Eight-Unit Multifamily with Private
For Sale
$3,950,000
54-14 111th Street, Corona, NY 11368
MULTI_FAMILY - Corona, NY
Property Size8,652 SF
Lot Size0.09 Acres
Price / SF$456.54
Days on Market341
Property Features for 54-14 111th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6B
Bedrooms
16
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 13, Bathroom 4, Bedroom 7, Bedroom 16, Bedroom 4, Bedroom 11, Bathroom 7, Bedroom 1, Bedroom 15, Bedroom 3, Bathroom 6, Bathroom 3, Bedroom 14, Bedroom 8, Bathroom 1, Bedroom 12, Bedroom 6, Bathroom 8, Bedroom 10, Bedroom 9, Bathroom 2, Bedroom 2, Bathroom 5, Bedroom 5
Interior features
Refrigerator, Stove
Basement
Finished
Subdivision
Corona
Standard status
Active
Size
8,652 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
3095
Amenities
private balcony
Building Details
Year built
2013
Floors in Building
5
Number of units
8
Flooring type
Hardwood, Tile
Building materials
Brick
Roof type
Flat
Listing Agency:
Tiger Realty
(917) 708-9966
Listed By:
XueYan (Maggie) LI
(917) 708-9966
Added: Sep 15, 2025
Changed: Aug 14
Last Checked: Aug 21 at 7:06AM
MLS# 495771
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This eight-unit multifamily building was constructed in 2013 and features brick construction with a flat roof. Each unit offers a private balcony, and the building is designed with separate boilers and water heaters for individual unit service. Interior finishes include hardwood and tile flooring, and each unit includes a refrigerator and stove.
The property sits on a 0.0859-acre lot and totals 8,652 square feet. Zoning is R6B. On-site parking includes a four-car detached garage and a one-car carport, both described as rented. The building is also noted as having a property tax abatement that is expected to remain in effect for the next twelve years, with a cap rate that closes to 5.5%.
The combination of eight separate, balcony-equipped units and independent mechanical systems supports tenant comfort and simpler day-to-day operations within the building.
The property sits on a 0.0859-acre lot and totals 8,652 square feet. Zoning is R6B. On-site parking includes a four-car detached garage and a one-car carport, both described as rented. The building is also noted as having a property tax abatement that is expected to remain in effect for the next twelve years, with a cap rate that closes to 5.5%.
The combination of eight separate, balcony-equipped units and independent mechanical systems supports tenant comfort and simpler day-to-day operations within the building.
Key Highlights
- Eight‑unit multifamily building with private balconies for every unit
- Separate boilers and water heaters for each unit
- Brick construction with flat roof
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
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,697
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 - New construction eight-unit multifamily on an R6B-zoned lot, with private balconies and separate utilities for each unit.
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: Eight‑unit multifamily building with private balconies for every unit; Separate boilers and water heaters for each unit; Brick construction with flat roof
