Eight-Family Brick Apartment
112-39 38ave, Corona, NY 11368
For Sale
$2,680,000
Residential Income, Corona, NY
Property Size6,424 SF
Price / SF$417.19
Days on Market56
Property Features for 112-39 38ave
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking features
Interior features
Basement
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Standard status
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
full finished basement
Building Details
Year built
Number of units
Building materials
Buildings
Listing Agency:
EXP Realty
(888) 276-0630
Listed By:
Li H. Xu · License NY #10401337318
(646) 244-3092
Added: Sep 15
Changed: Nov 6
Last Checked: Nov 9 at 2:06PM
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.
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Investment Insights
Based on property information with market context.
This legal eight-family apartment building is constructed of brick and was completed in 2006. The four-story property contains approximately 6,424 square feet of building area, with apartments generally configured at approximately two bedrooms and one bathroom each. In total, the building provides approximately 16 bedrooms and 9 bathrooms, along with a full finished basement and original interior details.
The property is located at 112-39 38ave in Corona, Queens, approximately five minutes from the subway. The site has approximately 25 feet of lot frontage, building dimensions of approximately 22 by 215 & 73 feet, and backyard parking for approximately four vehicles. Public water and public sewer serve the property. Heating is provided by natural gas, while cooling is supplied through window or wall/window units. Tenants pay utilities and expenses, and approximately six years remain on the property-tax abatement.
The property is located at 112-39 38ave in Corona, Queens, approximately five minutes from the subway. The site has approximately 25 feet of lot frontage, building dimensions of approximately 22 by 215 & 73 feet, and backyard parking for approximately four vehicles. Public water and public sewer serve the property. Heating is provided by natural gas, while cooling is supplied through window or wall/window units. Tenants pay utilities and expenses, and approximately six years remain on the property-tax abatement.
Key Highlights
- Legal 8‑family apartment building with approximately 6,424 sq. ft. of building area
- Built in 2006 with solid brick construction and four stories
- Approximately 16 bedrooms and 9 bathrooms across the apartments
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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See the owner, sales and loan history
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
2,471
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
$751,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Corona, NY
Properties on Market for Apartment buildings in Corona
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Four-story rental property approximately five minutes from subway service.
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 8‑family apartment building with approximately 6,424 sq. ft. of building area; Built in 2006 with solid brick construction and four stories; Approximately 16 bedrooms and 9 bathrooms across the apartments
