Three-Story Mixed-Use
For Sale
$2,200,000
9041 Corona Ave, Elmhurst, NY 11373
MULTI_FAMILY - Elmhurst, NY
Property Size4,609 SF
Lot Size0.04 Acres
Price / SF$477.33
Days on Market164
Property Features for 9041 Corona Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
Elmhurst
Standard status
Active
Size
4,609 SF
Lot size
0.04 Acres
Building Details
Year built
2020
Listing Agency:
CANA REALTY
(347) 542-3105
Listed By:
Young N Kim
(347) 506-0972
Added: Feb 27
Changed: Jul 2
Last Checked: Aug 10 at 3:06AM
MLS# 11664165
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Completed in 2020, this three-story mixed-use building includes a fully finished basement for a total of four levels. The first floor is currently occupied by a church for community/assembly use. The second floor features a residential unit currently used as a meeting and gathering space. The third floor is a residential unit used as living space. This layout supports flexible owner-user concepts that pair a community or professional ground-level presence with residential space above.
Located at 9041 Corona Ave in Elmhurst, Queens, the property offers convenient transit access with access to the M and R subway lines and multiple bus routes. It also provides practical connectivity to Manhattan and Flushing. The area includes nearby destinations such as Elmhurst Hospital and Queens Center Mall, with surrounding retail, dining, and neighborhood amenities.
For buyers evaluating an owner-user setup, the building’s vertical mix of uses may be well-suited to organizations or operators seeking ground-floor community activity alongside residential living or live/work flexibility. Because the first floor is already operating as a church community space and the upper floors are currently used in residential and gathering formats, the property can be considered as an adaptable platform for aligned uses. An SBA loan option is also available for qualified buyers, with 10% down.
Located at 9041 Corona Ave in Elmhurst, Queens, the property offers convenient transit access with access to the M and R subway lines and multiple bus routes. It also provides practical connectivity to Manhattan and Flushing. The area includes nearby destinations such as Elmhurst Hospital and Queens Center Mall, with surrounding retail, dining, and neighborhood amenities.
For buyers evaluating an owner-user setup, the building’s vertical mix of uses may be well-suited to organizations or operators seeking ground-floor community activity alongside residential living or live/work flexibility. Because the first floor is already operating as a church community space and the upper floors are currently used in residential and gathering formats, the property can be considered as an adaptable platform for aligned uses. An SBA loan option is also available for qualified buyers, with 10% down.
Key Highlights
- 2020‑built 3‑story mixed‑use building with a fully finished basement (4 levels total).
- 1st floor is occupied by a church for community/assembly use.
- 2nd floor residential unit used as meeting and gathering space.
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
$151,746
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
6.90%
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%
$3,034,920
$3.0M
Cap Rate 7%
$2,167,800
$2.2M
Cap Rate 9%
$1,686,067
$1.7M
Market Conditions
NOI Build-Up for 4,609 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
$232.3K $50.40/SF
− Vacancy
−$30.0K −$6.50/SF
EGI
$202.3K $43.90/SF
− OpEx
−$50.6K −$10.97/SF
NOI
$151.7K $32.92/SF
Area
Queens County, NY
Vacancy
12.90%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
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%
$3,034,920
Cap Rate 7%
$2,167,800
Cap Rate 9%
$1,686,067
Alternative Uses
Best Use
Office B
$2.17M
$1.90M – $2.53M
NOI $151,746 @ 7.0% cap · market cap 6.90%
Second Best
Apartment 5plus
$1.61M
$1.41M – $1.88M
NOI $112,664 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$3.40M
$2.97M – $3.96M
NOI $237,847 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
5,055
Businesses Nearby
Explore this area
Business Placement
Demographics for 11373, NY
105,712
Population
34,797
Households
3
Avg Household Size
38
Median Age
30%
College-Educated
75%
High-School Grad
1.5 sq mi
ZIP Area
70,475
Density / Sq Mi
$71,470
Median Household Income
$36,043
Median Earnings
$1,913
Median Rent
$683,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Built in 2020, this mixed-use property combines church/community space with residential units across three floors.
Where is this duplex located?
The property is located at 9041 Corona Ave Elmhurst, NY.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 2020‑built 3‑story mixed‑use building with a fully finished basement (4 levels total).; 1st floor is occupied by a church for community/assembly use.; 2nd floor residential unit used as meeting and gathering space.
