32-Unit Brick Apartment
For Sale
$3,500,000
98-15 34th Avenue, Corona, NY 11368
The two-building residential package combines stabilized and controlled apartments in Corona.
Property Size13,000 SF
Lot Size0.18 Acres
Price / SF$269.23
Days on Market94
Property Features for 98-15 34th Avenue
General Information
Standard status
Active
Size
13,000 SF
Lot size
0.18 Acres
Property subtype
Commercial
Units
Unit Mix
21 x 1BR, 11 x 2BR
Multifamily Units
32
Additional Details
Asking Price
$7,250,000
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$64,013
Building Details
Building Size
13,000 SF
Year Built
1927
Buildings
2
Units
32
Construction
solid-brick
Listing Agency:
Telemundo Realty Corp
(718) 205-3737
Listed By:
Eduardo Ramirez · License #10401329468
(347) 945-9108
Source:
Croninreale
Added: Jul 23
Changed: Oct 23
Last Checked: Oct 23 at 5:54PM
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
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Investment Insights
Based on property information with market context.
This Corona multifamily offering includes two solid-brick apartment buildings with 32 residences, divided evenly between the buildings. The unit mix comprises 21 one-bedroom apartments and 11 two-bedroom apartments. Rent regulation applies to 30 units, while the remaining 2 are rent controlled. Each building measures approximately 40 x 90, and the combined site measures 80 x 100.
The properties are near schools, shopping, banks, restaurants, and major roadways. Public transit options include the 7 train at Roosevelt Avenue and Junction Boulevard, plus bus service on Northern Boulevard.
The properties are near schools, shopping, banks, restaurants, and major roadways. Public transit options include the 7 train at Roosevelt Avenue and Junction Boulevard, plus bus service on Northern Boulevard.
Key Highlights
- Two solid‑brick apartment buildings with 16 units in each
- 32 apartments: 21 one‑bedroom and 11 two‑bedroom
- 30 rent‑stabilized units and 2 rent‑controlled units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$317,777
Cap Rate
9.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,355,540
$6.4M
Cap Rate 7%
$4,539,671
$4.5M
Cap Rate 9%
$3,530,856
$3.5M
Market Conditions
NOI Build-Up for 13,000 SF
Gross rent
$600.6K $46.20/SF
− Vacancy
−$22.8K −$1.76/SF
EGI
$577.8K $44.44/SF
− OpEx
−$260.0K −$20.00/SF
NOI
$317.8K $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 Rate 5%
$6,355,540
Cap Rate 7%
$4,539,671
Cap Rate 9%
$3,530,856
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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Lease Details
32
Residential units
Location Intelligence
Trade Area within ½ mile
5,150
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - The two-building residential package combines stabilized and controlled apartments in Corona.
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: Two solid‑brick apartment buildings with 16 units in each; 32 apartments: 21 one‑bedroom and 11 two‑bedroom; 30 rent‑stabilized units and 2 rent‑controlled units
