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    Two-Family Home With Walk-Out Basement Title is generated by Realmo AI

    47-40 98th Place, Corona, NY 11368

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    New
    For Sale
    $999,000

    MULTI_FAMILY - Corona, NY

    Lot size:
    0.04 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 2 at 9:06 pm

    Property Features for 47-40 98th Place

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    2
    Rooms
    Bathroom 2, Bedroom 5, Bedroom 1, Bedroom 3, Bedroom 2, Bedroom 4, Bedroom 6, Basement, Bathroom 1
    Parking features
    Driveway
    Basement
    Finished, Walk-Out Access
    Standard status
    Active
    APN
    01881-0023
    Lot size
    0.04 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    7614

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Baseboard
    Cooling system
    Wall/Window Unit(s), Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1925
    Number of units
    2
    Building materials
    Aluminum Siding

    We can help!

    Listing Contact
    Chun Ye RENE SRS PSA SFR C2EX

    Listing agent Chun Ye RENE SRS PSA SFR C2EX License #10301222257

    Listing office EXP Realty 6856 Groton St, Hauppauge, NY

    Listing date Jun 2, 2026

    MLS# 1007819 Listing URL

    Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Two‑family home built in 1925 with aluminum siding
    • Unit 1 offers a flexible 2‑bedroom layout with room to create a third bedroom
    • Unit 2 is a spacious 3‑bedroom unit
    • Finished walk‑out basement includes a separate entrance plus 2 additional rooms and two full bathrooms
    • Driveway provides off‑street parking
    • Public water and public sewer; heating via baseboard with window/wall A/C units

    Overview

    This two-family home offers two distinct residential units with a layout designed for both rental and owner-occupant flexibility. Unit 1 features a versatile 2-bedroom configuration with space to create an additional bedroom. Unit 2 provides a spacious 3-bedroom setup. Adding to the overall functionality, the finished walk-out basement includes its own separate entrance and offers two additional rooms and two full bathrooms, making it suitable for extra rental income, an in-law suite, or a home office. Off-street parking is available via a private driveway.

    Located in the heart of Corona, the property is described as close to transit, shopping, and neighborhood amenities. The home is positioned with convenient access through its driveway, and showings are available by appointment.

    For investors, the combination of two full units and the finished basement with separate access can support multiple income scenarios. For owner-occupants, the property’s flexible unit mix and basement configuration may allow comfortable living while generating rental revenue. The private entry to the lower level also provides practical separation for work-from-home needs or extended-family arrangements.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Corona
    County
    Queens
    State
    New York
    Longitude
    -73.864186
    Latitude
    40.743919

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    FAQs

    What type of property is this?
    Duplex - Two separate units plus a finished walk-out basement with private entry offers flexible income or multi-generational living.
    Where is this duplex located?
    The property is located at 47-40 98th Place Corona, NY.
    What is the asking price?
    The asking price for this property is $999,000.
    What are key features of this property?
    This property features: Two‑family home built in 1925 with aluminum siding; Unit 1 offers a flexible 2‑bedroom layout with room to create a third bedroom; Unit 2 is a spacious 3‑bedroom unit
    (516) 513-8968
    We can help!
    Listing Contact
    Chun Ye RENE SRS PSA SFR C2EX
    Real Estate License ID: 10301222257
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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