Newer 7-Unit Apartment
For Sale
$2,850,000
56-15 Van Cleef Street, Corona, NY 11368
R6B-zoned property includes a basement office, rear yard, and dedicated parking.
Property Size5,000 SF
Days on Market174
Property Features for 56-15 Van Cleef Street
General Information
Standard status
Active
Size
5,000 SF
Total Parking Spaces
6
Property subtype
Commercial
Zoning
R6B
Occupancy
100%
Units
Unit Mix
1 x 2BR, 6 x 1BR
Multifamily Units
7
Additional Details
Highway Access
Yes
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$3,019
Amenities
security camera system
rear yard
central A/C
separate meters
9-foot ceilings
LED lighting
Building Details
Building Size
5,000 SF
Year Built
2022
Buildings
1
Units
7
Listing Agency:
E Realty International Corp
(646) 651-3858
Listed By:
Vicky Wei
(646) 651-3858
Source:
Callexitfirst
Added: Mar 10
Changed: Aug 27
Last Checked: Aug 28 at 11:32AM
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 E Realty International Corp
Investment Insights
Based on property information with market context.
Completed in 2022, this 7-unit apartment property is fully occupied and configured with one 2-bedroom residence, six 1-bedroom residences, and a basement office. Building features include 9-foot ceilings, central A/C, separate meters for each unit, all-new LED lighting, a full sprinkler system, 3-phase power, and a security camera system. The site also provides a large rear yard, six dedicated parking spaces, and a curb cut.
The property is located at 56-15 Van Cleef Street in Corona, just off the Grand Central Parkway and I-495. Nearby destinations include Citi Field, Flushing Meadows Corona Park, the Queens Zoo, and the Queens Museum. Retailers identified in the surrounding commercial corridor include Nike, Home Depot, Target, Costco, Macy’s, Aldi, and Olive Garden.
The property is located at 56-15 Van Cleef Street in Corona, just off the Grand Central Parkway and I-495. Nearby destinations include Citi Field, Flushing Meadows Corona Park, the Queens Zoo, and the Queens Museum. Retailers identified in the surrounding commercial corridor include Nike, Home Depot, Target, Costco, Macy’s, Aldi, and Olive Garden.
Key Highlights
- 7‑unit apartment property completed in 2022 and fully occupied
- Unit mix includes 1 two‑bedroom unit and 6 one‑bedroom units
- R6B zoning with a functional basement office
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
$122,222
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
4.29%
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%
$2,444,440
$2.4M
Cap Rate 7%
$1,746,029
$1.7M
Cap Rate 9%
$1,358,022
$1.4M
Market Conditions
NOI Build-Up for 5,000 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
$231.0K $46.20/SF
− Vacancy
−$8.8K −$1.76/SF
EGI
$222.2K $44.44/SF
− OpEx
−$100.0K −$20.00/SF
NOI
$122.2K $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%
$2,444,440
Cap Rate 7%
$1,746,029
Cap Rate 9%
$1,358,022
Alternative Uses
Best Use
Apartment 5plus
$1.75M
$1.53M – $2.04M
NOI $122,222 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.69M
$3.23M – $4.30M
NOI $258,024 @ 7.0% cap · market cap 9.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,351
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 - R6B-zoned property includes a basement office, rear yard, and dedicated parking.
Where is this apartment building located?
The property is located at 56-15 Van Cleef Street Corona, NY.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 7‑unit apartment property completed in 2022 and fully occupied; Unit mix includes 1 two‑bedroom unit and 6 one‑bedroom units; R6B zoning with a functional basement office
