Rent-Stabilized Brick Apartment
For Sale
$1,699,000
45-12 111 St, Corona, NY 11368
COMMERCIAL - Corona, NY
Property Size5,000 SF
Lot Size0.06 Acres
Price / SF$339.80
Days on Market49
Property Features for 45-12 111 St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Multi-Family
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 7, Bathroom 8, Bathroom 3, Bathroom 5, Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 6
Fencing
Fenced
Subdivision
Corona
High school district
NEW YORK CITY GEOGRAPHIC DISTRICT #24
Standard status
Active
Size
5,000 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
1421
Utilities
Heating system
Natural Gas, Baseboard
Water source
Public
Amenities
private balcony
Building Details
Year built
2004
Floors in Building
4
Flooring type
Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
EAST COAST NEW YORK
(718) 428-2900
Listed By:
Millie Hong Hong-Jiao
(917) 974-0992
Added: Jul 14
Changed: Aug 4
Last Checked: Aug 31 at 5:06PM
MLS# 11883698
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Semi-attached brick 7-family apartment building built in 2004, offering a unit mix of six 1-bedroom/1-bath apartments and one 3-bedroom/2-bath apartment with a private balcony. The property is described as rent-stabilized and also benefits from a 25-year 421-a tax exemption scheduled to expire in 2030. Interior finishes include hardwood flooring, and the building is heated with baseboard heat and natural gas. The roof is flat, and the water source is public; the property is fenced.
The building is located in the heart of Corona, Queens, with public transit nearby, including the Q23 bus and the 111 Street #7 subway station. It is also described as close to shopping, supermarkets, restaurants, schools, parks, and major highways.
The lot size is 0.0574 acres. The adjacent property at 45-10 111th Street is also available for sale, with the option to purchase one building individually or both as a package.
The building is located in the heart of Corona, Queens, with public transit nearby, including the Q23 bus and the 111 Street #7 subway station. It is also described as close to shopping, supermarkets, restaurants, schools, parks, and major highways.
The lot size is 0.0574 acres. The adjacent property at 45-10 111th Street is also available for sale, with the option to purchase one building individually or both as a package.
Key Highlights
- 7‑family semi‑attached brick apartment building built in 2004
- Unit mix: six 1‑bedroom/1‑bath units plus one 3‑bedroom/2‑bath unit with private balcony
- Rent‑stabilized with a 25‑year 421‑a tax exemption scheduled to expire in 2030
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$122,222
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,444,440
$2.4M
Cap Rate 7%
$1,746,029
$1.7M
Cap Rate 9%
$1,358,022
$1.4M
Market Conditions
NOI Build-Up for 5,000 SF
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.
Gross rent
$231.0K $46.20/SF
− Vacancy
−$8.8K −$1.76/SF
EGI
$222.2K $44.44/SF
− OpEx
−$100.0K −$20.00/SF
NOI
$122.2K $24.44/SF
Area
Queens County, NY
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,444,440
Cap Rate 7%
$1,746,029
Cap Rate 9%
$1,358,022
Alternative Uses
Best Use
Apartment 5plus
$1.75M
$1.53M – $2.04M
NOI $122,222 @ 7.0% cap · market cap 7.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.69M
$3.23M – $4.30M
NOI $258,024 @ 7.0% cap · market cap 15.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,548
Businesses Nearby
Explore this area
Business Placement
Demographics for 11368, NY
117,110
Population
31,165
Households
3.8
Avg Household Size
34
Median Age
14%
College-Educated
65%
High-School Grad
2.6 sq mi
ZIP Area
45,042
Density / Sq Mi
$71,798
Median Household Income
$33,742
Median Earnings
$1,925
Median Rent
$751,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Rent-stabilized semi-attached brick building with a private balcony and a unit mix of six studios-plus-one and one larger home.
Where is this apartment building located?
The property is located at 45-12 111 St Corona, NY.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: 7‑family semi‑attached brick apartment building built in 2004; Unit mix: six 1‑bedroom/1‑bath units plus one 3‑bedroom/2‑bath unit with private balcony; Rent‑stabilized with a 25‑year 421‑a tax exemption scheduled to expire in 2030
