41-37 Parsons Boulevard, Flushing, NY 11355

• 11,140 sqft

Property 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.

Listing Status:

Active

Data Last Updated:

May 11, 2026 at 4:20AM

Listing Office:

Fultonex Realty LLC : 718-395-8266

MLS ID:

990964

Interior

• Basement: Walk-Out Access
• A/C: Multi Units
• Heating: Baseboard

Exterior

• Parking: AttachedDriveway

Location

• Originating MLS: onekey2
• School District: Queens 25
• County: Queens

Lot

• Zoning: R7-105051-0007

Utilities

• Utilities: Electricity AvailableNatural Gas ConnectedSewer ConnectedTrash Collection PublicWater Connected
• Water: Public
• Sewer: Public Sewer

Financial

• Source: onekey2