477 Fairview Avenue Ridgewood, NY 11385
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 25x56 and sits on a 25x95 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.
- Property TypeMulti-Family
- NeighborhoodN/A
- CountyQueens
- Taxes$12,222
- HOA/Condo/Coop Fees$0
- Days on Site131 Days
- MLS StatusPending
- MLS ID Number479977
- Home Size Source N/A
- Year BuiltN/A
- Lot Size Acres
- Full Baths5
- Partial BathsN/A
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General Features
- Construction Block
- Building Features Laundry – Card OperatedStorage rooms
- Parking None
- Basement Full
- Cross Street Harman St
- Property Sub Type Multi Family
- Foundation Block
- Zoning R6B
Interior Features
- Heating Steam/ RadiatorGas
- Flooring HardwoodLaminateTile
- Fireplace No
Exterior Features
- Roof Flat
Community Features
- Building Features Laundry – Card OperatedStorage rooms