The residential portion of the property consists of four 2 bedroom apartments and three 1 bedroom apartments, providing an attractive and versatile unit mix for tenants. The commercial space is occupied by a deli storefront with a long term lease in place through 2030, adding stable in place income to the asset. Several residential units are expected to be delivered vacant at closing, presenting immediate flexibility for an end user or investor.
The property also features a huge full length basement spanning the entire footprint of the building, offering excellent storage and additional functionality.
Situated on a prominent corner with excellent visibility, the property is surrounded by neighborhood restaurants, cafes, shopping, and public transportation, making it highly desirable for both residential and commercial tenants alike.
Financially, the property generates approximately $129,468 in gross operating income with a current NOI of approximately $67,066, while still offering additional value through vacant units and operational potential.
A rare opportunity to acquire a mixed use asset in a thriving Ridgewood location with strong in place income, long term stability, and future upside.
Please contact us for the full setup package or to schedule a private showing.
Quick Profile
Unique for being a symbolic and literal bridge between Brooklyn and Queens, Ridgewood incorporates both distinct elements of these boroughs into its persona. Originally considered part of Brooklyn, the neighborhood broke off with Bushwick in the 1700s at a point called, appropriately, Arbitration Rock. When the blackout of 1977 occurred, the residents of Ridgewood only further wanted to dissociate themselves from their Bushwick neighbors as the bedlam that ensued in between the looting and the riots made them feel just a tad superior.
And yet, just because its zip code changed didn’t mean Ridgewood could ever fully break free from its proximity and entwined identity with Bushwick. Pegged as the next “it” destination and hipster haven to move to circa 2016, Ridgewood has surprised many with its steady pace of growth, therefore well-maintained “neighborhood” feel.
Rife with quiet blocks filled with quaint, colorful buildings, Ridgewood offers the bodegas and local businesses one also expects of “old world” Brooklyn. An increase in the number of coffee shops, bars and DIY venues have continued its natural association with Bushwick, however, the deeper into the neighborhood you go, the more apparent it becomes that Ridgewood is very much its own very Queensian thing.