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$ 2,158,000
Est. payment /mo
Active
Madison st Ridgewood, NY 11385
30 Beds
8 Baths
9,200 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 9,200 sqft
Price per Sqft $234
MLS Listing ID 11737554
Bedrooms 30
Full Baths 8
Year Built 1930
Annual Tax Amount $27,717
Lot Size 3,600 Sqft
Property Description
Introducing a rare investment opportunity in the heart of Ridgewood, Queens. This well-maintained 8-family brick building offers 9,200 sq ft of living space on a 36x100 lot, zoned R6B. Built in 1930 and substantially renovated in 2020, approximately 90% of the building has been updated with modern finishes while retaining its pre-war charm. The property consists of 1 three-bedroom unit and 7 four-bedroom units, all rent-stabilized, providing steady and reliable cash flow. Tenants are responsible for their own electric and cooking gas, while the landlord covers heat, water, and insurance. Recent upgrades include a full finished basement, updated interiors, and ongoing maintenance that ensures minimal near-term capital expenses. Situated just two blocks from the M train, the property is within walking distance to shops, dining, and essential services, making it a desirable address for tenants. the property offers both stable income and upside potential through continued rent increases in one of NYC's most desirable rental submarkets. Investment Highlights 8 residential units - mix of 1 x 3BR and 7 x 4BR Rent-Stabilized with reliable long-term tenants Gross Income: $198,288 Net Income: $141,952 that at a 7% Cap, 90% Renovated (modernized interiors, new finishes) Low Maintenance: Professionally managed, clean, and well-kept Transit-Oriented Location: 2 blocks to M train; 30 minutes to Manhattan Upside: Strong demand in Ridgewood + potential package deal with 12 Family In Woodside with an NOI $161K inquire within for more details. Combine with both building will leave you with a total NOI $303K at $4,588,776 That will leave you at a 7% Cap Rate .
Location
State NY
County 36081
Rooms
Basement Full
Dining Room 0
Kitchen Open
Building
Story 4
Sewer Municipal
Water Municipal
Structure Type Masonry - Brick
Tenisha Davis, Licensed Real Estate Broker
Licensed Real Estate Broker - GRI, ABR, CBR, SFR, SRS - Notary Public