Mixed-Use Building with
New
For Sale
$1,650,000
102-24 Corona Avenue, Corona, NY 11368
Three-family residential space is combined with a commercial store component in one building.
Property Size2,260 SF
Days on Market2
Property Features for 102-24 Corona Avenue
General Information
Standard status
Active
Size
2,260 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$10,917
Building Details
Building Size
2,260 SF
Buildings
1
Tenancy
Single
Listing Agency:
Royalux Realty LLC
Listed By:
Jieying Huang
(347) 666-3688
Source:
Serhant
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 2 at 8:50PM
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 Royalux Realty LLC
Investment Insights
Based on property information with market context.
This mixed-use property combines three-family residential space with a commercial storefront, creating distinct residential and commercial components within the same building. The property size is reported as 2,260 SF and supports both income-oriented ownership and potential owner occupancy as described in the listing information.
Located on Corona Avenue in Corona, NY, the building is near shopping, dining, and transportation. The 7 train at 103rd Street is also identified as a nearby transit connection, adding a defined public transportation option to the surrounding context.
Located on Corona Avenue in Corona, NY, the building is near shopping, dining, and transportation. The 7 train at 103rd Street is also identified as a nearby transit connection, adding a defined public transportation option to the surrounding context.
Key Highlights
- Three‑family residential component
- Commercial storefront included
- Mixed‑use building totaling 2,260 SF
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
$55,244
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
3.35%
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%
$1,104,880
$1.1M
Cap Rate 7%
$789,200
$789.2K
Cap Rate 9%
$613,822
$613.8K
Market Conditions
NOI Build-Up for 2,260 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
$104.4K $46.20/SF
− Vacancy
−$4.0K −$1.76/SF
EGI
$100.4K $44.44/SF
− OpEx
−$45.2K −$20.00/SF
NOI
$55.2K $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%
$1,104,880
Cap Rate 7%
$789,200
Cap Rate 9%
$613,822
Alternative Uses
Best Use
Apartment 5plus
$789.2K
$690.6K – $920.7K
NOI $55,244 @ 7.0% cap · market cap 3.35%
Second Best
Retail
$576.3K
$504.3K – $672.4K
NOI $40,341 @ 7.0% cap · market cap 2.44%
Theoretical Best
Office A
$1.67M
$1.46M – $1.94M
NOI $116,627 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,119
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?
Mixed-use property - Three-family residential space is combined with a commercial store component in one building.
Where is this mixed-use property located?
The property is located at 102-24 Corona Avenue Corona, NY.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Three‑family residential component; Commercial storefront included; Mixed‑use building totaling 2,260 SF
