Detached Two-Family
For Sale
$1,849,000
Pending
42-28 159th Street, Flushing, NY 11358
Seven bedrooms are arranged across two residences, with a finished basement and separate exterior access.
Property Size2,640 SF
Days on Market9
Property Features for 42-28 159th Street
General Information
Standard status
Pending
Size
2,640 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 4BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$10,298
Amenities
private backyard
Finished,Full,Walk-Out Access
4
Yes
7
First Floor Bedroom,First Floor Full Bath
Finished, Full, Walk-Out Access
No
Public
5
Driveway, Garage, Private
2640
Building Details
Building Size
2,640 SF
Year Built
1928
Buildings
1
Stories
2
Listing Agency:
Keller Williams Landmark II
(516) 703-2918
Listed By:
Michael Giordano
Source:
Hedgestonehomes
Added: Oct 21
Changed: Oct 28
Last Checked: Oct 28 at 2:48PM
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 Keller Williams Landmark II
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Investment Insights
Based on property information with market context.
This detached two-family property offers 2,640 square feet on a 40-by-100-foot lot. The first-floor residence has three bedrooms, a living room, formal dining room, kitchen, and full bath; the second-floor residence includes four bedrooms, a living room, formal dining room, kitchen, and full bath. A windowed attic and finished walk-out basement add further interior space. The property also has a two-car garage, a private driveway accommodating up to five vehicles, and a backyard.
Located in Flushing, the property is near bus service to Downtown Flushing and Main Street, with access to the 7 train and other Queens bus routes. Built in 1928, it may be delivered vacant.
Located in Flushing, the property is near bus service to Downtown Flushing and Main Street, with access to the 7 train and other Queens bus routes. Built in 1928, it may be delivered vacant.
Key Highlights
- Detached two‑family property with 2,640 square feet
- 40‑by‑100‑foot lot
- Two residences with a combined 7 bedrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,533
Cap Rate
3.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,290,660
$1.3M
Cap Rate 7%
$921,900
$921.9K
Cap Rate 9%
$717,033
$717.0K
Market Conditions
NOI Build-Up for 2,640 SF
Gross rent
$122.0K $46.20/SF
− Vacancy
−$4.6K −$1.76/SF
EGI
$117.3K $44.44/SF
− OpEx
−$52.8K −$20.00/SF
NOI
$64.5K $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 Rate 5%
$1,290,660
Cap Rate 7%
$921,900
Cap Rate 9%
$717,033
Alternative Uses
Best Use
Apartment 5plus
$921.9K
$806.7K – $1.08M
NOI $64,533 @ 7.0% cap · market cap 3.49%
Second Best
Multifamily LT 5
$624.2K
$546.2K – $728.3K
NOI $43,696 @ 7.0% cap · market cap 2.36%
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,237 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
735
Businesses Nearby
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Business Placement
Demographics for 11358, NY
40,435
Population
13,806
Households
2.9
Avg Household Size
43
Median Age
37%
College-Educated
84%
High-School Grad
2.0 sq mi
ZIP Area
20,218
Density / Sq Mi
$88,729
Median Household Income
$46,875
Median Earnings
$2,086
Median Rent
$967,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Seven bedrooms are arranged across two residences, with a finished basement and separate exterior access.
Where is this duplex located?
The property is located at 42-28 159th Street Flushing, NY.
What is the asking price?
The asking price for this property is $1,849,000.
What are key features of this property?
This property features: Detached two‑family property with 2,640 square feet; 40‑by‑100‑foot lot; Two residences with a combined 7 bedrooms
