Detached Two-Family
For Sale
$1,380,000
42-05 249th Street, Little Neck, NY 11363
Residential Income, Little Neck, NY
Property Size1,796 SF
Price / SF$768.37
Days on Market55
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 3, Bedroom 2, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 4, Basement, Bathroom 1
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 30
Last Checked: Sep 1 at 6:06AM
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 at 42-05 249th Street provides 4 bedrooms, 2.5 bathrooms, and approximately 1,796 SF of living space. The brick-built property includes a full basement, private garage, and first-floor bedroom and full bath. Constructed in 1925, it offers a defined residential layout suited to its two-family configuration.
The property is situated in Little Neck, Queens, near H Mart, J-Mart, supermarkets, restaurants, and shopping. Little Neck LIRR Station is also nearby, providing rail access for Manhattan commuters. The address is within ZIP Code 11363.
The property is situated in Little Neck, Queens, near H Mart, J-Mart, supermarkets, restaurants, and shopping. Little Neck LIRR Station is also nearby, providing rail access for Manhattan commuters. The address is within ZIP Code 11363.
Key Highlights
- Legal two‑family detached residence with 4 bedrooms and 2.5 bathrooms
- Approximately 1,796 SF of living space
- 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 two-family residence with a full basement, private garage, and first-floor bedroom and 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 with 4 bedrooms and 2.5 bathrooms; Approximately 1,796 SF of living space; Full basement and private garage
