Brick Triplex With Updated
For Sale
$1,738,888
47-28 Parsons Boulevard, Flushing, NY 11355
Three occupied floors include updated kitchens and bathrooms on the second and third levels.
Property Size3,492 SF
Lot Size0.08 Acres
Price / SF$497.96
Days on Market58
Property Features for 47-28 Parsons Boulevard
General Information
Standard status
Active
Size
3,492 SF
Lot size
0.08 Acres
Property subtype
Duplex
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$14,998
Building Details
Building Size
3,492 SF
Year Built
1965
Year Renovated
2024
Buildings
1
Stories
3
Construction
brick
Tenancy
Multi
Listing Agency:
E Realty International Corp
Listed By:
Chuan Wang Chen
(347) 755-9735
Source:
Cbwarburg
Added: Jul 10
Changed: Sep 4
Last Checked: Sep 4 at 9:00AM
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 E Realty International Corp
Investment Insights
Based on property information with market context.
This brick triplex contains approximately 3,492 square feet of living space within a 22' x 52' building on a 33' x 112' lot. Kitchens and bathrooms on the second and third floors were renovated in 2024. The property is offered as-is with all three floors occupied by long-term tenants, and rental payment records are available upon request.
The corner property is near the Murray Hill LIRR Station, supermarkets, public transportation, and Downtown Flushing including Main Street. Built in 1965, it provides access to commuter rail and area services while retaining an occupied three-floor configuration.
The corner property is near the Murray Hill LIRR Station, supermarkets, public transportation, and Downtown Flushing including Main Street. Built in 1965, it provides access to commuter rail and area services while retaining an occupied three-floor configuration.
Key Highlights
- Triplex on a 33' x 112' lot with a 22' x 52' building
- Approximately 3,492 sq ft of living space
- All three floors occupied by long‑term tenants
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
$85,360
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
4.91%
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%
$1,707,200
$1.7M
Cap Rate 7%
$1,219,429
$1.2M
Cap Rate 9%
$948,444
$948.4K
Market Conditions
NOI Build-Up for 3,492 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
$161.3K $46.20/SF
− Vacancy
−$6.1K −$1.76/SF
EGI
$155.2K $44.44/SF
− OpEx
−$69.8K −$20.00/SF
NOI
$85.4K $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%
$1,707,200
Cap Rate 7%
$1,219,429
Cap Rate 9%
$948,444
Alternative Uses
Best Use
Apartment 5plus
$1.22M
$1.07M – $1.42M
NOI $85,360 @ 7.0% cap · market cap 4.91%
Second Best
Multifamily LT 5
$825.7K
$722.5K – $963.3K
NOI $57,798 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$2.57M
$2.25M – $3.00M
NOI $180,204 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
150
Businesses Nearby
Explore this area
Business Placement
Demographics for 11355, NY
89,465
Population
32,049
Households
2.8
Avg Household Size
44
Median Age
24%
College-Educated
70%
High-School Grad
1.7 sq mi
ZIP Area
52,626
Density / Sq Mi
$53,700
Median Household Income
$31,166
Median Earnings
$1,664
Median Rent
$711,500
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?
Triplex - Three occupied floors include updated kitchens and bathrooms on the second and third levels.
Where is this triplex located?
The property is located at 47-28 Parsons Boulevard Flushing, NY.
What is the asking price?
The asking price for this property is $1,738,888.
What are key features of this property?
This property features: Triplex on a 33' x 112' lot with a 22' x 52' building; Approximately 3,492 sq ft of living space; All three floors occupied by long‑term tenants
