Eight-Unit Brick Apartment
New
For Sale
$3,600,000
54-14 111 Street, Corona, NY 11368
Commercial Sale, Corona, NY
Property Size8,652 SF
Lot Size0.09 Acres
Price / SF$416.09
Days on Market3
Property Features for 54-14 111 Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R6B
Rooms
Basement
Parking
6
Parking features
Driveway
Basement
Full
Lot features
Near Public Transit
Elementary school district
Queens 24
Middle school district
Queens24
High school district
Queens24
Standard status
Active
APN
02010-0033
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3009
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Amenities
storage
laundry
Building Details
Year built
2013
Floors in Building
5
Number of units
8
Building materials
Brick
Listing Agency:
E Realty International Corp
(718) 886-8110
Listed By:
Xiao H. Chen · License #10401299357
(646) 508-9880
Added: Aug 24
Changed: Aug 25
Last Checked: Aug 26 at 7:06AM
MLS# 1042522
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.
Investment Insights
Based on property information with market context.
This 2013 brick apartment building contains eight residential units arranged as two apartments on each of the second through fifth floors. The cellar provides space for a boiler, storage, and laundry functions, while a driveway supplies accessory parking. Natural-gas heating and window or wall/window cooling are installed.
The property is located at 54-14 111 Street in Corona, Queens, with access to public water and public sewer service. R6B zoning is reported for the site, and the parcel measures 0.0859 acres. The surrounding area includes transportation, shopping, and neighborhood amenities.
The property is located at 54-14 111 Street in Corona, Queens, with access to public water and public sewer service. R6B zoning is reported for the site, and the parcel measures 0.0859 acres. The surrounding area includes transportation, shopping, and neighborhood amenities.
Key Highlights
- Eight‑unit apartment building with two units on each of floors two through five
- Five‑story 2013 brick construction
- Cellar includes boiler, storage, and laundry areas
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
5.87%
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 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.38M
$5.58M – $7.44M
NOI $446,485 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - Five-story residential property with accessory parking, cellar service areas, and public utilities.
Where is this apartment building located?
The property is located at 54-14 111 Street Corona, NY.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Eight‑unit apartment building with two units on each of floors two through five; Five‑story 2013 brick construction; Cellar includes boiler, storage, and laundry areas
