6-Family Apartment
For Sale
Contact for pricing
38-11 111th Street, New York, NY 11368
Fully occupied residential property with a finished basement, balconies, backyard, and on-site parking.
Property Size5,515 SF
Lot Size0.08 Acres
Price / SF$444.24
Days on Market173
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
Multifamily
Zoning
R5
Occupancy
100%
Net Operating Income
$139,660
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
6
Amenities
fully finished basement
front and rear balconies
backyard
Building Details
Year Built
2004
Buildings
1
Units
6
Tenancy
Multi
Listing Agency:
City Advance Realty Inc
Listed By:
Shan Wang
(917) 575-1188
Source:
Crexi
Added: Apr 30
Changed: Oct 1
Last Checked: Oct 16 at 7:40AM
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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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 6-family apartment building was constructed in 2004 and provides approximately 5,515 ft of building area on a 3,688 sq ft lot. The property includes a fully finished basement, front and rear balconies, a backyard, and three parking spaces. Separate utility infrastructure includes 6 gas meters and 7 electric meters, while the residential units are fully occupied.
Located at 38-11 111th Street in Corona, the building is approximately one block from the 7 Train and near shopping, transportation, and neighborhood amenities. The structure measures approximately 20.50x68.38 and is situated within an R5 zoning district. The property also includes ancillary and basement space that currently produces additional income.
Located at 38-11 111th Street in Corona, the building is approximately one block from the 7 Train and near shopping, transportation, and neighborhood amenities. The structure measures approximately 20.50x68.38 and is situated within an R5 zoning district. The property also includes ancillary and basement space that currently produces additional income.
Key Highlights
- 6‑family residential 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
Estimated NOI and Cap Rate
NOI / Yr
$172,549
Cap Rate
7.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,450,980
$3.5M
Cap Rate 7%
$2,464,986
$2.5M
Cap Rate 9%
$1,917,211
$1.9M
Market Conditions
NOI Build-Up for 5,515 SF
Gross rent
$330.2K $59.88/SF
− Vacancy
−$16.5K −$2.99/SF
EGI
$313.7K $56.89/SF
− OpEx
−$141.2K −$25.60/SF
NOI
$172.5K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,450,980
Cap Rate 7%
$2,464,986
Cap Rate 9%
$1,917,211
Alternative Uses
Best Use
Apartment 5plus
$2.46M
$2.16M – $2.88M
NOI $172,549 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$13.73M
$12.01M – $16.02M
NOI $960,934 @ 7.0% cap · market cap 39.22%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
8,473
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
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied residential 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 New York, 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: 6‑family residential 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
