Two-Dwelling Duplex with Finished
For Sale
$1,250,000
111-27 38th Avenue, Corona, NY 11368
Finished basement includes a separate outside entrance, while the first floor is vacant.
Property Size1,938 SF
Lot Size0.05 Acres
Days on Market63
Property Features for 111-27 38th Avenue
General Information
Standard status
Active
Size
1,938 SF
Lot size
0.05 Acres
Property subtype
Duplex
Zoning
R5A
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,360
Building Details
Building Size
1,938 SF
Year Built
1910
Listing Agency:
Winzone Realty Inc
(917) 742-9681
Listed By:
Hsio Chu Chiu
Source:
Serhant
Added: Jun 9
Changed: Aug 9
Last Checked: Aug 9 at 3:02PM
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 Winzone Realty Inc
Investment Insights
Based on property information with market context.
This two-dwelling duplex was built in 1910 on a 24.58 x 97 lot, with a building footprint measuring 20 x 47. The finished basement is vacant and has its own outside entrance. The first floor is also vacant. The second-floor layout includes four bedrooms, a living room, an eat-in kitchen, and one bathroom. An attic provides additional space, and the property has separate electric and gas meters.
The building is located at 111-27 38th Avenue in Corona, near the intersection of 111th Street and 38th Avenue. The property is designated R5A. The second-floor residence is currently occupied under a rental arrangement, while the lower-level spaces offer separate existing configurations.
The building is located at 111-27 38th Avenue in Corona, near the intersection of 111th Street and 38th Avenue. The property is designated R5A. The second-floor residence is currently occupied under a rental arrangement, while the lower-level spaces offer separate existing configurations.
Key Highlights
- R5A‑zoned duplex on a 24.58 x 97 lot
- 20 x 47 building footprint constructed in 1910
- Finished vacant basement with outside separate entrance
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
$47,373
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
3.79%
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%
$947,460
$947.5K
Cap Rate 7%
$676,757
$676.8K
Cap Rate 9%
$526,367
$526.4K
Market Conditions
NOI Build-Up for 1,938 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
$89.5K $46.20/SF
− Vacancy
−$3.4K −$1.76/SF
EGI
$86.1K $44.44/SF
− OpEx
−$38.8K −$20.00/SF
NOI
$47.4K $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%
$947,460
Cap Rate 7%
$676,757
Cap Rate 9%
$526,367
Alternative Uses
Best Use
Apartment 5plus
$676.8K
$592.2K – $789.6K
NOI $47,373 @ 7.0% cap · market cap 3.79%
Second Best
Multifamily LT 5
$458.2K
$401.0K – $534.6K
NOI $32,077 @ 7.0% cap · market cap 2.57%
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,010 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,845
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?
Duplex - Finished basement includes a separate outside entrance, while the first floor is vacant.
Where is this duplex located?
The property is located at 111-27 38th Avenue Corona, NY.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: R5A‑zoned duplex on a 24.58 x 97 lot; 20 x 47 building footprint constructed in 1910; Finished vacant basement with outside separate entrance
