Five-Unit Brick Apartment
For Sale
$1,548,000
40-29 97 Street Corona, Ny, NY 11368
Brick five-unit building with three stories plus basement, featuring a garage and one parking space.
Property Size3,300 SF
Price / SF$469.09
Days on Market47
Property Features for 40-29 97 Street Corona
General Information
Standard status
Active
Size
3,300 SF
Total Parking Spaces
3
Additional Details
Highway Access
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$38,345
Amenities
Full
Wood
3
Yes
Back Yard,Fenced,Front Yard
Public
No
Attached
3300
Building Details
Building Size
3,300 SF
Year Built
1999
Stories
3
Tenancy
Multi
Listing Agency:
(718) 684-8000
Listed By:
Camilo Medina
(718) 684-8000
Source:
Parkassets
Added: Jul 9
Changed: Aug 22
Last Checked: Aug 24 at 3:22AM
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 Camilo Medina
Investment Insights
Based on property information with market context.
Solid brick five-unit apartment building built in 1999, configured as three stories plus a basement. The property includes a garage and one parking space.
Located in Corona, NY, the building is described as being one block from Roosevelt Ave and Junction Blvd, with convenient access to nearby banks, buses, shops, restaurants, schools, and parks. The listing also notes easy access to major highways.
This multifamily property is offered for sale and is described as an opportunity to invest while living with family.
Located in Corona, NY, the building is described as being one block from Roosevelt Ave and Junction Blvd, with convenient access to nearby banks, buses, shops, restaurants, schools, and parks. The listing also notes easy access to major highways.
This multifamily property is offered for sale and is described as an opportunity to invest while living with family.
Key Highlights
- Brick 5‑family building built in 1999 with 3 stories plus a full basement
- Approximately 3,300 total building area with wood flooring and full basement
- Attached parking with 3 total parking spaces and a garage
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
$103,248
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
6.67%
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%
$2,064,960
$2.1M
Cap Rate 7%
$1,474,971
$1.5M
Cap Rate 9%
$1,147,200
$1.1M
Market Conditions
NOI Build-Up for 3,300 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
$197.6K $59.88/SF
− Vacancy
−$9.9K −$2.99/SF
EGI
$187.7K $56.89/SF
− OpEx
−$84.5K −$25.60/SF
NOI
$103.2K $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 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%
$2,064,960
Cap Rate 7%
$1,474,971
Cap Rate 9%
$1,147,200
Alternative Uses
Best Use
Apartment 5plus
$1.47M
$1.29M – $1.72M
NOI $103,248 @ 7.0% cap · market cap 6.67%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.21M
$7.19M – $9.58M
NOI $574,992 @ 7.0% cap · market cap 37.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,548
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 - Brick five-unit building with three stories plus basement, featuring a garage and one parking space.
Where is this apartment building located?
The property is located at 40-29 97 Street Corona Ny, NY.
What is the asking price?
The asking price for this property is $1,548,000.
What are key features of this property?
This property features: Brick 5‑family building built in 1999 with 3 stories plus a full basement; Approximately 3,300 total building area with wood flooring and full basement; Attached parking with 3 total parking spaces and a garage
