6-Family Apartment
For Sale
$2,450,000
38-11 111th Street, Corona, NY 11368
Currently fully occupied, the property includes a finished basement with additional income from basement and ancillary space.
Property Size5,515 SF
Lot Size0.08 Acres
Price / SF$444.24
Days on Market178
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
Commercial
Zoning
R5
Occupancy
100%
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Multifamily Units
6
Individually Metered Utilities
gas, electricity
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$11,653
Amenities
fully finished basement
front and rear balconies
backyard
Building Details
Building Size
5,515 SF
Year Built
2004
Buildings
1
Stories
3
Units
6
Listing Agency:
City Advance Realty Inc
(718) 886-6098
Listed By:
Shan Wang
(917) 575-1188
Source:
Croninreale
Added: Apr 30
Changed: Oct 23
Last Checked: Oct 23 at 4:50PM
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
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Investment Insights
Based on property information with market context.
This six-family residential building, constructed in 2004, contains approximately 5,515 square feet on a 3,688-square-foot lot. The property measures approximately 20.50 by 125 feet, with a building footprint of about 20.50 by 68.38 feet. Interior and outdoor features include a fully finished basement, balconies at the front and rear, a backyard, and three parking spaces. Six gas meters and seven electric meters serve the building. R5 zoning applies, and the property is currently fully occupied, with additional income generated by basement and ancillary space.
At 38-11 111th Street in Corona, the building is approximately one block from the 7 Train. Shopping and neighborhood amenities are also nearby.
At 38-11 111th Street in Corona, the building is approximately one block from the 7 Train. Shopping and neighborhood amenities are also nearby.
Key Highlights
- Six‑family building with approximately 5,515 square feet on a 3,688‑square‑foot lot
- Built in 2004; zoned R5
- Fully finished basement, front and rear balconies, and backyard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$134,811
Cap Rate
5.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,696,220
$2.7M
Cap Rate 7%
$1,925,871
$1.9M
Cap Rate 9%
$1,497,900
$1.5M
Market Conditions
NOI Build-Up for 5,515 SF
Gross rent
$254.8K $46.20/SF
− Vacancy
−$9.7K −$1.76/SF
EGI
$245.1K $44.44/SF
− OpEx
−$110.3K −$20.00/SF
NOI
$134.8K $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 Rate 5%
$2,696,220
Cap Rate 7%
$1,925,871
Cap Rate 9%
$1,497,900
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $134,811 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.07M
$3.56M – $4.74M
NOI $284,600 @ 7.0% cap · market cap 11.62%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
6
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
856
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Currently fully occupied, the property includes a finished basement with additional income from basement and ancillary space.
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 $2,450,000.
What are key features of this property?
This property features: Six‑family building with approximately 5,515 square feet on a 3,688‑square‑foot lot; Built in 2004; zoned R5; Fully finished basement, front and rear balconies, and backyard
