8-Unit Brick Apartment
New
For Sale
$2,680,000
112 38ave, Corona, NY 11368
Residential Income, Corona, NY
Property Size6,424 SF
Price / SF$417.19
Days on Market2
Property Features for 112 38ave
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
16
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 10, Bedroom 1, Bedroom 13, Bathroom 4, Bedroom 2, Bedroom 14, Bathroom 2, Bathroom 7, Bedroom 3, Bedroom 5, Bathroom 9, Bathroom 3, Bedroom 12, Basement, Bedroom 8, Bedroom 15, Bedroom 9, Bathroom 8, Bedroom 16, Bathroom 5, Bathroom 6, Bedroom 4, Bedroom 7, Bedroom 11, Bathroom 1, Bedroom 6
Parking features
Parking Lot
Interior features
Original Details
Basement
Full
Elementary school
Ps 143 Louis Armstrong
Middle school
Corona Arts And Sciences Academy
High school
High School For Arts & Business
Elementary school district
Queens 24
Middle school district
Queens24
High school district
Queens24
Standard status
Active
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
1120
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
2006
Number of units
8
Building materials
Brick
Listing Agency:
EXP Realty
(888) 276-0630
Listed By:
Li H. Xu · License #10401337318
(646) 244-3092
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 16 at 6:06AM
MLS# 1050891
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This legal eight-family apartment property is a four-story, all-brick building constructed in 2006. The approximately 6,424-square-foot structure includes eight apartments, each configured with approximately two bedrooms and one bathroom, for approximately 16 bedrooms and 9 bathrooms overall. A full finished basement adds usable interior space, while original details remain part of the interior character. Heating is provided by natural gas, with wall or window cooling units.
The property sits at 112 38ave in Corona, Queens, approximately five minutes from the subway. The site includes a backyard parking area for approximately four vehicles, a public water supply, and public sewer service. The building has approximately 25 feet of lot frontage and dimensions of approximately 22 by 73 feet. An existing property-tax abatement has approximately six years remaining, and tenants pay all utilities and expenses.
The property sits at 112 38ave in Corona, Queens, approximately five minutes from the subway. The site includes a backyard parking area for approximately four vehicles, a public water supply, and public sewer service. The building has approximately 25 feet of lot frontage and dimensions of approximately 22 by 73 feet. An existing property-tax abatement has approximately six years remaining, and tenants pay all utilities and expenses.
Key Highlights
- Legal 8‑family apartment property constructed in 2006
- Approximately 6,424 sq. ft. of building area
- Eight apartments with approximately 16 bedrooms and 9 bathrooms total
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
$157,031
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
5.86%
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%
$3,140,620
$3.1M
Cap Rate 7%
$2,243,300
$2.2M
Cap Rate 9%
$1,744,789
$1.7M
Market Conditions
NOI Build-Up for 6,424 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
$296.8K $46.20/SF
− Vacancy
−$11.3K −$1.76/SF
EGI
$285.5K $44.44/SF
− OpEx
−$128.5K −$20.00/SF
NOI
$157.0K $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%
$3,140,620
Cap Rate 7%
$2,243,300
Cap Rate 9%
$1,744,789
Alternative Uses
Best Use
Apartment 5plus
$2.24M
$1.96M – $2.62M
NOI $157,031 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.74M
$4.14M – $5.53M
NOI $331,509 @ 7.0% cap · market cap 12.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
4,321
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Four-story multifamily property with a finished basement, public utilities, and backyard parking.
Where is this apartment building located?
The property is located at 112 38ave Corona, NY.
What is the asking price?
The asking price for this property is $2,680,000.
What are key features of this property?
This property features: Legal 8‑family apartment property constructed in 2006; Approximately 6,424 sq. ft. of building area; Eight apartments with approximately 16 bedrooms and 9 bathrooms total
