Four-Story Mixed-Use
For Sale
$2,390,000
38-19 99th Street Corona, Ny, NY 11368
Fully occupied mixed-use building with rent-stabilized residences and community facility space in Corona.
Property Size5,184 SF
Price / SF$461.03
Days on Market54
Property Features for 38-19 99th Street Corona
General Information
Standard status
Active
Size
5,184 SF
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
Amenities
Finished,Full
4
Yes
Finished, Full
Public
No
5184
Building Details
Building Size
5,184 SF
Year Built
2005
Stories
4
Construction
brick walk-up
Listing Agency:
(718) 684-8000
Listed By:
Nadira Persaud
(718) 684-8000
Source:
Parkassets
Added: Jul 8
Changed: Aug 29
Last Checked: Aug 29 at 7:32PM
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 Nadira Persaud
Investment Insights
Based on property information with market context.
Built in 2005, this four-story brick walk-up combines rent-stabilized residential units with two community facility units. The community spaces are currently occupied by a religious center and a professional herbal treatment center. Individual gas and electric meters support separate utility management, while a sprinkler system serves the building throughout. The property is fully occupied and carries a 6.25% cap rate.
Located at 38-19 99th Street in Corona, the building is a short walk from Roosevelt Avenue and near subway access serving Manhattan and Flushing. The surrounding Roosevelt Avenue corridor provides nearby commerce and dining, while the property’s mixed-use configuration accommodates both residential and community-oriented occupancy.
Located at 38-19 99th Street in Corona, the building is a short walk from Roosevelt Avenue and near subway access serving Manhattan and Flushing. The surrounding Roosevelt Avenue corridor provides nearby commerce and dining, while the property’s mixed-use configuration accommodates both residential and community-oriented occupancy.
Key Highlights
- Fully occupied mixed‑use property with rent‑stabilized residential units
- Two community facility units currently used by a religious center and herbal treatment center
- Four‑story brick walk‑up built in 2005
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
$165,240
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
6.91%
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%
$3,304,800
$3.3M
Cap Rate 7%
$2,360,571
$2.4M
Cap Rate 9%
$1,836,000
$1.8M
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
$311.0K $60.00/SF
− Vacancy
−$46.7K −$9.00/SF
EGI
$264.4K $51.00/SF
− OpEx
−$99.1K −$19.13/SF
NOI
$165.2K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,304,800
Cap Rate 7%
$2,360,571
Cap Rate 9%
$1,836,000
Alternative Uses
Best Use
Mixed Use
$2.36M
$2.07M – $2.75M
NOI $165,240 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$2.32M
$2.03M – $2.70M
NOI $162,193 @ 7.0% cap · market cap 6.79%
Theoretical Best
Specialty Retail
$12.90M
$11.29M – $15.05M
NOI $903,260 @ 7.0% cap · market cap 37.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
100%
Occupancy
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5,556
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?
Mixed-use property - Fully occupied mixed-use building with rent-stabilized residences and community facility space in Corona.
Where is this mixed-use property located?
The property is located at 38-19 99th Street Corona Ny, 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: Fully occupied mixed‑use property with rent‑stabilized residential units; Two community facility units currently used by a religious center and herbal treatment center; Four‑story brick walk‑up built in 2005
