16-Unit Brick Apartment
For Sale
$3,750,000
3354 99th Street, Corona, NY 11368
Established multifamily property with rent-regulated apartments and convenient access to neighborhood services and public transportation.
Property Size13,140 SF
Days on Market40
Property Features for 3354 99th Street
General Information
Standard status
Active
Size
13,140 SF
Property subtype
Commercial
Zoning
R5A
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
21 x 1BR, 11 x 2BR
Multifamily Units
32
Additional Details
Asking Price
$7,250,000
Taxes and HOA fees
Annual Taxes
$37,255
Building Details
Building Size
13,140 SF
Year Built
1927
Buildings
2
Stories
4
Units
16
Construction
solid-brick
Listing Agency:
Telemundo Realty Corp
(347) 945-9108
Listed By:
Eduardo Ramirez · License #10401329468
(347) 945-9108
Source:
Callexitfirst
Added: Jul 22
Changed: Aug 28
Last Checked: Aug 29 at 10:19AM
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 Telemundo Realty Corp
Investment Insights
Based on property information with market context.
This solid-brick apartment building was constructed in 1927 and contains 16 residential units. The property is approximately 40 x 90, with a unit mix that forms part of a broader two-building offering consisting of 21 one-bedroom and 11 two-bedroom apartments. Across the package, 30 units are rent stabilized and 2 are rent controlled.
Zoned R5A, the property is positioned near schools, shopping, banks, restaurants, major roadways, and other neighborhood services. Public transportation includes access to the 7 train at Roosevelt Avenue and Junction Boulevard, along with bus service on Northern Boulevard. The property may be sold individually or as part of the two-building package.
Zoned R5A, the property is positioned near schools, shopping, banks, restaurants, major roadways, and other neighborhood services. Public transportation includes access to the 7 train at Roosevelt Avenue and Junction Boulevard, along with bus service on Northern Boulevard. The property may be sold individually or as part of the two-building package.
Key Highlights
- 16 residential units in a solid‑brick building
- Constructed in 1927
- Approximately 40 x 90 building footprint
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
$321,200
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
8.57%
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%
$6,424,000
$6.4M
Cap Rate 7%
$4,588,571
$4.6M
Cap Rate 9%
$3,568,889
$3.6M
Market Conditions
NOI Build-Up for 13,140 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
$607.1K $46.20/SF
− Vacancy
−$23.1K −$1.76/SF
EGI
$584.0K $44.44/SF
− OpEx
−$262.8K −$20.00/SF
NOI
$321.2K $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%
$6,424,000
Cap Rate 7%
$4,588,571
Cap Rate 9%
$3,568,889
Alternative Uses
Best Use
Apartment 5plus
$4.59M
$4.02M – $5.35M
NOI $321,200 @ 7.0% cap · market cap 8.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.69M
$8.48M – $11.30M
NOI $678,087 @ 7.0% cap · market cap 18.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,517
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Established multifamily property with rent-regulated apartments and convenient access to neighborhood services and public transportation.
Where is this apartment building located?
The property is located at 3354 99th Street Corona, NY.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: 16 residential units in a solid‑brick building; Constructed in 1927; Approximately 40 x 90 building footprint
