Apartment Building with Private
For Sale
$3,950,000
54-14 111th Street, Corona, NY 11368
Income-producing apartment property with leased residences, separate building systems, and supplemental garage and carport income.
Property Size8,652 SF
Days on Market375
Property Features for 54-14 111th Street
General Information
Standard status
Active
Size
8,652 SF
Total Parking Spaces
5
Property subtype
Multi Family
Net Operating Income
$217,433
Financials
Cap Rate
5.5%
Gross Income
$231,000
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$3,095
Amenities
private balcony
Building Details
Building Size
8,652 SF
Year Built
2013
Buildings
1
Listing Agency:
Tiger Realty
Listed By:
XueYan (Maggie) LI
(917) 708-9966
Source:
Serhant
Added: Sep 15, 2025
Changed: Sep 10
Last Checked: Sep 24 at 6:25PM
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 Tiger Realty
Investment Insights
Based on property information with market context.
Built in 2013, this apartment building in Corona, Queens features apartment residences with private balconies, separate boilers, and separate water heaters. The property includes a four-car detached garage and one carport, providing additional income-producing components. Apartment leases are structured with one-year terms, and the garage and carport are also rented.
The property is located at 54-14 111th Street, Corona, NY 11368. A property tax abatement is in place for the next twelve years, and the asset is reported with a cap rate close to 5.5%.
The property is located at 54-14 111th Street, Corona, NY 11368. A property tax abatement is in place for the next twelve years, and the asset is reported with a cap rate close to 5.5%.
Key Highlights
- Built in 2013
- Private balcony for every unit
- Separate boilers and water heaters
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
$211,493
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
5.35%
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%
$4,229,860
$4.2M
Cap Rate 7%
$3,021,329
$3.0M
Cap Rate 9%
$2,349,922
$2.3M
Market Conditions
NOI Build-Up for 8,652 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
$399.7K $46.20/SF
− Vacancy
−$15.2K −$1.76/SF
EGI
$384.5K $44.44/SF
− OpEx
−$173.0K −$20.00/SF
NOI
$211.5K $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%
$4,229,860
Cap Rate 7%
$3,021,329
Cap Rate 9%
$2,349,922
Alternative Uses
Best Use
Apartment 5plus
$3.02M
$2.64M – $3.52M
NOI $211,493 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.38M
$5.58M – $7.44M
NOI $446,485 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Income-producing apartment property with leased residences, separate building systems, and supplemental garage and carport income.
Where is this apartment building located?
The property is located at 54-14 111th Street Corona, NY.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Built in 2013; Private balcony for every unit; Separate boilers and water heaters
