Two-Story Legal Duplex on Corner
For Sale
$1,290,000
Pending
22-03 Parsons Boulevard, Whitestone, NY 11357
MULTI_FAMILY - Whitestone, NY
Property Size1,950 SF
Lot Size0.07 Acres
Days on Market108
Property Features for 22-03 Parsons Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bedroom 6, Bedroom 3, Bedroom 4, Bathroom 2, Bathroom 1, Bedroom 5
Elementary school
Ps 79 Francis Lewis
Middle school
Jhs 185 Edward Bleeker
Elementary school district
Queens 25
Middle school district
Queens 25
High school district
Queens 25
Standard status
Pending
APN
04635-0015
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3849
Utilities
Sewer type
Public Sewer
Heating system
Steam
Water source
Public
Amenities
in-unit laundry
walk-in closet
full basement
Building Details
Year built
1920
Number of units
2
Listing Agency:
HomeCoin.com
(888) 400-2513
Listed By:
Jonathan Minerick · License #10311209448
(888) 400-2513
Added: Apr 28
Changed: Aug 4
Last Checked: Aug 13 at 3:06AM
MLS# 992042
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.
Spacious two-story detached legal two-family home sits on a corner lot. The layout includes multiple bedrooms, a bright living room, a formal dining area, and an eat-in kitchen with a gas range and refrigerator. In-unit laundry is located on the second floor. Steam heat is provided, with oil fuel noted. A walk-in closet is also included. A full basement features nearly new washer and dryer.
The home was built in 1920 and is served by public water and public sewer. Set on a lot of approximately 2,924 square feet, it’s positioned close to local shops, schools PS79 and JHS185, and transportation.
This property is a legal two-family residence with interior amenities designed for day-to-day comfort, including second-floor in-unit laundry and an updated basement laundry setup.
The home was built in 1920 and is served by public water and public sewer. Set on a lot of approximately 2,924 square feet, it’s positioned close to local shops, schools PS79 and JHS185, and transportation.
This property is a legal two-family residence with interior amenities designed for day-to-day comfort, including second-floor in-unit laundry and an updated basement laundry setup.
Key Highlights
- Legal two‑family two‑story detached home on a corner lot
- Approximately 1,950 SF with multiple bedrooms, living room, formal dining, and eat‑in kitchen
- Second‑floor in‑unit laundry plus nearly new washer and dryer in the full basement
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
$47,667
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
3.70%
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%
$953,340
$953.3K
Cap Rate 7%
$680,957
$681.0K
Cap Rate 9%
$529,633
$529.6K
Market Conditions
NOI Build-Up for 1,950 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
$90.1K $46.20/SF
− Vacancy
−$3.4K −$1.76/SF
EGI
$86.7K $44.44/SF
− OpEx
−$39.0K −$20.00/SF
NOI
$47.7K $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%
$953,340
Cap Rate 7%
$680,957
Cap Rate 9%
$529,633
Alternative Uses
Best Use
Apartment 5plus
$681.0K
$595.8K – $794.5K
NOI $47,667 @ 7.0% cap · market cap 3.70%
Second Best
Multifamily LT 5
$461.1K
$403.5K – $537.9K
NOI $32,276 @ 7.0% cap · market cap 2.50%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,629 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
934
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
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 - Legal two-family corner home with in-unit laundry, steam heat, and public water and sewer services.
Where is this duplex located?
The property is located at 22-03 Parsons Boulevard Whitestone, NY.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: Legal two‑family two‑story detached home on a corner lot; Approximately 1,950 SF with multiple bedrooms, living room, formal dining, and eat‑in kitchen; Second‑floor in‑unit laundry plus nearly new washer and dryer in the full basement
