7-Unit New Construction Apartment
For Sale
$3,150,000
55-04 102nd Street Corona, Ny, NY 11368
Newly constructed multifamily property with a finished basement and rooftop terrace.
Property Size5,700 SF
Price / SF$552.63
Days on Market55
Property Features for 55-04 102nd Street Corona
General Information
Standard status
Active
Size
5,700 SF
Units
Unit Mix
1 x 2BR/2BA, 6 x 1BR/1BA
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$2,409
Amenities
backyard
rooftop terrace
Finished,Walk-Out Access
Yes
Finished, Walk-Out Access
No
5700
Building Details
Building Size
5,700 SF
Year Built
2026
Stories
4
Listing Agency:
(718) 684-8000
Listed By:
Andrew Boodhoo
(718) 684-8000
Source:
Parkassets
Added: Jul 8
Changed: Aug 29
Last Checked: Aug 30 at 1:03PM
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 Andrew Boodhoo
Investment Insights
Based on property information with market context.
This 7-unit apartment building in Corona, NY, was built in 2026 and includes a mix of one- and two-bedroom residences. The first floor contains a two-bedroom, two-bathroom unit with a kitchen, living room, and backyard access. A finished basement adds a half bathroom, separate exterior entry, and walk-out access. The second through fourth floors each contain two apartments, with every unit offering one bedroom, one bathroom, a kitchen, and a living room.
Outdoor features include a backyard and a rooftop terrace with views of the surrounding area. Residents are responsible for their own heat and electric. The property is approved for a 35-year tax abatement.
Outdoor features include a backyard and a rooftop terrace with views of the surrounding area. Residents are responsible for their own heat and electric. The property is approved for a 35-year tax abatement.
Key Highlights
- 7‑unit apartment building completed in 2026
- First‑floor 2‑bedroom, 2‑bathroom apartment with backyard access
- Six upper‑floor apartments, each with 1 bedroom and 1 bathroom
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
$178,338
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
5.66%
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%
$3,566,760
$3.6M
Cap Rate 7%
$2,547,686
$2.5M
Cap Rate 9%
$1,981,533
$2.0M
Market Conditions
NOI Build-Up for 5,700 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
$341.3K $59.88/SF
− Vacancy
−$17.1K −$2.99/SF
EGI
$324.3K $56.89/SF
− OpEx
−$145.9K −$25.60/SF
NOI
$178.3K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /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%
$3,566,760
Cap Rate 7%
$2,547,686
Cap Rate 9%
$1,981,533
Alternative Uses
Best Use
Apartment 5plus
$2.55M
$2.23M – $2.97M
NOI $178,338 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$14.19M
$12.41M – $16.55M
NOI $993,168 @ 7.0% cap · market cap 31.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
10,782
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 - Newly constructed multifamily property with a finished basement and rooftop terrace.
Where is this apartment building located?
The property is located at 55-04 102nd Street Corona Ny, NY.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: 7‑unit apartment building completed in 2026; First‑floor 2‑bedroom, 2‑bathroom apartment with backyard access; Six upper‑floor apartments, each with 1 bedroom and 1 bathroom
