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 Flushingone of New York City’s most dynamic and rapidly growing commercial hubsthe 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 | 119 |
| 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: $625,000 sqft: 11,140 low | high Med: 515 $ / sqft: $377 low | high Med: $1,214 On site: 119 low | high Med: 30 | |
Market Activity 11355
Request a showing
Request a showing
Contact
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: $625,000 sqft: 11,140 low | high Med: 515 $ / sqft: $377 low | high Med: $1,214 On site: 119 low | high Med: 30 | |
