Building Details

Building Size 6,495 SF

Year Built 2012

Buildings 1

Stories 4

Units 8

Tenancy Multi

Listing Agency: Lin Pan Realty Group LLC i***@linpanrealty.com Show Phone

Listed By: Qian Huang Show Phone

Source: Croninreale

Added: Mar 16 Changed: Oct 23 Last Checked: Oct 23 at 9:55AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lin Pan Realty Group LLC

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Investment Insights

Based on property information with market context.

Built in 2012, this four-story mixed-use property combines a ground-floor medical office with seven one-bedroom apartments. One apartment is on the first floor and has a large backyard; the other six are arranged as two units on each of the second, third, and fourth floors. Rooftop lease income adds another component to the property’s use mix.

The building is in Queens between Corona and Flushing, near public transportation, neighborhood retail, and dining. Zoning is R6B.

Key Highlights

• Seven one‑bedroom apartments plus one ground‑floor medical office
• Two one‑bedroom apartments on each of the second, third, and fourth floors
• First‑floor apartment includes a large backyard

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$213,840

Cap Rate

5.63%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,276,800 $4.3M

Cap Rate 7%

$3,054,857 $3.1M

Cap Rate 9%

$2,376,000 $2.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,495 SF

Gross rent

$327.3K $50.40/SF

− Vacancy

−$42.2K −$6.50/SF

EGI

$285.1K $43.90/SF

− OpEx

−$71.3K −$10.97/SF

NOI

$213.8K $32.92/SF

Area

Queens County, NY

Vacancy

12.90%

Lease Rate

$50.40 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,276,800

Cap Rate 7%

$3,054,857

Cap Rate 9%

$2,376,000

Alternative Uses

Best Use

Office B

$3.05M

$2.67M – $3.56M (±1% cap)

NOI $213,840 @ 7.0% cap · market cap 5.63%

Second Best

Apartment 5plus

$2.27M

$1.98M – $2.65M (±1% cap)

NOI $158,767 @ 7.0% cap · market cap 4.18%

Theoretical Best

Office A

$4.79M

$4.19M – $5.59M (±1% cap)

NOI $335,173 @ 7.0% cap · market cap 8.82%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Nursing Home Carpet & Flooring Store Acupuncture

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Office units

7

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

4,870

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 Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Ground-floor medical space is paired with seven one-bedroom apartments and rooftop lease income.

Where is this mixed-use property located?

The property is located at 10116 39th Avenue Corona, NY.

What is the asking price?

The asking price for this property is $3,800,000.

What are key features of this property?

This property features: Seven one‑bedroom apartments plus one ground‑floor medical office; Two one‑bedroom apartments on each of the second, third, and fourth floors; First‑floor apartment includes a large backyard