477 Fairview Avenue
Ridgewood,
NY
11385
Property Details
List Price: |
$2,150,000 |
Beds: |
11 |
Baths: |
5 |
Status: |
Active |
SqFt: |
4200 |
Agency: |
Revived Residential |
Description/Comments
Lot Size: |
2,375 sqft |
Property Type: |
Residential |
Year Built: |
-- |
Notes: |
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. |
MlsNumber: |
479977 |
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Listing Provided By: |
Revived Residential, original listing |
Name: |
Revived Residential |
Phone: |
(929) 469-5800 |
Office Name: |
Revived Residential |
Office Phone: |
(929) 379-3750 |
Agent Name: |
Louis Belisario |
Disclaimer: |
Copyright © 2024 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified. |