Two-Family Duplex with Expansion
For Sale
$999,000
1622 Norman Street, Ridgewood, NY 11385
Original architectural details and additional buildable area support multiple residential configuration possibilities.
Property Size2,640 SF
Days on Market55
Property Features for 1622 Norman Street
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,889
Building Details
Building Size
2,640 SF
Year Built
1930
Units
2
Tenancy
Multi
Listing Agency:
BERKSHIRE HATHAWAY
(516) 749-2497
Listed By:
Naima N. Suric
(516) 749-2497
Source:
Cohenandcohenrealty
Added: Jun 11
Changed: Aug 2
Last Checked: Aug 3 at 12:28PM
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 BERKSHIRE HATHAWAY
Investment Insights
Based on property information with market context.
Built in 1930, this two-family duplex at 1622 Norman Street features original tin ceilings, hardwood floors, decorative fireplaces, and other period details. The property also offers 1,100+ sq. ft. of additional buildable potential, subject to buyer verification with an architect, providing room to explore an expanded layout or an owner-occupied configuration with continued income potential.
The property is 0.1 miles from the Halsey Street L train stop. Transit service reaches Penn Station and Grand Central in approximately 31 minutes, with Wall Street about a 40-minute train ride away. Ridgewood destinations mentioned in the property information include Rolo’s, Topos Bookstore Café, Variety Coffee Roasters, Julia’s, and businesses along Onderdonk and Myrtle Avenue.
The property is 0.1 miles from the Halsey Street L train stop. Transit service reaches Penn Station and Grand Central in approximately 31 minutes, with Wall Street about a 40-minute train ride away. Ridgewood destinations mentioned in the property information include Rolo’s, Topos Bookstore Café, Variety Coffee Roasters, Julia’s, and businesses along Onderdonk and Myrtle Avenue.
Key Highlights
- Two‑family duplex built in 1930
- 1,100+ sq. ft. of additional buildable potential, subject to architect verification
- Tin ceilings, hardwood floors, and decorative fireplaces
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $122.0k | $46.20 |
| − Vacancy | −$4.6k | −$1.76 |
| EGI | $117.3k | $44.44 |
| − OpEx | −$52.8k | −$20.00 |
| NOI | $64.5k | $24.44 |
2,640 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$921.9K
$806.7K – $1.08M
NOI $64,533 @ 7.0% cap · market cap 6.46%
Second Best
Multifamily LT 5
$624.2K
$546.2K – $728.3K
NOI $43,696 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,237 @ 7.0% cap · market cap 13.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,877
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?
Duplex - Original architectural details and additional buildable area support multiple residential configuration possibilities.
Where is this duplex located?
The property is located at 1622 Norman Street Ridgewood, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Two‑family duplex built in 1930; 1,100+ sq. ft. of additional buildable potential, subject to architect verification; Tin ceilings, hardwood floors, and decorative fireplaces
