Brick 7-Unit Multifamily
For Sale
Contact for pricing
45-12 111 St, Corona, NY 11368
Well-maintained 7-unit, solid brick semi-attached building with six 1-bedroom units and one 3-bedroom unit.
Property Size2,500 SF
Price / SF$679.60
Days on Market52
Property Features for 45-12 111 St
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Mixed Use
Additional Details
Highway Access
Yes
Multifamily Units
7
Building Details
Year Built
2004
Listing Agency:
EAST COAST NEW YORK INC
(718) 415-4043
Listed By:
Millie Hong-Jiao
Source:
Crexi
Added: Jul 3
Changed: Aug 10
Last Checked: Aug 23 at 11:12AM
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 EAST COAST NEW YORK INC
Investment Insights
Based on property information with market context.
Solid brick semi-attached 7-family apartment building built in 2004 and described as well-maintained. The building contains six 1-bedroom/1-bath apartments and one spacious 3-bedroom/2-bath apartment, including a private balcony. The property is rent-stabilized and benefits from a 25-year 421-a tax exemption scheduled to expire in 2030.
Located in the heart of Corona, the property is near bus service for Q23 and close to the 111 Street #7 subway station. The remarks also indicate proximity to shopping, supermarkets, restaurants, schools, parks, and major highways.
Also noted in the materials is an adjacent property at 45-10 111th Street available for sale, which may allow the purchase of one building individually or both as a package.
Located in the heart of Corona, the property is near bus service for Q23 and close to the 111 Street #7 subway station. The remarks also indicate proximity to shopping, supermarkets, restaurants, schools, parks, and major highways.
Also noted in the materials is an adjacent property at 45-10 111th Street available for sale, which may allow the purchase of one building individually or both as a package.
Key Highlights
- 2004‑built solid brick semi‑attached 7‑family apartment building
- Unit mix: six 1‑bedroom/1‑bath apartments plus one 3‑bedroom/2‑bath apartment with a private balcony
- Rent‑stabilized property with a 25‑year 421‑a tax exemption scheduled to expire in 2030
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
$61,111
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
3.60%
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%
$1,222,220
$1.2M
Cap Rate 7%
$873,014
$873.0K
Cap Rate 9%
$679,011
$679.0K
Market Conditions
NOI Build-Up for 2,500 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
$115.5K $46.20/SF
− Vacancy
−$4.4K −$1.76/SF
EGI
$111.1K $44.44/SF
− OpEx
−$50.0K −$20.00/SF
NOI
$61.1K $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 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%
$1,222,220
Cap Rate 7%
$873,014
Cap Rate 9%
$679,011
Alternative Uses
Best Use
Apartment 5plus
$873.0K
$763.9K – $1.02M
NOI $61,111 @ 7.0% cap · market cap 3.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.84M
$1.61M – $2.15M
NOI $129,012 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
856
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 - Well-maintained 7-unit, solid brick semi-attached building with six 1-bedroom units and one 3-bedroom unit.
Where is this apartment building located?
The property is located at 45-12 111 St Corona, NY.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: 2004‑built solid brick semi‑attached 7‑family apartment building; Unit mix: six 1‑bedroom/1‑bath apartments plus one 3‑bedroom/2‑bath apartment with a private balcony; Rent‑stabilized property with a 25‑year 421‑a tax exemption scheduled to expire in 2030
