5626-5628 Van Cleef St 2 Multifamily Properties Offered at $3,490,000 in Corona, NY

This offering presents a compelling opportunity to acquire two adjacent seven-family walk-up buildings located at 5626–5628 Van Cleef Street in the fast growing Corona neighborhood of Queens. Built in 2007, the property consists of 14 total residential units across approximately 11,920 square feet, situated on a combined lot measuring 50 by 100 feet. The asset benefits from R6B zoning and features modern, fireproof construction with steel and concrete framing, ensuring long-term durability and reduced maintenance exposure.
The unit mix includes 13 rent-stabilized apartments that are fully leased, providing consistent and reliable income, along with one free-market owner’s duplex unit offering additional upside or end-user flexibility. The property is currently generating strong annual gross income supported by stable tenancy and zero vacancy, reflecting high demand in this well-connected and vibrant residential area.
Each building is thoughtfully designed with tenant convenience and operational efficiency in mind. Separate metering allows tenants to pay for their own electricity, heat, and hot water, minimizing landlord expenses. Both buildings include finished basements equipped with fire sprinkler systems, and the property is further enhanced by an updated rubber roof and on-site laundry facilities, contributing additional income.
Interior finishes are of high quality, with granite kitchen countertops and flooring, as well as granite bathroom floors throughout, underscoring the overall standard of construction. With a low annual tax burden and minimal ongoing maintenance requirements, this asset delivers strong net operating income and an attractive cap rate. This is an ideal investment for buyers seeking stable cash flow, modern construction, and long-term appreciation in a prime Queens location.