Six-Family Apartment
For Sale
$2,550,000
38-11 111th Street, Corona, NY 11368
Fully occupied apartment property with a finished basement, balconies, backyard, and on-site parking.
Property Size5,515 SF
Lot Size0.08 Acres
Price / SF$462.38
Days on Market97
Property Features for 38-11 111th Street
General Information
Standard status
Active
Size
5,515 SF
Total Parking Spaces
3
Lot size
0.08 Acres
Property subtype
Multi Family
Occupancy
100%
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$1,380
Amenities
fully finished basement
front and rear balconies
backyard
Building Details
Building Size
5,515 SF
Year Built
2004
Buildings
1
Listing Agency:
City Advance Realty Inc
(917) 575-1188
Listed By:
Shan Wang
Source:
Barbieliteam
Added: Apr 30
Changed: Aug 2
Last Checked: Aug 4 at 9:15AM
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 City Advance Realty Inc
Investment Insights
Based on property information with market context.
Built in 2004, this six-family apartment building contains approximately 5,515 ft of building area on a 3,688 sq ft lot. The property measures approximately 20.50x68.38 and includes a fully finished basement, front and rear balconies, a backyard, and three parking spaces. Six gas meters and seven electric meters serve the building, supporting separate residential utility service.
The property is fully occupied and positioned at 38-11 111th Street in Corona, NY. The 7 Train is approximately one block away, with shopping and neighborhood amenities nearby. A tax abatement is currently in place, with the remaining term to be verified by the buyer. Basement and ancillary areas provide additional income-producing space.
The property is fully occupied and positioned at 38-11 111th Street in Corona, NY. The 7 Train is approximately one block away, with shopping and neighborhood amenities nearby. A tax abatement is currently in place, with the remaining term to be verified by the buyer. Basement and ancillary areas provide additional income-producing space.
Key Highlights
- Six‑family apartment building constructed in 2004
- Approximately 5,515 ft of building area on a 3,688 sq ft lot
- Fully finished basement, front and rear balconies, and backyard
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 | $254.8k | $46.20 |
| − Vacancy | −$9.7k | −$1.76 |
| EGI | $245.1k | $44.44 |
| − OpEx | −$110.3k | −$20.00 |
| NOI | $134.8k | $24.44 |
5,515 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $134,811 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.07M
$3.56M – $4.74M
NOI $284,600 @ 7.0% cap · market cap 11.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,845
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 property with a finished basement, balconies, backyard, and on-site parking.
Where is this apartment building located?
The property is located at 38-11 111th Street Corona, NY.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: Six‑family apartment building constructed in 2004; Approximately 5,515 ft of building area on a 3,688 sq ft lot; Fully finished basement, front and rear balconies, and backyard
