Seven-Unit Brick Apartment
For Sale
$3,800,000
11038 Saultell Avenue, Corona, NY 11368
Four-story brick construction contains seven residential units in an R6-zoned property.
Property Size5,960 SF
Lot Size0.06 Acres
Days on Market351
Property Features for 11038 Saultell Avenue
General Information
Standard status
Active
Size
5,960 SF
Lot size
0.06 Acres
Property subtype
Commercial
Zoning
R6
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$49,549
Building Details
Building Size
5,960 SF
Year Built
2022
Buildings
1
Stories
4
Units
7
Construction
brick
Listing Agency:
Tony & William R E Brotherhood
(718) 775-2219
Listed By:
Chun H. Xie
(718) 775-2219
Source:
Mydreamhomerealty
Added: Sep 15, 2025
Changed: Aug 28
Last Checked: Aug 29 at 10:20AM
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 Tony & William R E Brotherhood
Investment Insights
Based on property information with market context.
Built in 2022, this four-story brick apartment building contains seven residential units on a 2,795-square-foot lot. The property is zoned R6 and offers a recently constructed multifamily configuration at 11038 Saultell Avenue in Corona, Queens.
The building is near Queens Center Mall, Rego Park Shopping Complex, Flushing Meadows Park, and the New York Hall of Science. Multiple bus lines operate along 108th Street, adding public transportation access to the surrounding area.
The building is near Queens Center Mall, Rego Park Shopping Complex, Flushing Meadows Park, and the New York Hall of Science. Multiple bus lines operate along 108th Street, adding public transportation access to the surrounding area.
Key Highlights
- Seven residential units in a four‑story brick building
- Constructed in 2022
- 2,795 sq. ft. lot
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
$145,689
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
3.83%
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%
$2,913,780
$2.9M
Cap Rate 7%
$2,081,271
$2.1M
Cap Rate 9%
$1,618,767
$1.6M
Market Conditions
NOI Build-Up for 5,960 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
$275.4K $46.20/SF
− Vacancy
−$10.5K −$1.76/SF
EGI
$264.9K $44.44/SF
− OpEx
−$119.2K −$20.00/SF
NOI
$145.7K $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%
$2,913,780
Cap Rate 7%
$2,081,271
Cap Rate 9%
$1,618,767
Alternative Uses
Best Use
Apartment 5plus
$2.08M
$1.82M – $2.43M
NOI $145,689 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.39M
$3.84M – $5.13M
NOI $307,565 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,638
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?
Apartment building - Four-story brick construction contains seven residential units in an R6-zoned property.
Where is this apartment building located?
The property is located at 11038 Saultell 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 residential units in a four‑story brick building; Constructed in 2022; 2,795 sq. ft. lot
