Brick Duplex with
For Sale
$1,738,888
47-28 Parsons Boulevard, Flushing, NY 11355
Residential Income, Flushing, NY
Property Size3,492 SF
Lot Size0.08 Acres
Price / SF$497.96
Days on Market56
Property Features for 47-28 Parsons Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Garage
Exterior features
Awning(s), Balcony, Lighting
Lot features
Corner Lot, Front Yard, On Golf Course, Paved
Elementary school
Ps 163 Flushing Heights
Middle school
Jhs 189 Daniel Carter Beard
High school
John Bowne High School
Elementary school district
Queens 25
Middle school district
Queens 25
High school district
Queens 25
Standard status
Active
APN
05221-0019
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
14998
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Steam
Water source
Public
Building Details
Year built
1965
Number of units
2
Building materials
Brick
Listing Agency:
E Realty International Corp
(718) 886-8110
Listed By:
Chuan Wang Chen
(347) 755-9735
Added: Jul 10
Changed: Sep 2
Last Checked: Sep 3 at 5:06AM
MLS# 1024652
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 brick duplex sits on a 33' x 112' lot and contains a 22' x 52' building with approximately 3,492 square feet of living space. The three floors are occupied by tenants, and the sale includes the existing tenancy. Kitchens and bathrooms on the second and third floors were renovated in 2024. Exterior features include an awning, balcony, and lighting, while the property also includes a garage. Steam heat, public water, and public sewer serve the building.
Located at 47-28 Parsons Boulevard in Flushing, the property is near the Murray Hill LIRR Station, supermarkets, public transportation, and Downtown Flushing's Main Street. The corner setting and proximity to established transit and neighborhood services provide a practical Queens location for an occupied residential property.
Located at 47-28 Parsons Boulevard in Flushing, the property is near the Murray Hill LIRR Station, supermarkets, public transportation, and Downtown Flushing's Main Street. The corner setting and proximity to established transit and neighborhood services provide a practical Queens location for an occupied residential property.
Key Highlights
- Approximately 3,492 sq ft of living space
- 33' x 112' lot with a 22' x 52' building
- Three occupied floors with existing 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
1,622
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?
Duplex - Occupied three-floor property with renovated upper-level kitchens and bathrooms, public utilities, and access to nearby rail and transit.
Where is this duplex 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: Approximately 3,492 sq ft of living space; 33' x 112' lot with a 22' x 52' building; Three occupied floors with existing tenants
