Seven-Unit Apartment
For Sale
$2,760,000
56-15 Van Cleef Street, Corona, NY 11368
Fully occupied apartment property with modern building systems, dedicated parking, and a basement office.
Property Size5,000 SF
Days on Market8
Property Features for 56-15 Van Cleef Street
General Information
Standard status
Active
Size
5,000 SF
Total Parking Spaces
6
Property subtype
Multi Family
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
Building Details
Building Size
5,000 SF
Year Built
2022
Buildings
1
Listing Agency:
E Realty International Corp
Listed By:
Vicky Wei
(718) 886-8110
Source:
Serhant
Added: Sep 17
Changed: Sep 20
Last Checked: Sep 22 at 11:29PM
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 apartment building contains 7 units with a mix of 1 two-bedroom residence and 6 one-bedroom residences. The property also includes a basement office, 9-foot ceilings, a rear yard, and 6 dedicated parking spaces accessed by a curb cut. Building systems include central A/C, 3-phase power, LED lighting, a full sprinkler system, security cameras, and separate meters for each unit. Occupancy is reported at 100%.
The property is located at 56-15 Van Cleef Street in Corona, NY, near the Grand Central Parkway and I-495. Citi Field, Flushing Meadows Corona Park, the Queens Zoo, and the Queens Museum are identified as nearby destinations. The site carries R6B zoning and is positioned within a commercial corridor near Nike, Home Depot, Target, Costco, Macy's, Aldi, and Olive Garden.
The property is located at 56-15 Van Cleef Street in Corona, NY, near the Grand Central Parkway and I-495. Citi Field, Flushing Meadows Corona Park, the Queens Zoo, and the Queens Museum are identified as nearby destinations. The site carries R6B zoning and is positioned within a commercial corridor near Nike, Home Depot, Target, Costco, Macy's, Aldi, and Olive Garden.
Key Highlights
- 100% occupancy across 7 apartment units
- Unit mix includes 1 two‑bedroom and 6 one‑bedroom apartments
- Completed in 2022 with 9' ceilings and central A/C
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
4.43%
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 4.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.69M
$3.23M – $4.30M
NOI $258,024 @ 7.0% cap · market cap 9.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied apartment property with modern building systems, dedicated parking, and a basement office.
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 $2,760,000.
What are key features of this property?
This property features: 100% occupancy across 7 apartment units; Unit mix includes 1 two‑bedroom and 6 one‑bedroom apartments; Completed in 2022 with 9' ceilings and central A/C
