Walk-Up
For Sale
$2,050,000
5528 98th Street, Corona, NY 11368
Apartments offer modern appliances, updated finishes, security systems, and access to a fenced backyard with storage.
Property Size4,070 SF
Days on Market146
Property Features for 5528 98th Street
General Information
Standard status
Active
Size
4,070 SF
Total Parking Spaces
2
Elevators
No
Property subtype
Commercial
Zoning
R6B
Additional Details
Public Transit
Yes
Sprinkler System
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$19,749
Amenities
surveillance cameras
alarm system
balconies
fenced backyard
storage shed
modern appliances
separate boilers
Building Details
Building Size
4,070 SF
Year Built
1987
Buildings
1
Stories
3
Units
6
Listing Agency:
Douglas Elliman Real Estate
(718) 908-4999
Listed By:
Lily Widjaja · License #10401272235
(718) 908-4999
Source:
Cohenandcohenrealty
Added: Apr 1
Changed: Aug 18
Last Checked: Aug 24 at 3:51PM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This 1987 walk-up quadplex is arranged across the basement through third floor and does not include an elevator. Apartments on the first, second, and third floors are described as brand new and include modern appliances. The 1R kitchen has received partial renovation, including a new countertop and refrigerator. A basement renovation is underway, and the property has a sprinkler system extending from the basement to the third floor.
Building features include surveillance cameras, an alarm system, separate boilers for each unit, two balconies, new rear stairs, steel doors and frames, and steel railings for garbage cans. The exterior includes a fenced backyard and storage shed. Two private parking spaces are available for rent. The property is zoned R6B and sits next to a supermarket, laundromat, and bus stop.
Building features include surveillance cameras, an alarm system, separate boilers for each unit, two balconies, new rear stairs, steel doors and frames, and steel railings for garbage cans. The exterior includes a fenced backyard and storage shed. Two private parking spaces are available for rent. The property is zoned R6B and sits next to a supermarket, laundromat, and bus stop.
Key Highlights
- 1987 walk‑up quadplex with no elevator
- Brand‑new apartments on the 1st, 2nd, and 3rd floors with modern appliances
- Sprinkler system extends from basement to 3rd floor
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
$99,489
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
4.85%
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%
$1,989,780
$2.0M
Cap Rate 7%
$1,421,271
$1.4M
Cap Rate 9%
$1,105,433
$1.1M
Market Conditions
NOI Build-Up for 4,070 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
$188.0K $46.20/SF
− Vacancy
−$7.1K −$1.76/SF
EGI
$180.9K $44.44/SF
− OpEx
−$81.4K −$20.00/SF
NOI
$99.5K $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%
$1,989,780
Cap Rate 7%
$1,421,271
Cap Rate 9%
$1,105,433
Alternative Uses
Best Use
Apartment 5plus
$1.42M
$1.24M – $1.66M
NOI $99,489 @ 7.0% cap · market cap 4.85%
Second Best
Multifamily LT 5
$962.4K
$842.1K – $1.12M
NOI $67,365 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$3.00M
$2.63M – $3.50M
NOI $210,032 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
4,205
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?
Quadplex - Apartments offer modern appliances, updated finishes, security systems, and access to a fenced backyard with storage.
Where is this quadplex located?
The property is located at 5528 98th Street Corona, NY.
What is the asking price?
The asking price for this property is $2,050,000.
What are key features of this property?
This property features: 1987 walk‑up quadplex with no elevator; Brand‑new apartments on the 1st, 2nd, and 3rd floors with modern appliances; Sprinkler system extends from basement to 3rd floor
