Courtyard Multifamily
New
For Sale
$859,000
104-29 37th Drive, Corona, NY 11368
Built in 1925, the property includes fenced front and back yards, courtyard space, and an eat-in kitchen.
Property Size1,848 SF
Days on Market6
Property Features for 104-29 37th Drive
General Information
Standard status
Active
Size
1,848 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$7,754
Amenities
Oil
Full
Eat-in Kitchen
Fenced, Back Yard, Front Yard, Full
No Garage, None
Courtyard
Flats
Building Details
Building Size
1,848 SF
Year Built
1925
Listing Agency:
Douglas Elliman Real Estate
(516) 732-5713
Listed By:
Elpis Hardiman
(516) 732-5713
Source:
Evrealestate
Added: Aug 8
Changed: Aug 13
Last Checked: Aug 13 at 5:06AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This multifamily property at 104-29 37th Drive in Corona was built in 1925. The improvements include an eat-in kitchen, courtyard space, and fenced front and back yards. The property is identified with a flat-style configuration and has no garage.
Located in Queens County between 104th Street and 107th Street, the asset offers a residential income property format in an established New York setting. Interior information also identifies oil and full features, while no additional interior features are specified.
Located in Queens County between 104th Street and 107th Street, the asset offers a residential income property format in an established New York setting. Interior information also identifies oil and full features, while no additional interior features are specified.
Key Highlights
- Multifamily property built in 1925
- Courtyard included
- Fenced front and back yards
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
$45,173
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
5.26%
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%
$903,460
$903.5K
Cap Rate 7%
$645,329
$645.3K
Cap Rate 9%
$501,922
$501.9K
Market Conditions
NOI Build-Up for 1,848 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
$85.4K $46.20/SF
− Vacancy
−$3.2K −$1.76/SF
EGI
$82.1K $44.44/SF
− OpEx
−$37.0K −$20.00/SF
NOI
$45.2K $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%
$903,460
Cap Rate 7%
$645,329
Cap Rate 9%
$501,922
Alternative Uses
Best Use
Apartment 5plus
$645.3K
$564.7K – $752.9K
NOI $45,173 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,366 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,453
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?
Multifamily property - Built in 1925, the property includes fenced front and back yards, courtyard space, and an eat-in kitchen.
Where is this multifamily property located?
The property is located at 104-29 37th Drive Corona, NY.
What is the asking price?
The asking price for this property is $859,000.
What are key features of this property?
This property features: Multifamily property built in 1925; Courtyard included; Fenced front and back yards
