Four-Unit Multifamily Near
For Sale
$1,499,999
Pending
104-61 Roosevelt Avenue, Corona, NY 11368
R6B zoning with a C1-4 overlay and a finished basement support varied residential and development considerations.
Property Size3,124 SF
Lot Size0.07 Acres
Days on Market629
Property Features for 104-61 Roosevelt Avenue
General Information
Standard status
Pending
Size
3,124 SF
Lot size
0.07 Acres
Property subtype
Multi Family
Zoning
R6B
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 4BR, 2 x 2BR, 1 x 1BR
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$10,845
Building Details
Year Built
1931
Listing Agency:
A & A Associates
(718) 229-1848
Listed By:
Chao Ling Yeh CBR · License #37YE0942261
(718) 229-1848
Source:
Exitrealty
Added: Dec 10, 2024
Changed: Aug 29
Last Checked: Aug 30 at 3:03PM
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 A & A Associates
Investment Insights
Based on property information with market context.
This 1931 multifamily property contains 3,124 square feet on a 25-by-125-foot lot. The four-unit configuration includes a first-floor apartment with four bedrooms, a second floor divided into two apartments, and a third-floor apartment with two bedrooms, an eat-in kitchen, and a bathroom. A full finished basement adds usable interior space, and separate hot water heaters are provided.
The property is located on Roosevelt Avenue in Corona, one-half block from the #7 train. Current zoning is R6B with a C1-4 overlay. The property information identifies potential for up to 9,200 square feet of mixed-use development, including commercial and residential condominium use. The address is 104-61 Roosevelt Avenue, Corona, NY 11368.
The property is located on Roosevelt Avenue in Corona, one-half block from the #7 train. Current zoning is R6B with a C1-4 overlay. The property information identifies potential for up to 9,200 square feet of mixed-use development, including commercial and residential condominium use. The address is 104-61 Roosevelt Avenue, Corona, NY 11368.
Key Highlights
- Four‑unit layout with apartments arranged across the first, second, and third floors
- 3,124 SF building on a 25‑by‑125‑foot lot
- R6B zoning with a C1‑4 overlay
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
$76,364
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
5.09%
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%
$1,527,280
$1.5M
Cap Rate 7%
$1,090,914
$1.1M
Cap Rate 9%
$848,489
$848.5K
Market Conditions
NOI Build-Up for 3,124 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
$144.3K $46.20/SF
− Vacancy
−$5.5K −$1.76/SF
EGI
$138.8K $44.44/SF
− OpEx
−$62.5K −$20.00/SF
NOI
$76.4K $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%
$1,527,280
Cap Rate 7%
$1,090,914
Cap Rate 9%
$848,489
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$954.6K – $1.27M
NOI $76,364 @ 7.0% cap · market cap 5.09%
Second Best
Multifamily LT 5
$738.7K
$646.3K – $861.8K
NOI $51,707 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$2.30M
$2.02M – $2.69M
NOI $161,213 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,847
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?
Quadplex - R6B zoning with a C1-4 overlay and a finished basement support varied residential and development considerations.
Where is this quadplex located?
The property is located at 104-61 Roosevelt Avenue Corona, NY.
What is the asking price?
The asking price for this property is $1,499,999.
What are key features of this property?
This property features: Four‑unit layout with apartments arranged across the first, second, and third floors; 3,124 SF building on a 25‑by‑125‑foot lot; R6B zoning with a C1‑4 overlay
