Two-Building Apartment
For Sale
$3,500,000
98-15 34th Avenue, Corona, NY 11368
Solid-brick residential properties with 32 apartments and a mix of one- and two-bedroom units.
Property Size13,000 SF
Lot Size0.18 Acres
Price / SF$269.23
Days on Market10
Property Features for 98-15 34th Avenue
General Information
Standard status
Active
Size
13,000 SF
Lot size
0.18 Acres
Property subtype
Multi Family
Units
Unit Mix
21 x 1BR, 11 x 2BR
Multifamily Units
32
Additional Details
Asking Price
$7,250,000
Public Transit
Yes
Building Details
Building Size
13,000 SF
Year Built
1927
Buildings
2
Construction
solid-brick
Listing Agency:
Telemundo Realty Corp
(347) 945-9108
Listed By:
Eduardo Ramirez · License #10401329468
Source:
Cbwarburg
Added: Jul 23
Changed: Jul 31
Last Checked: Jul 31 at 6:06PM
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 Telemundo Realty Corp
Investment Insights
Based on property information with market context.
This multifamily package at 98-15 34th Avenue in Corona, Queens, consists of two well-maintained, solid-brick apartment buildings constructed in 1927. The properties contain 32 residential units, with 16 units in each building. The unit mix includes 21 one-bedroom apartments and 11 two-bedroom apartments. Thirty units are rent stabilized, while two are rent controlled.
Each building measures approximately 40 x 90, with the properties situated on a combined 80 x 100 lot. The buildings are near schools, shopping, banks, restaurants, major roadways, and other neighborhood amenities. Public transportation is accessible via the 7 train at Roosevelt Avenue and Junction Boulevard, along with nearby bus service on Northern Boulevard.
Each building measures approximately 40 x 90, with the properties situated on a combined 80 x 100 lot. The buildings are near schools, shopping, banks, restaurants, major roadways, and other neighborhood amenities. Public transportation is accessible via the 7 train at Roosevelt Avenue and Junction Boulevard, along with nearby bus service on Northern Boulevard.
Key Highlights
- 32 residential units across two solid‑brick apartment buildings
- Unit mix includes 21 one‑bedroom and 11 two‑bedroom apartments
- 30 units are rent stabilized and 2 are rent controlled
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $600.6k | $46.20 |
| − Vacancy | −$22.8k | −$1.76 |
| EGI | $577.8k | $44.44 |
| − OpEx | −$260.0k | −$20.00 |
| NOI | $317.8k | $24.44 |
13,000 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.54M
$3.97M – $5.30M
NOI $317,777 @ 7.0% cap · market cap 9.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.58M
$8.39M – $11.18M
NOI $670,862 @ 7.0% cap · market cap 19.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
32
Residential units
Location Intelligence
Trade Area within ½ mile
5,517
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 - Solid-brick residential properties with 32 apartments and a mix of one- and two-bedroom units.
Where is this apartment building located?
The property is located at 98-15 34th Avenue Corona, NY.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 32 residential units across two solid‑brick apartment buildings; Unit mix includes 21 one‑bedroom and 11 two‑bedroom apartments; 30 units are rent stabilized and 2 are rent controlled
