Property Description

Looking for a unicorn investment property? It is not often that you’re able to find a massive legal five family building that is in excellent shape, can be delivered vacant at closing and is in a prime-time neighborhood. This building is 4,200 square feet, it is comprised of four two-bedroom railroad style apartments and one enormous true three bedroom, two bath apartment with access to the backyard. There is also a full basement, with multiple coin operated washing machines and updated mechanicals. This building is 25×56 and sits on a 25×95 lot and I zoned R6B. You are located in prime Ridgewood, just outside the landmarked district and with in blocks of the L and M train. Being this is such a great location; you should never have a vacancy. The expenses are currently just under $30,000 a year and potential rent roll is close to $190,000 a year. You should end up with a 7-7.5% cap rate on this building. This could also be a great condo conversion, whether it is now or if you hold it and do it in the future. This is a perfect 1031 situation.

Features
: Flat
Address Map
11385
Fairview
477
Avenue
0
W74° 5' 26.2''
N40° 42' 32.4''
MLS Addon
: Multi-family
5
46
: Refrigerator, Stove, Laundry Area, Washer
: Hardwood, Tile, Laminate
120030
Revived Residential
Louis Belisario
lb1112
$0
$0
: Full
: Storage Rooms, Laundry – Card Operated
: Brick
: Active
$12,222

Residential For Sale

477 Fairview Avenue, Ridgewood, New York 11385

11 Bedrooms
5 Bathrooms
4,200 Sqft
$2,150,000
Listing ID #479977
Basic Details
Property Type : Residential
Listing Type : For Sale
Listing ID : 479977
Price : $2,150,000
Bedrooms : 11
Bathrooms : 5
Square Footage : 4,200 Sqft
Year Built : 0
Lot Area : 2,375 Sqft
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