Four-Unit Walk-Up
For Sale
$2,050,000
5528 98th Street, Corona, NY 11368
R6B-zoned property offers updated apartments, building systems, and outdoor features near daily conveniences.
Property Size4,070 SF
Days on Market153
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
Unit Mix
1 x 1BR, 2 x 2BR
Taxes and HOA fees
Annual Taxes
$19,749
Amenities
surveillance cameras
alarm system
2 balconies
fenced backyard
storage shed
separate boiler for each unit
new rear stairs
steel doors and frames
steel railings for garbage cans
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:
Mahlerrealty
Added: Apr 1
Changed: Aug 29
Last Checked: Aug 30 at 5:34PM
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-built quadplex contains four walk-up apartments in a building without an elevator. Apartments on the 1st, 2nd, and 3rd floors are described as brand new and include modern appliances, while the 1R kitchen has a new countertop and refrigerator. Basement renovation is underway, and the property has a sprinkler system extending from the basement through the 3rd floor. Each unit is served by a separate boiler, with surveillance cameras and an alarm system also in place.
Exterior features include two balconies, a fenced backyard, a storage shed, new rear stairs, steel doors and frames, and steel railings for garbage cans. Two private parking spaces are available for rent. The property is next to a supermarket, laundromat, and bus stop.
Exterior features include two balconies, a fenced backyard, a storage shed, new rear stairs, steel doors and frames, and steel railings for garbage cans. Two private parking spaces are available for rent. The property is next to a supermarket, laundromat, and bus stop.
Key Highlights
- Four‑unit walk‑up quadplex built in 1987
- R6B zoning with no elevator
- Brand‑new apartments on the 1st, 2nd, and 3rd floors with modern appliances
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
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 - R6B-zoned property offers updated apartments, building systems, and outdoor features near daily conveniences.
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: Four‑unit walk‑up quadplex built in 1987; R6B zoning with no elevator; Brand‑new apartments on the 1st, 2nd, and 3rd floors with modern appliances
