Eight-Unit Apartment
For Sale
$3,950,000
54-14 111th Street, Corona, NY 11368
Residential, Corona, NY
Property Size8,652 SF
Lot Size0.09 Acres
Price / SF$456.54
Days on Market369
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
Bathroom 2, Bathroom 1, Bedroom 14, Bathroom 5, Bedroom 15, Bedroom 6, Bedroom 7, Bathroom 7, Bedroom 9, Bedroom 12, Bedroom 10, Bedroom 4, Bathroom 8, Bedroom 16, Bathroom 4, Bedroom 13, Bathroom 3, Bedroom 11, Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 6, Bedroom 5, Bedroom 8
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
Listed By:
XueYan (Maggie) LI
(917) 708-9966
Added: Sep 15, 2025
Changed: Sep 16
Last Checked: Sep 18 at 5:06AM
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.
Built in 2013, this eight-unit apartment property contains 8,652 square feet on a 0.0859-acre parcel. The brick building includes private balconies for each unit, separate boilers and water heaters, tile and hardwood flooring, refrigerators, and stoves. Every apartment carries a one-year lease. The property also includes a private driveway, a detached four-car garage, and one carport. The garage and carport are separately rented, providing additional income streams.
The property is located at 54-14 111th Street in Corona, Queens, NY 11368. R6B zoning applies, and a property tax abatement is stated to remain in effect for the next twelve years. The building’s residential configuration, on-site parking improvements, and individual heating systems support its multifamily use.
The property is located at 54-14 111th Street in Corona, Queens, NY 11368. R6B zoning applies, and a property tax abatement is stated to remain in effect for the next twelve years. The building’s residential configuration, on-site parking improvements, and individual heating systems support its multifamily use.
Key Highlights
- Eight apartment units in an 8,652‑square‑foot building
- Built in 2013 with brick construction, flat roof, tile, and hardwood flooring
- Private balcony provided for every unit
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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Open Analytics
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property with private balconies, individual heating equipment, and leased units.
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 apartment units in an 8,652‑square‑foot building; Built in 2013 with brick construction, flat roof, tile, and hardwood flooring; Private balcony provided for every unit
