Mixed-Use Building with Development
For Sale
$3,200,000
1670 Putnam Avenue, Ridgewood, NY 11385
C4-3A zoning includes unused development capacity, subject to approvals.
Property Size5,586 SF
Days on Market418
Property Features for 1670 Putnam Avenue
General Information
Standard status
Active
Size
5,586 SF
Property subtype
Commercial
Zoning
C4-3A
Units
Unit Mix
4 x 3BR/1BA railroad
Multifamily Units
4
Office Units
2
Additional Details
Average Monthly Rent
$2,300
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$20,533
Building Details
Building Size
5,586 SF
Year Built
1931
Buildings
1
Stories
3
Units
6
Tenancy
Multi
Listing Agency:
Crifasi Real Estate Inc
(718) 782-4411
Listed By:
Sal J. Crifasi · License #1027429
(718) 782-4411
Source:
Callexitfirst
Added: Jul 8, 2025
Changed: Aug 27
Last Checked: Aug 28 at 11:31AM
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
Investment Insights
Based on property information with market context.
Built in 1931, this mixed-use property combines two commercial office spaces with four residential apartments. The commercial component includes a doctor’s office and dentist’s office, while each apartment is configured with three bedrooms and one bathroom in a railroad layout. One commercial space may include exclusive use of the backyard and basement, adding flexibility for an owner-user or professional operation.
The property is located at 1670 Putnam Avenue in Ridgewood, two blocks from the Myrtle–Wyckoff L/M subway station. Nearby destinations include Julia’s, Rolo’s, Topos Bookstore Café, and TV Eye. C4-3A zoning and 2,668 square feet of unused FAR support consideration of up to two additional floors, subject to approvals. The building is outside the Ridgewood Historic District, allowing facade changes without historic-district restrictions.
The property is located at 1670 Putnam Avenue in Ridgewood, two blocks from the Myrtle–Wyckoff L/M subway station. Nearby destinations include Julia’s, Rolo’s, Topos Bookstore Café, and TV Eye. C4-3A zoning and 2,668 square feet of unused FAR support consideration of up to two additional floors, subject to approvals. The building is outside the Ridgewood Historic District, allowing facade changes without historic-district restrictions.
Key Highlights
- C4‑3A zoning with 2,668 square feet of unused FAR
- Potential to add up to two additional floors, subject to approvals
- Two blocks from the Myrtle–Wyckoff L/M subway station
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
$183,912
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
5.75%
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%
$3,678,240
$3.7M
Cap Rate 7%
$2,627,314
$2.6M
Cap Rate 9%
$2,043,467
$2.0M
Market Conditions
NOI Build-Up for 5,586 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
$281.5K $50.40/SF
− Vacancy
−$36.3K −$6.50/SF
EGI
$245.2K $43.90/SF
− OpEx
−$61.3K −$10.97/SF
NOI
$183.9K $32.92/SF
Area
Queens County, NY
Vacancy
12.90%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
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%
$3,678,240
Cap Rate 7%
$2,627,314
Cap Rate 9%
$2,043,467
Alternative Uses
Best Use
Office B
$2.63M
$2.30M – $3.07M
NOI $183,912 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$1.95M
$1.71M – $2.28M
NOI $136,547 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$4.12M
$3.60M – $4.80M
NOI $288,264 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,438
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - C4-3A zoning includes unused development capacity, subject to approvals.
Where is this mixed-use property located?
The property is located at 1670 Putnam Avenue Ridgewood, NY.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: C4‑3A zoning with 2,668 square feet of unused FAR; Potential to add up to two additional floors, subject to approvals; Two blocks from the Myrtle–Wyckoff L/M subway station
