Mixed-Use Building with
New
For Sale
$1,799,000
11-05 Cypress Avenue, Ridgewood, NY 11385
Two apartments occupy the upper levels above a street-level pharmacy, with a full basement and yard.
Property Size4,280 SF
Days on Market3
Property Features for 11-05 Cypress Avenue
General Information
Standard status
Active
Size
4,280 SF
Property subtype
Mixed Use
Net Operating Income
$102,757
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,735
Amenities
full basement
spacious yard
Building Details
Building Size
4,280 SF
Year Built
1930
Stories
3
Construction
brick
Listing Agency:
Crifasi Real Estate Inc
Listed By:
Joseph V. Crifasi · License #30CR1126424
(718) 930-0040
Source:
Serhant
Added: Oct 19
Changed: Oct 21
Last Checked: Oct 21 at 2:22AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Crifasi Real Estate Inc
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Investment Insights
Based on property information with market context.
Built in 1930, this brick mixed-use property has a pharmacy on the first floor and two apartments above. The second-floor unit includes an eat-in kitchen, living room, one bedroom, and one full bathroom. On the third floor, the apartment has an eat-in kitchen, living room, dining room, three bedrooms, and one full bathroom. A full basement and yard are also part of the property. The pharmacy lease runs through 2028 and includes a renewal option; the apartment leases expire in November 2026 and 2027.
The property is in Ridgewood, Queens, 0.7 miles from the subway. Improvements include a roof and boiler installed in 2025, windows replaced in 2022, and updated kitchens and bathrooms in both apartments. Additional work includes a new return line in 2019, a replacement front door, wood carpentry improvements, and freshly painted hallways. Heating is oil-fired.
The property is in Ridgewood, Queens, 0.7 miles from the subway. Improvements include a roof and boiler installed in 2025, windows replaced in 2022, and updated kitchens and bathrooms in both apartments. Additional work includes a new return line in 2019, a replacement front door, wood carpentry improvements, and freshly painted hallways. Heating is oil-fired.
Key Highlights
- Brick mixed‑use property with a first‑floor pharmacy and two upper‑floor apartments
- Second‑floor apartment: one bedroom, eat‑in kitchen, living room, and one full bathroom
- Third‑floor apartment: three bedrooms, eat‑in kitchen, living room, dining room, and one full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$104,622
Cap Rate
5.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,092,440
$2.1M
Cap Rate 7%
$1,494,600
$1.5M
Cap Rate 9%
$1,162,467
$1.2M
Market Conditions
NOI Build-Up for 4,280 SF
Gross rent
$197.7K $46.20/SF
− Vacancy
−$7.5K −$1.76/SF
EGI
$190.2K $44.44/SF
− OpEx
−$85.6K −$20.00/SF
NOI
$104.6K $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 Rate 5%
$2,092,440
Cap Rate 7%
$1,494,600
Cap Rate 9%
$1,162,467
Alternative Uses
Best Use
Specialty Retail
$2.83M
$2.48M – $3.30M
NOI $198,089 @ 7.0% cap · market cap 11.01%
Second Best
Apartment 5plus
$1.49M
$1.31M – $1.74M
NOI $104,622 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$3.16M
$2.76M – $3.68M
NOI $220,869 @ 7.0% cap · market cap 12.28%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,576
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two apartments occupy the upper levels above a street-level pharmacy, with a full basement and yard.
Where is this mixed-use property located?
The property is located at 11-05 Cypress Avenue Ridgewood, NY.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: Brick mixed‑use property with a first‑floor pharmacy and two upper‑floor apartments; Second‑floor apartment: one bedroom, eat‑in kitchen, living room, and one full bathroom; Third‑floor apartment: three bedrooms, eat‑in kitchen, living room, dining room, and one full bathroom
