Retail and Apartment
For Sale
$2,500,000
10722 37th Drive, Corona, NY 11368
Brick corner income property with a rented commercial storefront and five rented apartments, near major transit and local attractions.
Property Size6,087 SF
Days on Market242
Property Features for 10722 37th Drive
General Information
Standard status
Active
Size
6,087 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$11,967
Building Details
Building Size
6,087 SF
Year Built
2014
Construction
brick
Tenancy
Multi
Listing Agency:
Happy 8 Realty Corp
Listed By:
Chih C. Pang
(718) 424-2600
Source:
Serhant
Added: Jan 7
Changed: Sep 5
Last Checked: Jul 30 at 3:27AM
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 Happy 8 Realty Corp
Investment Insights
Based on property information with market context.
This brick income property features a rented corner commercial store along with five rented apartments. The building is currently generating rental income through both the retail space and residential units.
Located in Corona, Queens, the property is described as being close to major transportation options, including airports, buses, and train service. It is also noted as being within walking distance of Flushing Meadows Corona Park, Citi Field, and Flushing Lake, with nearby access to restaurants, pharmacies, and banks.
The mix of a street-facing corner retail storefront plus five residential units provides a combined residential and commercial income approach within one building.
Located in Corona, Queens, the property is described as being close to major transportation options, including airports, buses, and train service. It is also noted as being within walking distance of Flushing Meadows Corona Park, Citi Field, and Flushing Lake, with nearby access to restaurants, pharmacies, and banks.
The mix of a street-facing corner retail storefront plus five residential units provides a combined residential and commercial income approach within one building.
Key Highlights
- Brick corner income property built in 2014
- Includes a rented corner commercial storefront
- Also features five rented 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
$148,793
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
5.95%
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%
$2,975,860
$3.0M
Cap Rate 7%
$2,125,614
$2.1M
Cap Rate 9%
$1,653,256
$1.7M
Market Conditions
NOI Build-Up for 6,087 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
$281.2K $46.20/SF
− Vacancy
−$10.7K −$1.76/SF
EGI
$270.5K $44.44/SF
− OpEx
−$121.7K −$20.00/SF
NOI
$148.8K $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%
$2,975,860
Cap Rate 7%
$2,125,614
Cap Rate 9%
$1,653,256
Alternative Uses
Best Use
Apartment 5plus
$2.13M
$1.86M – $2.48M
NOI $148,793 @ 7.0% cap · market cap 5.95%
Second Best
Retail
$1.55M
$1.36M – $1.81M
NOI $108,653 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$4.49M
$3.93M – $5.24M
NOI $314,118 @ 7.0% cap · market cap 12.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,704
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?
Apartment building - Brick corner income property with a rented commercial storefront and five rented apartments, near major transit and local attractions.
Where is this apartment building located?
The property is located at 10722 37th Drive Corona, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Brick corner income property built in 2014; Includes a rented corner commercial storefront; Also features five rented apartments
