Renovated Mixed-Use
For Sale
$1,249,000
9414 Corona Avenue, Elmhurst, NY 11373
Vacant building combines a neighborhood storefront with residential space and a basement extending to the backyard.
Property Size1,800 SF
Price / SF$693.89
Days on Market11
Property Features for 9414 Corona Avenue
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$6,697
Building Details
Building Size
1,800 SF
Year Built
1931
Listing Agency:
RE/MAX Southshore Realty
(347) 706-2949
Listed By:
Andres R. Laucet · License #30LA1174627
Source:
Cbwarburg
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 28 at 12:21PM
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 RE/MAX Southshore Realty
Investment Insights
Based on property information with market context.
This vacant mixed-use property provides a commercial storefront on the first floor with a half bathroom, full basement, and exit to the backyard. The residential portion includes three bedrooms, two bathrooms, and a living room. The building has been fully renovated and was constructed in 1931, with approximately 1,800 square feet of property size reported.
The property is next to Junction Blvd and five blocks from Roosevelt Ave in an area described as having heavy transit activity. Its mixed commercial and residential configuration supports use by an owner-occupant or separate commercial and residential occupants, subject to applicable requirements.
The property is next to Junction Blvd and five blocks from Roosevelt Ave in an area described as having heavy transit activity. Its mixed commercial and residential configuration supports use by an owner-occupant or separate commercial and residential occupants, subject to applicable requirements.
Key Highlights
- Fully renovated mixed‑use property built in 1931
- Approximately 1,800 square feet
- First‑floor storefront with 1/2 bath
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
$44,000
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
3.52%
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%
$880,000
$880.0K
Cap Rate 7%
$628,571
$628.6K
Cap Rate 9%
$488,889
$488.9K
Market Conditions
NOI Build-Up for 1,800 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
$83.2K $46.20/SF
− Vacancy
−$3.2K −$1.76/SF
EGI
$80.0K $44.44/SF
− OpEx
−$36.0K −$20.00/SF
NOI
$44.0K $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%
$880,000
Cap Rate 7%
$628,571
Cap Rate 9%
$488,889
Alternative Uses
Best Use
Apartment 5plus
$628.6K
$550.0K – $733.3K
NOI $44,000 @ 7.0% cap · market cap 3.52%
Second Best
Retail
$459.0K
$401.6K – $535.5K
NOI $32,130 @ 7.0% cap · market cap 2.57%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $92,889 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,763
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Vacant building combines a neighborhood storefront with residential space and a basement extending to the backyard.
Where is this mixed-use property located?
The property is located at 9414 Corona Avenue Elmhurst, NY.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: Fully renovated mixed‑use property built in 1931; Approximately 1,800 square feet; First‑floor storefront with 1/2 bath
