Mixed-Use Building with
For Sale
$1,699,000
99-12 37th Avenue, Corona, NY 11368
Commercial Sale, Corona, NY
Property Size2,608 SF
Lot Size0.05 Acres
Price / SF$651.46
Days on Market55
Property Features for 99-12 37th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C1-4
Rooms
Basement
Basement
Storage Space
Appliances
Cooktop, Electric Water Heater, Refrigerator
Elementary school district
Contact Agent
Middle school district
Contact Agent
High school district
Contact Agent
Directions
Google maps
Standard status
Active
APN
01762-0006
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7838
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
Floors in Building
2
Building materials
Brick
Listing Agency:
B Square Realty
(718) 939-8388
Listed By:
Li Li
(646) 889-9988
Added: Jun 30
Changed: Aug 20
Last Checked: Aug 23 at 2:06AM
MLS# 1020202
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 mixed-use property contains approximately 2,608 square feet within a brick building constructed in 1931. The ground floor is configured as retail space and is currently occupied by a barber shop, while the upper levels contain two two-bedroom residential apartments. The building measures approximately 19.5 feet by 68 feet and sits on a 19.5-foot by 101-foot lot totaling 0.045 acres.
Both residential apartments have been renovated in recent years. The units are separately metered, and their tenants are responsible for individual utilities. Current occupants are on month-to-month tenancies. The property is served by public water and public sewer and includes electric heating, window or wall/window unit cooling, and a basement. It is located near the 7 subway line, major bus routes, shopping, restaurants, schools, and everyday conveniences.
Both residential apartments have been renovated in recent years. The units are separately metered, and their tenants are responsible for individual utilities. Current occupants are on month-to-month tenancies. The property is served by public water and public sewer and includes electric heating, window or wall/window unit cooling, and a basement. It is located near the 7 subway line, major bus routes, shopping, restaurants, schools, and everyday conveniences.
Key Highlights
- Approximately 2,608 SF mixed‑use building with ground‑floor retail and two 2‑bedroom apartments
- Ground‑floor commercial space is occupied by a barber shop
- Two residential apartments renovated in recent years
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
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 retail space is combined with two residential apartments renovated in recent years.
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: Approximately 2,608 SF mixed‑use building with ground‑floor retail and two 2‑bedroom apartments; Ground‑floor commercial space is occupied by a barber shop; Two residential apartments renovated in recent years
