental unit, and three-car parking.
Property Size4,000 SF
Price / SF$798.75
Days on Market59
Property Features for 21-17 38th Street
General Information
Standard status
Active
Size
4,000 SF
Total Parking Spaces
3
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$12,000
Building Details
Building Size
4,000 SF
Year Built
2026
Buildings
1
Listing Agency:
Compass
(877) 943-8676
Listed By:
Adis Kolenovic
(877) 943-8676
Source:
Nobleblackandpartners
Added: Jun 24
Changed: Aug 17
Last Checked: Aug 20 at 11:34AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Compass
Investment Insights
Based on property information with market context.
Completed in 2026, this 4,000-square-foot two-family duplex is configured with an owner’s triplex, a separate two-bedroom, two-bath rental, and a lower level with its own entrance, bathroom, split-system HVAC, hot water heater, and rough plumbing for a kitchenette. The owner’s residence spans four floors counting the lower level, with approximately 1,000 square feet per level and private access to the rooftop terrace. Interior features include Bertazzoni appliances, Taj Mahal marble, engineered hardwood flooring, Lutron lighting, Alexa integration, York central air, Navien gas heat, a steam room, heated bathroom floors, and a whole-home sound system.
The private rooftop terrace measures 1,000 square feet and includes Trex decking, ambient lighting, and roughed-in electric and plumbing. Three balconies, Pella windows and sliders, glass railings, and three-car rear parking behind a remote automatic gate add to the physical improvements. The property is located at 21-17 38th Street in Queens, near 38th Street and Ditmars Blvd.
The private rooftop terrace measures 1,000 square feet and includes Trex decking, ambient lighting, and roughed-in electric and plumbing. Three balconies, Pella windows and sliders, glass railings, and three-car rear parking behind a remote automatic gate add to the physical improvements. The property is located at 21-17 38th Street in Queens, near 38th Street and Ditmars Blvd.
Key Highlights
- 4,000‑square‑foot two‑family duplex completed in 2026
- Owner’s triplex with approximately 1,000 square feet per level
- Private 1,000 sq ft rooftop terrace with Manhattan skyline sunset views
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
$97,778
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
3.06%
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%
$1,955,560
$2.0M
Cap Rate 7%
$1,396,829
$1.4M
Cap Rate 9%
$1,086,422
$1.1M
Market Conditions
NOI Build-Up for 4,000 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
$184.8K $46.20/SF
− Vacancy
−$7.0K −$1.76/SF
EGI
$177.8K $44.44/SF
− OpEx
−$80.0K −$20.00/SF
NOI
$97.8K $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%
$1,955,560
Cap Rate 7%
$1,396,829
Cap Rate 9%
$1,086,422
Alternative Uses
Best Use
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,778 @ 7.0% cap · market cap 3.06%
Second Best
Multifamily LT 5
$945.8K
$827.6K – $1.10M
NOI $66,206 @ 7.0% cap · market cap 2.07%
Theoretical Best
Office A
$2.95M
$2.58M – $3.44M
NOI $206,419 @ 7.0% cap · market cap 6.46%
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
2,539
Businesses Nearby
Explore this area
Business Placement
Demographics for 11105, NY
38,001
Population
17,518
Households
2.2
Avg Household Size
37
Median Age
55%
College-Educated
91%
High-School Grad
1.6 sq mi
ZIP Area
23,751
Density / Sq Mi
$100,306
Median Household Income
$62,464
Median Earnings
$2,211
Median Rent
$1,089,000
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 - Newly built two-family residence with a private rooftop terrace, owner’s triplex, separate rental unit, and three-car parking.
Where is this duplex located?
The property is located at 21-17 38th Street Queens, NY.
What is the asking price?
The asking price for this property is $3,195,000.
What are key features of this property?
This property features: 4,000‑square‑foot two‑family duplex completed in 2026; Owner’s triplex with approximately 1,000 square feet per level; Private 1,000 sq ft rooftop terrace with Manhattan skyline sunset views
