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    Staten Island Multifamily Income Property Title is generated by Realmo AI

    203 Corson Avenue, Staten Island, NY 10301

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    For Sale
    $850,000

    MULTI_FAMILY - Staten Island, NY

    Property size:
    2,288 SF
    Lot size:
    0.06 Acres
    Price / SF:
    $371/SF
    Added:
    Feb 3, 2026
    Days on Market:
    109
    Last Refresh:
    May 23 at 8:06 am

    Property Features for 203 Corson Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R3 A
    Bedrooms
    7
    Bathrooms
    4
    Rooms
    Bedroom 2, Bedroom 4, Bathroom 3, Bedroom 7, Bedroom 3, Bedroom 1, Bedroom 6, Bathroom 4, Bedroom 5, Bathroom 2, Bathroom 1
    Parking features
    On Street
    Patio and Porch features
    Deck
    Fencing
    Fenced
    Basement
    Full, Unfinished
    Standard status
    Active
    APN
    00036-0141
    Size
    2,288 SF
    Lot size
    0.06 Acres

    Taxes and HOA fees

    Tax Annual Amount
    4118

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Hot Water(Heating)

    Building Details

    Year built
    1920
    Floors in Building
    2
    Number of units
    2
    Building materials
    Aluminum Siding

    We can help!

    Listing Contact
    Eun-Sook Kim

    Listing agent Eun-Sook Kim

    Listing office M&M Homes Inc. 2 Nelson Avenue, Staten Island, NY

    Listing date Feb 3, 2026

    MLS# 2600640 Listing URL

    Copyright © 2026 Staten Island Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Fully rented, excellent income producer.
    • Two units: one 3‑bedroom with sunroom, one 4‑bedroom.
    • Eat‑in kitchens in both units with deck access.
    • Washer and dryer hook‑ups in both units.
    • Unit 1: Freshly painted, refinished hardwood floors, new refrigerator and oven.
    • Close proximity to Staten Island Ferry and public transportation.

    Overview

    This multifamily property, located in Staten Island, NY, is currently fully rented and presents an opportunity for income generation. The property features two units. Unit 1 is a spacious three-bedroom apartment with an additional sunroom. It includes an eat-in kitchen with access to the backyard and deck, as well as washer and dryer hook-ups. Recent updates include fresh paint, refinished hardwood floors, a new refrigerator, and a new oven. Unit 2 offers four bedrooms, a living room, and an eat-in kitchen with deck access. Washer and dryer hook-ups are available. The property also includes a full-size unfinished basement with backyard access. The lot size is 0.06 acres and the property size is 2288 square feet. The property is zoned R3 A. Its location provides close proximity to the Staten Island Ferry and public transportation.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $632.2K
    NOI $56,898 @ 9.00% cap · cautious / downside scenario
    Moderate
    $812.8K
    NOI $56,898 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.14M
    NOI $56,898 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $85.1k $37.20
    − Vacancy −$3.8k −$1.67
    EGI $81.3k $35.53
    − OpEx −$24.4k −$10.66
    NOI $56.9k $24.87
    2,288 SF · lease $37.20/SF/yr · vacancy 4.50% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $812.8K
    $711.2K – $948.3K (±1% cap)
    NOI $56,898 @ 7.0% cap · market cap 6.69%
    Second Best
    Apartment 5plus
    $724.8K
    $634.2K – $845.7K (±1% cap)
    NOI $50,739 @ 7.0% cap · market cap 5.97%
    Theoretical Best
    Office A
    $1.09M
    $955.3K – $1.27M (±1% cap)
    NOI $76,420 @ 7.0% cap · market cap 8.99%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Staten Island
    County
    Richmond
    State
    New York
    Longitude
    -74.085897
    Latitude
    40.637488

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    FAQs

    What type of property is this?
    Duplex - Fully rented duplex near Staten Island Ferry, excellent income producer.
    Where is this duplex located?
    The property is located at 203 Corson Avenue Staten Island, NY.
    What is the asking price?
    The asking price for this property is $850,000.
    What are key features of this property?
    This property features: Fully rented, excellent income producer.; Two units: one **3‑bedroom with sunroom**, one 4‑bedroom.; **Eat‑in kitchens in both units with deck access**.
    (347) 228-3702
    We can help!
    Listing Contact
    Eun-Sook Kim
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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