Brick Quadplex with Finished
For Sale
$1,399,000
Pending
6415 Myrtle Avenue, Ridgewood, NY 11385
Residential Income, Ridgewood, NY
Property Size3,000 SF
Lot Size0.06 Acres
Days on Market94
Property Features for 6415 Myrtle Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bedroom 3, Bedroom 6, Bedroom 4, Bathroom 3, Bedroom 2, Bedroom 7, Bathroom 4, Bathroom 1, Bedroom 5, Bedroom 8, Bedroom 1, Bathroom 2
Interior features
Original Details
Basement
Finished, Full
Elementary school
PS/IS 119 Glendale
Middle school
Joseph F Quinn Intermediate School 77
High school
Maspeth High School
Elementary school district
Queens 24
Middle school district
Queens24
High school district
Queens24
Standard status
Pending
APN
03639-0029
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10059
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1927
Number of units
4
Flooring type
Hardwood, Laminate
Building materials
Brick
Architectural style
Other
Listing Agency:
Prime America Real Estate Inc
(347) 725-3142
Listed By:
Natalie Ferrigno
(718) 791-1365
Added: May 28
Changed: Aug 20
Last Checked: Aug 29 at 7:06PM
MLS# 1005544
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick quadplex at 6415 Myrtle Avenue includes original details, hardwood and laminate flooring, a full finished basement, and a private backyard. The property was built in 1927 and includes eight bedrooms and four bathrooms. Heating is provided by natural gas, with wall and window unit cooling. Public water and public sewer serve the property, and water is available.
The building fronts Myrtle Avenue in Ridgewood, within a residential and commercial corridor described as being near shopping, dining, services, and public transportation. R5D and C1-3 zoning potential is identified in the property information. The parcel contains 0.0574 acres and is located in Queens County, New York.
The building fronts Myrtle Avenue in Ridgewood, within a residential and commercial corridor described as being near shopping, dining, services, and public transportation. R5D and C1-3 zoning potential is identified in the property information. The parcel contains 0.0574 acres and is located in Queens County, New York.
Key Highlights
- Quadplex configuration with 8 bedrooms and 4 bathrooms
- Full finished basement and private backyard
- Brick construction with original details
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$73,333
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.24%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,466,660
$1.5M
Cap Rate 7%
$1,047,614
$1.0M
Cap Rate 9%
$814,811
$814.8K
Market Conditions
NOI Build-Up for 3,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$138.6K $46.20/SF
− Vacancy
−$5.3K −$1.76/SF
EGI
$133.3K $44.44/SF
− OpEx
−$60.0K −$20.00/SF
NOI
$73.3K $24.44/SF
Area
Queens County, NY
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,466,660
Cap Rate 7%
$1,047,614
Cap Rate 9%
$814,811
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$916.7K – $1.22M
NOI $73,333 @ 7.0% cap · market cap 5.24%
Second Best
Multifamily LT 5
$709.4K
$620.7K – $827.6K
NOI $49,655 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$2.21M
$1.94M – $2.58M
NOI $154,814 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,916
Businesses Nearby
Explore this area
Business Placement
Demographics for 11385, NY
100,883
Population
40,175
Households
2.5
Avg Household Size
36
Median Age
34%
College-Educated
84%
High-School Grad
3.6 sq mi
ZIP Area
28,023
Density / Sq Mi
$87,365
Median Household Income
$47,335
Median Earnings
$1,959
Median Rent
$842,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Pre-war property with hardwood and laminate flooring, public utilities, and a private backyard.
Where is this quadplex located?
The property is located at 6415 Myrtle Avenue Ridgewood, NY.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Quadplex configuration with 8 bedrooms and 4 bathrooms; Full finished basement and private backyard; Brick construction with original details
