Four-Unit Multifamily
New
For Sale
$1,725,000
40-54 97th Street, Corona, NY 11368
Three-story configuration includes four occupied apartments and an updated heating system.
Property Size3,360 SF
Days on Market3
Property Features for 40-54 97th Street
General Information
Standard status
Active
Size
3,360 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
4
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$32,496
Building Details
Building Size
3,360 SF
Year Built
1988
Buildings
1
Stories
3
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Tayler E. Mollitor · License #10401272732
(516) 263-8689
Source:
Serhant
Added: Oct 29
Changed: Oct 31
Last Checked: Oct 31 at 3:06AM
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 Douglas Elliman Real Estate
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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 three-story multifamily property contains four apartments, all occupied, and has an updated heating system. Built in 1988, the building is being offered in as-is condition.
The property is in Corona, Queens, near public transportation, shopping, dining, and neighborhood amenities.
The property is in Corona, Queens, near public transportation, shopping, dining, and neighborhood amenities.
Key Highlights
- Four occupied apartments
- Three‑story multifamily building
- Updated heating system
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$82,133
Cap Rate
4.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,642,660
$1.6M
Cap Rate 7%
$1,173,329
$1.2M
Cap Rate 9%
$912,589
$912.6K
Market Conditions
NOI Build-Up for 3,360 SF
Gross rent
$155.2K $46.20/SF
− Vacancy
−$5.9K −$1.76/SF
EGI
$149.3K $44.44/SF
− OpEx
−$67.2K −$20.00/SF
NOI
$82.1K $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 Rate 5%
$1,642,660
Cap Rate 7%
$1,173,329
Cap Rate 9%
$912,589
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.03M – $1.37M
NOI $82,133 @ 7.0% cap · market cap 4.76%
Second Best
Multifamily LT 5
$794.5K
$695.2K – $926.9K
NOI $55,613 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$2.48M
$2.17M – $2.89M
NOI $173,392 @ 7.0% cap · market cap 10.05%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
4
Residential units
100%
Occupancy
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
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
Frequently Asked Questions
What type of property is this?
Quadplex - Three-story configuration includes four occupied apartments and an updated heating system.
Where is this quadplex located?
The property is located at 40-54 97th Street Corona, NY.
What is the asking price?
The asking price for this property is $1,725,000.
What are key features of this property?
This property features: Four occupied apartments; Three‑story multifamily building; Updated heating system
