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    87-97 Corona Ave Queens, NY 11373

    Sponsored
    For Sale
    $1,750,000

    High-Yield Multi-Tenant Property

    Property size:
    2,776 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional mixed-use investment property, located at 87-97 Corona Ave in Queens, NY, presents a compelling opportunity for discerning investors. The two-story building, totaling 2,776 square feet, comprises a thriving convenience store and three additional rental units, ensuring a robust income stream. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $108,500 annually, translating to a 6.20% cap rate. The asking price is $1,750,000. The property sits on a desirable 1,420 square foot corner lot, zoned R5, offering flexibility for future development. The four units are currently leased, producing a combined annual rent of $127,800. The building's assessed value is $1,495,000, and annual property taxes are $8,000. This prime location in Elmhurst, with its high foot traffic and strong demographics, makes this a truly exceptional investment opportunity with significant potential for appreciation. The property's strong financial performance, combined with its strategic location and zoning flexibility, makes it an ideal addition to any investment portfolio. Detailed financial statements are available upon request.

    Property Features for 87-97 Corona Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    2,776 SF
    Class
    B

    Building Details

    Stories
    2
    Units
    4

    HighLights

    • $1,750,000 asking price for a mixed‑use property in Queens, NY.
    • Net lease investment opportunity with a 6.20% cap rate.
    • 100% occupancy with a Net Operating Income (NOI) of $108,500.
    • 2,776 square feet, multi‑tenant building with four units (one retail, three residential).
    • Located on a 1,420 square foot lot in a prime Queens location, zoned R5.
    Property Profile Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.8765868
    Latitude
    40.7406904

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    FAQs

    What type of property is this?
    Individual retail property - High-Yield Multi-Tenant Property
    Where is this individual retail property located?
    The property is located at 87-97 Corona Ave Queens, NY.
    What is the asking price?
    The asking price for this property is $1,750,000.
    What are key features of this property?
    This property features: $1,750,000 asking price for a mixed-use property in Queens, NY.; Net lease investment opportunity with a 6.20% cap rate.; 100% occupancy with a Net Operating Income (NOI) of $108,500.
    Request Owner's contact information
    87-97 Corona Ave Queens, NY 11373
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    Queens, NY 11373
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    87-97 Corona Ave Queens, NY 11373
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