Two-Dwelling Residential Income
For Sale
$1,250,000
Pending
111-27 38th Ave, Queens, NY 11368
Two-dwelling home with finished basement, vacant spaces, and a currently rented 2nd-floor unit.
Property Size1,938 SF
Days on Market139
Property Features for 111-27 38th Ave
General Information
Standard status
Pending
Size
1,938 SF
Property subtype
Other
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
Units
2
Listing Agency:
Winzone Realty Inc
Listed By:
Hsio Chu Chiu
(917) 742-9681
Source:
Elliman
Added: Jun 12
Changed: Oct 25
Last Checked: Oct 26 at 3:30PM
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
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Investment Insights
Based on property information with market context.
This residential income property is set on an R5A lot measuring 24.58 by 97, with a building footprint of approximately 20 by 47 and a noted 9-foot ceiling height. The two-dwelling layout includes an attic and a fully finished basement with a separate outside entrance (OSE), plus a first floor that is currently vacant. The second floor contains four bedrooms, a living room, an eat-in kitchen, and one bathroom and is currently rented at $2,200 per month. The attic has two electric meters and the property has two gas meters, supporting separate utility arrangements.
The property is located at 111-27 38th Ave in Corona, Queens. Public remarks indicate the building is configured for flexible use with vacant space available on the first floor and in the basement area, while the second-floor unit remains leased.
For tenants and owners, the existing layout provides on-site flexibility: a leased second-floor apartment alongside vacant first-floor and basement space that may support continued income, owner-occupancy, or reconfiguration depending on requirements. With multiple finished areas and a separate outside entrance to the basement, the property can accommodate different living arrangements within the same building.
The property is located at 111-27 38th Ave in Corona, Queens. Public remarks indicate the building is configured for flexible use with vacant space available on the first floor and in the basement area, while the second-floor unit remains leased.
For tenants and owners, the existing layout provides on-site flexibility: a leased second-floor apartment alongside vacant first-floor and basement space that may support continued income, owner-occupancy, or reconfiguration depending on requirements. With multiple finished areas and a separate outside entrance to the basement, the property can accommodate different living arrangements within the same building.
Key Highlights
- R5A lot size 24.58 x 97 with a 20 x 47 building
- 1910 two‑dwelling home with finished attic and a finished basement with outside separate entrance (OSE)
- Second‑floor unit includes 4 bedrooms, living room, eat‑in kitchen, and 1 bath; currently rented at $2,200/month
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,373
Cap Rate
3.79%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
6,448
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two-dwelling home with finished basement, vacant spaces, and a currently rented 2nd-floor unit.
Where is this duplex located?
The property is located at 111-27 38th Ave Queens, 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 lot size 24.58 x 97 with a 20 x 47 building; 1910 two‑dwelling home with finished attic and a finished basement with outside separate entrance (OSE); Second‑floor unit includes 4 bedrooms, living room, eat‑in kitchen, and 1 bath; currently rented at $2,200/month
