Two-Family Duplex with
59-17 Palmetto Street, Queens, NY 11385
For Sale
New
$2,300,000
A renovated brick property pairs an owner's four-bedroom home with a separate two-bedroom garden-level residence.
Property Size3,300 SF
Price / SF$696.97
Days on Market4
Property Features for 59-17 Palmetto Street
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Taxes and HOA fees
Annual Taxes
Amenities
private garden
chef's kitchen
central HVAC
washer/dryer
skylights
Ring video doorbell
Building Details
Building Size
Year Built
Buildings
Stories
Construction
Listing Agency:
Compass
Listed By:
Christian H Wittmann · License NY #10301206554
(917) 859-4309
Source:
Serhant
Added: Nov 12
Changed: Nov 14
Last Checked: Nov 14 at 2:27PM
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 Compass
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Investment Insights
Based on property information with market context.
Built in 1930, this 3,300-square-foot, semi-detached brick property contains two residences. The upper home spans two levels and offers four bedrooms, two full bathrooms, and a half bath. Its features include oak flooring, custom millwork, a designer kitchen with a Bosch appliance suite, three skylights, and central HVAC with hyper-heat technology. A private backyard is enclosed by cedar fencing.
The garden-level residence has two bedrooms, two full bathrooms, a private entrance, and an open living area with a kitchen and center island. It also includes central heating and air conditioning, a GE Profile washer and dryer, a dedicated hot water heater, and separate gas and electric meters. Front and rear egress serve this unit.
The garden-level residence has two bedrooms, two full bathrooms, a private entrance, and an open living area with a kitchen and center island. It also includes central heating and air conditioning, a GE Profile washer and dryer, a dedicated hot water heater, and separate gas and electric meters. Front and rear egress serve this unit.
Key Highlights
- 3,300 square feet across two residences
- Four‑bedroom upper home with 2 full bathrooms and 1 half bath
- Garden‑level unit has 2 bedrooms and 2 full bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$81,546
Cap Rate
3.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,630,920
$1.6M
Cap Rate 7%
$1,164,943
$1.2M
Cap Rate 9%
$906,067
$906.1K
Market Conditions
NOI Build-Up for 3,300 SF
Gross rent
$126.7K $38.40/SF
− Vacancy
−$10.2K −$3.10/SF
EGI
$116.5K $35.30/SF
− OpEx
−$34.9K −$10.59/SF
NOI
$81.5K $24.71/SF
Area
Queens County, NY
Vacancy
8.07%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,630,920
Cap Rate 7%
$1,164,943
Cap Rate 9%
$906,067
Alternative Uses
Best Use
Multifamily LT 5
$1.16M
$1.02M – $1.36M
NOI $81,546 @ 7.0% cap · market cap 3.55%
Second Best
Apartment 5plus
$1.15M
$1.01M – $1.34M
NOI $80,667 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$2.43M
$2.13M – $2.84M
NOI $170,296 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,275
Businesses Nearby
Explore this area
Business Placement
Demographics for 11385, NY
100,883
Population
40,175
Households
2.5
Avg Household Size
36
Median Age
34%
College-Educated
84%
High-School Grad
3.6 sq mi
ZIP Area
28,023
Density / Sq Mi
$87,365
Median Household Income
$47,335
Median Earnings
$1,959
Median Rent
$842,800
Median Home Value
Market
Average Price Trend$/SF for Duplexes in Queens, NY
Properties on Market for Duplexes in Queens
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - A renovated brick property pairs an owner's four-bedroom home with a separate two-bedroom garden-level residence.
Where is this duplex located?
The property is located at 59-17 Palmetto Street Queens, NY.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 3,300 square feet across two residences; Four‑bedroom upper home with 2 full bathrooms and 1 half bath; Garden‑level unit has 2 bedrooms and 2 full bathrooms
