Six-Family Apartment
For Sale
$2,550,000
38-11 111th Street, Corona, NY 11368
Commercial Sale, Corona, NY
Property Size5,515 SF
Lot Size0.08 Acres
Price / SF$462.38
Days on Market137
Property Features for 38-11 111th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R5
Rooms
Basement
Parking
3
Basement
Finished, Full
Elementary school district
Queens 24
Middle school district
Queens24
High school district
Queens24
Standard status
Active
APN
01783-0007
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
1380
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Amenities
fully finished basement
front and rear balconies
backyard
Building Details
Year built
2004
Number of units
6
Building materials
Brick
Listing Agency:
City Advance Realty Inc
(718) 886-6098
Listed By:
Shan Wang
(917) 575-1188
Added: Apr 30
Changed: Sep 12
Last Checked: Sep 13 at 9:06AM
MLS# 993203
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 2004, this brick apartment building contains six residential units and approximately 5,515 square feet of building area on a 3,688-square-foot lot. The property includes a fully finished basement, front and rear balconies, a backyard, and three parking spaces. Six gas meters and seven electric meters support the building’s residential configuration. Heating is provided by natural gas and hot water, with window or wall/window unit cooling.
The property is located at 38-11 111th Street in Corona, approximately one block from the 7 Train and near shopping and neighborhood amenities. Public water and public sewer serve the site, with natural gas available. The building is zoned R5 and is currently fully occupied. Additional income is generated from basement and ancillary space. A property-tax abatement is in place, with the remaining term subject to buyer verification.
The property is located at 38-11 111th Street in Corona, approximately one block from the 7 Train and near shopping and neighborhood amenities. Public water and public sewer serve the site, with natural gas available. The building is zoned R5 and is currently fully occupied. Additional income is generated from basement and ancillary space. A property-tax abatement is in place, with the remaining term subject to buyer verification.
Key Highlights
- Six‑family residential building constructed in 2004
- Approximately 5,515 ft of building area on a 3,688 sq ft lot
- Fully finished basement plus front and rear balconies
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
$134,811
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
5.29%
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%
$2,696,220
$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
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
$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 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%
$2,696,220
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 5.29%
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
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 residential property with balconies, finished lower-level space, 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 residential building constructed in 2004; Approximately 5,515 ft of building area on a 3,688 sq ft lot; Fully finished basement plus front and rear balconies
