41-37 Parsons Boulevard,Flushing, NY 11355
Flushing, NY 11355
Description
Ideally positioned in the heart of Flushing, the fully leased multi-family building presents a compelling hybrid investment opportunity that combines stable in-place income with significant upside potential. The property consists of a 16-unit residential building, featuring 14 two-bedroom/one-bath units and 2 one-bedroom/one-bath units, along with four on-site parking spaces, a potential tenant laundry facility, and an on-site superintendent for efficient day-to-day management. All units are fully occupied on a month-to-month basis, with current rents significantly below market, offering immediate value-add potential through strategic repositioning and operational improvements. With no rent control restrictions, the asset provides full flexibility to achieve market rents, supporting a projected conservative cap rate of 6.2% or higher. The property's location is a key driver of long-term value. Situated just minutes from Downtown Flushing-one of New York City's most dynamic and rapidly growing commercial hubs-the asset benefits from exceptional access to retail, dining, and employment centers. It is also conveniently located near major transportation options, including the 7 subway line at Main Street, the Long Island Rail Road Flushing-Main Street station, and multiple bus routes, providing seamless connectivity to Manhattan and the greater New York City area. Further enhancing its appeal, the property benefits from R7-1 zoning (3.44 FAR / 4.80 CF FAR), introducing a strong development component. With an estimated buildable potential of approximately 21,000 to 30,000 square feet, investors have a clear path toward increased density or full-scale redevelopment. This is a rare opportunity to acquire a scalable asset in a prime, supply-constrained Flushing location, offering both immediate cash flow growth and long-term development upside.
Details
| MLS # | 990964 |
|---|---|
| Listing Type | For Sale |
| Style | Multi-Family |
| Sub-Type | Resale |
| Status | Active |
| Year | 1977 |
| Days On Site | 172 |
| Listing Provided By | Fultonex Realty LLC | Jianing Carlisle |
Features
| SQ Feet | 11,140 |
|---|---|
| Basement | Y |
| Story(s) | 4 |
| Units | 16 |
| Building(s) | 1 |
| Zoning | R7-1 |
| Acreage | 0.14 |
Interior
| Cooling | Multi Units |
|---|---|
| Heating | Baseboard |
Exterior
| Construction Materials | Brick |
|---|
Parking
| Parking Features | Attached, Driveway |
|---|
Utilities
| Utilities | Electricity Available, Natural Gas Connected, Sewer Connected, Trash Collection Public, Water Connected |
|---|---|
| Sewer | Public Sewer |
Taxes
| Tax Year | 2026 |
|---|---|
| Tax Annual Amount | 74903 |
| Tax Lot | 0007 |
Area Information
| State | NY |
|---|---|
| County | Queens |
| City | Flushing |
| Zip Code | 11355 |
| Listing VS Median (in 11355) | |
Price: $4,200,000 low | high Med: $629,900 sqft: 11,140 low | high Med: 720 $ / sqft: $377 low | high Med: $875 On site: 172 low | high Med: 128 | |
Market Activity 11355
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Learn More About This Property
| State | NY |
|---|---|
| County | Queens |
| City | Flushing |
| Zip Code | 11355 |
| Listing VS Median (in 11355) | |
Price: $4,200,000 low | high Med: $629,900 sqft: 11,140 low | high Med: 720 $ / sqft: $377 low | high Med: $875 On site: 172 low | high Med: 128 | |
