2018-Built Apartment
New
For Sale
$2,880,000
112-42 38 Avenue, Corona, NY 11368
Fully occupied apartment building built in 2018 with separate utilities for each unit and a mix of one- and two-bedroom layouts.
Property Size5,464 SF
Lot Size0.06 Acres
Price / SF$527.09
Days on Market4
Property Features for 112-42 38 Avenue
General Information
Standard status
Active
Size
5,464 SF
Lot size
0.06 Acres
Property subtype
Multi Family
Zoning
R6
Occupancy
100%
Financials
Cap Rate
6%
Gross Income
$210,000
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
6 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
8
Building Details
Building Size
5,464 SF
Year Built
2018
Listing Agency:
E Realty International Corp
(347) 996-7996
Listed By:
Fenger Zou · License #10401313262
Source:
Cbwarburg
Added: Jul 27
Changed: Jul 30
Last Checked: Jul 30 at 10:47AM
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 E Realty International Corp
Investment Insights
Based on property information with market context.
This 8-unit apartment building was built in 2018 and sits on a 25' x 100' lot. The building measures approximately 25' x 51' (about 5,294 SF) and is zoned R6. The unit mix includes six two-bedroom, one-bath units and two one-bedroom, one-bath units.
The property has separate utilities, with 8 water meters, 8 gas meters, 9 electric meters, and 8 heating systems plus 8 hot water heaters. The building is fully occupied, with rent receipts available (no written leases).
An estimated cap rate of 5%–6% is reflected in the investment highlights. The location is just a 2-block walk to the Roosevelt Avenue / 7 Train station, with nearby access to supermarkets and restaurants, along with Citi Field and neighborhood amenities.
The property has separate utilities, with 8 water meters, 8 gas meters, 9 electric meters, and 8 heating systems plus 8 hot water heaters. The building is fully occupied, with rent receipts available (no written leases).
An estimated cap rate of 5%–6% is reflected in the investment highlights. The location is just a 2-block walk to the Roosevelt Avenue / 7 Train station, with nearby access to supermarkets and restaurants, along with Citi Field and neighborhood amenities.
Key Highlights
- 2018‑built, zoned R6 8‑unit apartment building with a 6/2 two‑bedroom and one‑bedroom mix
- Approximately 5,294 SF building on a 25' x 100' lot
- Separate utilities with 8 water meters, 8 gas meters, and 9 electric meters
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $252.4k | $46.20 |
| − Vacancy | −$9.6k | −$1.76 |
| EGI | $242.8k | $44.44 |
| − OpEx | −$109.3k | −$20.00 |
| NOI | $133.6k | $24.44 |
5,464 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.91M
$1.67M – $2.23M
NOI $133,564 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.03M
$3.52M – $4.70M
NOI $281,969 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
100%
Occupancy
Yes
Utilities to site
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
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 - Fully occupied apartment building built in 2018 with separate utilities for each unit and a mix of one- and two-bedroom layouts.
Where is this apartment building located?
The property is located at 112-42 38 Avenue Corona, NY.
What is the asking price?
The asking price for this property is $2,880,000.
What are key features of this property?
This property features: 2018‑built, zoned R6 8‑unit apartment building with a 6/2 two‑bedroom and one‑bedroom mix; Approximately 5,294 SF building on a 25' x 100' lot; Separate utilities with 8 water meters, 8 gas meters, and 9 electric meters
