Multifamily Building with Separate
For Sale
$2,880,000
112-42 38 Avenue, Corona, NY 11368
MULTI_FAMILY - Corona, NY
Property Size5,294 SF
Lot Size0.06 Acres
Price / SF$544.01
Days on Market15
Property Features for 112-42 38 Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Rooms
Basement
Basement
Partial
Elementary school district
Contact Agent
Middle school district
Contact Agent
High school district
Contact Agent
Standard status
Active
APN
01785-0020
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
44424
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric
Water source
Public
Building Details
Year built
2018
Number of units
8
Building materials
Brick
Listing Agency:
E Realty International Corp
(718) 886-8110
Listed By:
Fenger Zou · License #10401313262
(347) 996-7996
Added: Jul 27
Last Checked: Aug 10 at 3:06PM
MLS# 1031301
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.
Built in 2018, this multifamily property includes 6 two-bedroom, one-bath units and 2 one-bedroom, one-bath units. The building is listed as approximately 5,294 square feet and features separate utilities, with 8 water meters, 8 gas meters, 9 electric meters, 8 heating systems, and 8 hot water heaters. The property is reported to be fully occupied, with rent receipts available and no written leases provided in the remarks.
Zoned R6, the asset is located in Corona, Queens, just a 2-block walk to the Roosevelt Avenue / 7 train station and near supermarkets, restaurants, and neighborhood amenities. The public remarks also reference proximity to Citi Field.
For tenants, the unit mix supports both one- and two-bedroom needs within a single building, alongside individualized utility services intended to simplify billing and operations.
Zoned R6, the asset is located in Corona, Queens, just a 2-block walk to the Roosevelt Avenue / 7 train station and near supermarkets, restaurants, and neighborhood amenities. The public remarks also reference proximity to Citi Field.
For tenants, the unit mix supports both one- and two-bedroom needs within a single building, alongside individualized utility services intended to simplify billing and operations.
Key Highlights
- Built in 2018 brick multifamily with approx. 5,294 SF (25' x 51') on a 25' x 100' lot
- Unit mix: 6 two‑bedroom/one‑bath units and 2 one‑bedroom/one‑bath units
- Fully occupied with all units rented at market rates; rent receipts available (no written leases)
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
$129,409
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
4.49%
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%
$2,588,180
$2.6M
Cap Rate 7%
$1,848,700
$1.8M
Cap Rate 9%
$1,437,878
$1.4M
Market Conditions
NOI Build-Up for 5,294 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
$244.6K $46.20/SF
− Vacancy
−$9.3K −$1.76/SF
EGI
$235.3K $44.44/SF
− OpEx
−$105.9K −$20.00/SF
NOI
$129.4K $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 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%
$2,588,180
Cap Rate 7%
$1,848,700
Cap Rate 9%
$1,437,878
Alternative Uses
Best Use
Apartment 5plus
$1.85M
$1.62M – $2.16M
NOI $129,409 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.90M
$3.41M – $4.55M
NOI $273,196 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
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 - Built in 2018 multifamily with fully rented units and separate utility metering for each tenant.
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: Built in 2018 brick multifamily with approx. 5,294 SF (25' x 51') on a 25' x 100' lot; Unit mix: 6 two‑bedroom/one‑bath units and 2 one‑bedroom/one‑bath units; Fully occupied with all units rented at market rates; rent receipts available (no written leases)
