Mixed-Use Property with
For Sale
$1,699,000
99-12 37th Avenue, Corona, NY 11368
Ground-floor commercial space is paired with two recently renovated residential apartments above.
Property Size2,602 SF
Lot Size0.05 Acres
Price / SF$652.96
Days on Market68
Property Features for 99-12 37th Avenue
General Information
Standard status
Active
Size
2,602 SF
Lot size
0.05 Acres
Property subtype
Mixed Use
Zoning
R6B with C1-4 overlay
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,085
Building Details
Building Size
2,602 SF
Year Built
1931
Buildings
1
Tenancy
Multi
Listing Agency:
B Square Realty
Listed By:
Li Li
Source:
Cbwarburg
Added: Jun 30
Changed: Sep 4
Last Checked: Sep 4 at 5:45AM
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 B Square Realty
Investment Insights
Based on property information with market context.
This mixed-use property combines a ground-floor barber shop with two 2-bedroom apartments on the upper level. The building contains approximately 2,608 SF and measures approximately 19.5' × 68'. The residential units were renovated in recent years and are separately metered, with occupants responsible for their own utilities. All three spaces are leased on month-to-month tenancies.
The property occupies a 19.5' × 101' lot along 37th Avenue in Corona, near the 7 subway line, major bus routes, shopping, restaurants, schools, and daily services. Zoning is R6B with a C1-4 commercial overlay, supporting the property's mixed-use configuration. The address is 99-12 37th Avenue, Corona, NY 11368, and the building was constructed in 1931.
The property occupies a 19.5' × 101' lot along 37th Avenue in Corona, near the 7 subway line, major bus routes, shopping, restaurants, schools, and daily services. Zoning is R6B with a C1-4 commercial overlay, supporting the property's mixed-use configuration. The address is 99-12 37th Avenue, Corona, NY 11368, and the building was constructed in 1931.
Key Highlights
- Mixed‑use building with ground‑floor barber shop and two 2‑bedroom apartments
- Approximately 2,608 SF building on a 19.5' × 101' lot
- R6B zoning with a C1‑4 commercial overlay
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
$63,604
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
3.74%
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%
$1,272,080
$1.3M
Cap Rate 7%
$908,629
$908.6K
Cap Rate 9%
$706,711
$706.7K
Market Conditions
NOI Build-Up for 2,602 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
$120.2K $46.20/SF
− Vacancy
−$4.6K −$1.76/SF
EGI
$115.6K $44.44/SF
− OpEx
−$52.0K −$20.00/SF
NOI
$63.6K $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%
$1,272,080
Cap Rate 7%
$908,629
Cap Rate 9%
$706,711
Alternative Uses
Best Use
Apartment 5plus
$908.6K
$795.1K – $1.06M
NOI $63,604 @ 7.0% cap · market cap 3.74%
Second Best
Retail
$663.5K
$580.6K – $774.1K
NOI $46,446 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,276 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,436
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?
Mixed-use property - Ground-floor commercial space is paired with two recently renovated residential apartments above.
Where is this mixed-use property located?
The property is located at 99-12 37th Avenue Corona, NY.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Mixed‑use building with ground‑floor barber shop and two 2‑bedroom apartments; Approximately 2,608 SF building on a 19.5' × 101' lot; R6B zoning with a C1‑4 commercial overlay
