8-Unit Brick Apartment
For Sale
$2,680,000
112-39 38ave, Corona, NY 11368
Four stories of apartments sit above a finished basement, with backyard parking for four vehicles.
Property Size6,424 SF
Price / SF$417.19
Days on Market40
Property Features for 112-39 38ave
General Information
Standard status
Active
Size
6,424 SF
Total Parking Spaces
4
Property subtype
Residential Income
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Additional Details
Gross Income
$235,000
Public Transit
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$1,120
Amenities
Original Details
Building Details
Building Size
6,424 SF
Year Built
2006
Buildings
1
Stories
4
Units
8
Construction
brick
Listed By:
Gail Leone
(914) 723-8228
Source:
Clairedleone
Added: Sep 15
Changed: Oct 23
Last Checked: Oct 23 at 5:52PM
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 Gail Leone
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Investment Insights
Based on property information with market context.
Built in 2006, this legal eight-family apartment property has four stories of solid brick construction and approximately 6,424 square feet. The eight apartments are described as having approximately two bedrooms each. A full finished basement and backyard parking for approximately four vehicles add to the building’s physical layout.
The property is approximately five minutes from the subway. It also has approximately six years remaining on its property-tax abatement. Tenants pay all utilities and expenses.
The property is approximately five minutes from the subway. It also has approximately six years remaining on its property-tax abatement. Tenants pay all utilities and expenses.
Key Highlights
- Legal eight‑family building with approximately 6,424 square feet
- Built in 2006 with solid brick construction
- Four stories and a full finished basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$157,031
Cap Rate
5.86%
Suggested Prices Based on Cap Rates
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
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 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.
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Open Analytics
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Four stories of apartments sit above a finished basement, with backyard parking for four vehicles.
Where is this apartment building located?
The property is located at 112-39 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 eight‑family building with approximately 6,424 square feet; Built in 2006 with solid brick construction; Four stories and a full finished basement
