Brick Apartment Building with Community
For Sale
$2,390,000
38-19 99th Street, Corona, NY 11368
Fully occupied residential property with rent-stabilized apartments and two community facility units.
Property Size5,184 SF
Days on Market136
Property Features for 38-19 99th Street
General Information
Standard status
Active
Size
5,184 SF
Property subtype
Commercial
Occupancy
100%
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Cap Rate
6.25%
Sprinkler System
Yes
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$6,098
Building Details
Building Size
5,184 SF
Year Built
2005
Stories
4
Units
9
Construction
brick walk-up
Listing Agency:
Lin Pan Realty Group LLC
(646) 785-1699
Listed By:
Qian Huang
(646) 785-1699
Source:
Cornerstonemyhome
Added: Apr 17
Changed: Aug 28
Last Checked: Aug 29 at 10:20AM
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 Lin Pan Realty Group LLC
Investment Insights
Based on property information with market context.
Built in 2005, this four-story brick walk-up combines residential apartments with two community facility units. The property is fully occupied, and the residential units are rent-stabilized. The community spaces are currently used as a religious center and a professional herbal treatment center.
Building systems include individual gas and electric metering and sprinklers throughout. The property is located near Roosevelt Avenue and within walking distance of subway service offering access to Manhattan and Flushing. The investment profile includes a stated 6.25% cap rate.
Building systems include individual gas and electric metering and sprinklers throughout. The property is located near Roosevelt Avenue and within walking distance of subway service offering access to Manhattan and Flushing. The investment profile includes a stated 6.25% cap rate.
Key Highlights
- Four‑story brick walk‑up constructed in 2005
- Fully occupied building with rent‑stabilized residential units
- Two community facility units currently in use
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
$126,720
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
5.30%
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%
$2,534,400
$2.5M
Cap Rate 7%
$1,810,286
$1.8M
Cap Rate 9%
$1,408,000
$1.4M
Market Conditions
NOI Build-Up for 5,184 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
$239.5K $46.20/SF
− Vacancy
−$9.1K −$1.76/SF
EGI
$230.4K $44.44/SF
− OpEx
−$103.7K −$20.00/SF
NOI
$126.7K $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%
$2,534,400
Cap Rate 7%
$1,810,286
Cap Rate 9%
$1,408,000
Alternative Uses
Best Use
Apartment 5plus
$1.81M
$1.58M – $2.11M
NOI $126,720 @ 7.0% cap · market cap 5.30%
Second Best
Mixed Use
$953.1K
$834.0K – $1.11M
NOI $66,718 @ 7.0% cap · market cap 2.79%
Theoretical Best
Office A
$3.82M
$3.34M – $4.46M
NOI $267,519 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,056
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 residential property with rent-stabilized apartments and two community facility units.
Where is this apartment building located?
The property is located at 38-19 99th Street Corona, NY.
What is the asking price?
The asking price for this property is $2,390,000.
What are key features of this property?
This property features: Four‑story brick walk‑up constructed in 2005; Fully occupied building with rent‑stabilized residential units; Two community facility units currently in use
