Mixed-Use Property with
New
For Sale
$1,650,000
10224 Corona Avenue, Corona, NY 11368
Ground-floor commercial space is paired with three residential units and a separate-entry basement.
Property Size2,260 SF
Days on Market3
Property Features for 10224 Corona Avenue
General Information
Standard status
Active
Size
2,260 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$10,917
Building Details
Building Size
2,260 SF
Year Built
1931
Buildings
1
Stories
2
Listing Agency:
Royalux Realty LLC
Listed By:
Jieying Huang
(347) 666-3688
Source:
Barbieliteam
Added: Sep 3
Changed: Sep 5
Last Checked: Sep 5 at 3:00PM
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 a ground-floor commercial storefront with residential accommodations. The first level includes a two-bedroom, one-bath residence alongside the commercial area. Two additional apartments occupy the second floor: one offers two bedrooms and one full bathroom, while the other has one bedroom and one full bathroom. A full basement with its own entrance provides supplemental storage and utility space.
Built in 1931, the property fronts Corona Avenue and is positioned near shopping, dining, public transportation, and the 7 train at 103rd Street. The surrounding transit connections provide access across Queens and into Manhattan.
Built in 1931, the property fronts Corona Avenue and is positioned near shopping, dining, public transportation, and the 7 train at 103rd Street. The surrounding transit connections provide access across Queens and into Manhattan.
Key Highlights
- Three residential units plus commercial storefront
- First‑floor residence includes 2 bedrooms and 1 full bathroom
- Second floor has 2‑bedroom and 1‑bedroom apartments
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
Location Intelligence
Trade Area within ½ mile
3,974
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor commercial space is paired with three residential units and a separate-entry basement.
Where is this mixed-use property located?
The property is located at 10224 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 residential units plus commercial storefront; First‑floor residence includes 2 bedrooms and 1 full bathroom; Second floor has 2‑bedroom and 1‑bedroom apartments
