566 Onderdonk Ave Ridgewood, NY 11385

This corner mixed-use building is located in a strong residential and retail corridor in Ridgewood, NY. The free-market, income-producing asset has been fully gut-renovated. The 5,625 square foot building features four spacious two-bedroom apartments with hardwood floors, and two established commercial spaces currently occupied by a daycare and a restaurant. The first floor measures approximately 25'x100', while the second and third floors measure 25'x64'. The fully finished basement includes two offices and a private bathroom. The property generates a strong in-place income of $255,954.00 annual gross with upside, and a NOI of $202,597.00. The cap rate at asking is 6.59%, with a potential cap rate of 7.06%. The property is well-maintained and professionally managed, with a stable tenant mix. The commercial tenants cover 40% of property taxes and 50% of DEP charges. The property is surrounded by established restaurants, cafés, and neighborhood businesses, and is located minutes from Bushwick and Williamsburg, and blocks from the L and M trains. All boilers have been replaced within the last 5 years, and plumbing and electrical systems have been upgraded within approximately the last 20 years. The exterior masonry has been pointed within approximately the last 20 years. Major capital improvements have already been completed, and the property is mechanically modernized with a low deferred maintenance profile, presenting an exceptional long-term investment opportunity in one of Queens' most sought-after neighborhoods.