Duplex with Ground-Floor Retail
For Sale
$1,699,000
99-12 37th Avenue, Corona, NY 11368
MULTI_FAMILY - Corona, NY
Property Size2,608 SF
Lot Size0.05 Acres
Price / SF$651.46
Days on Market48
Property Features for 99-12 37th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Rooms
Bedroom 2, Bedroom 4, Basement, Bedroom 1, Bedroom 3
Parking features
On Street
Interior features
First Floor Full Bath
Basement
Storage Space
Elementary school
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Middle school
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High school
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Elementary school district
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Middle school district
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High school district
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Directions
Google maps
Standard status
Active
APN
01762-0006
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7649
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1931
Number of units
3
Building materials
Brick
Listing Agency:
B Square Realty
(718) 939-8388
Listed By:
Li Li
(646) 889-9988
Added: Jun 30
Changed: Aug 3
Last Checked: Aug 16 at 8:06AM
MLS# 1020421
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex-style mixed-use property includes a ground-floor retail space currently occupied by a barber shop, plus two two-bedroom residential apartments on the upper level. The building is approximately 2,608 SF with dimensions of approximately 19.5' by 68' and sits on a 19.5' by 101' lot (about 0.045 acres). The second-floor residential apartments have been renovated in recent years, and all tenants are on month-to-month tenancies.
The building uses separate metering for the residential units, with tenants responsible for their own utilities. Heating is electric, and cooling is provided via window and wall/window unit(s). Construction is brick, and parking is on-street. The property is situated in Queens at 99-12 37th Avenue, Corona, near the 7 subway line and major bus routes, with access to shopping, restaurants, schools, and everyday conveniences.
Zoning is R6B with a C1-4 commercial overlay. Water is public and sewer is public sewer. Year built is 1931.
The building uses separate metering for the residential units, with tenants responsible for their own utilities. Heating is electric, and cooling is provided via window and wall/window unit(s). Construction is brick, and parking is on-street. The property is situated in Queens at 99-12 37th Avenue, Corona, near the 7 subway line and major bus routes, with access to shopping, restaurants, schools, and everyday conveniences.
Zoning is R6B with a C1-4 commercial overlay. Water is public and sewer is public sewer. Year built is 1931.
Key Highlights
- Approximately 2,608 SF duplex‑style mixed‑use building with ground‑floor retail and two upper two‑bedroom apartments
- Ground‑floor retail occupied by a barber shop; both residential units are on month‑to‑month tenancies
- Second‑floor residential apartments renovated in recent years and separately metered; tenants pay their own utilities
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
$63,751
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
3.75%
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%
$1,275,020
$1.3M
Cap Rate 7%
$910,729
$910.7K
Cap Rate 9%
$708,344
$708.3K
Market Conditions
NOI Build-Up for 2,608 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
$120.5K $46.20/SF
− Vacancy
−$4.6K −$1.76/SF
EGI
$115.9K $44.44/SF
− OpEx
−$52.2K −$20.00/SF
NOI
$63.8K $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 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%
$1,275,020
Cap Rate 7%
$910,729
Cap Rate 9%
$708,344
Alternative Uses
Best Use
Apartment 5plus
$910.7K
$796.9K – $1.06M
NOI $63,751 @ 7.0% cap · market cap 3.75%
Second Best
Retail
$665.0K
$581.9K – $775.9K
NOI $46,553 @ 7.0% cap · market cap 2.74%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,585 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,208
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?
Duplex - Duplex-style mixed-use building with ground-floor barber shop and two renovated two-bedroom apartments above.
Where is this duplex 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: Approximately 2,608 SF duplex‑style mixed‑use building with ground‑floor retail and two upper two‑bedroom apartments; Ground‑floor retail occupied by a barber shop; both residential units are on month‑to‑month tenancies; Second‑floor residential apartments renovated in recent years and separately metered; tenants pay their own utilities
