6-Unit Apartment
For Sale
$1,400,000
1719 Bleecker Street, Ridgewood, NY 11385
Six residential units each offer two bedrooms and one bathroom, with a basement utility room and rear office/exit.
Property Size4,875 SF
Price / SF$287.18
Days on Market65
Property Features for 1719 Bleecker Street
General Information
Standard status
Active
Size
4,875 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$14,360
Amenities
utility room
office
Building Details
Building Size
4,875 SF
Year Built
1930
Tenancy
Multi
Listing Agency:
Keller Williams Rty Gold Coast
Listed By:
John F. Brady
(718) 687-2591
Source:
Cbwarburg
Added: Jul 7
Changed: Sep 8
Last Checked: Sep 8 at 5:58AM
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 Keller Williams Rty Gold Coast
Investment Insights
Based on property information with market context.
This is a for-sale six-unit multifamily apartment building with a total of 12 bedrooms and 6 bathrooms. Each unit is configured with two bedrooms and one bathroom. The basement includes a utility room and an office at the rear with an exit to the rear yard.
The property is in Ridgewood, Queens. The public remarks note proximity to restaurants and bakeries, including Catania Bakery and Estella del Mar, as well as nearby parks and playlands such as Grover Cleveland playground and Maria Hernandez park. Access to local shopping is referenced via the B38 bus. The remarks also state the building sits between Myrtle Avenue and Metropolitan Avenue, each with multiple shops.
As described, the building provides a straightforward unit mix of two-bedroom layouts and includes basement space with a rear office and separate exit to the rear yard.
The property is in Ridgewood, Queens. The public remarks note proximity to restaurants and bakeries, including Catania Bakery and Estella del Mar, as well as nearby parks and playlands such as Grover Cleveland playground and Maria Hernandez park. Access to local shopping is referenced via the B38 bus. The remarks also state the building sits between Myrtle Avenue and Metropolitan Avenue, each with multiple shops.
As described, the building provides a straightforward unit mix of two-bedroom layouts and includes basement space with a rear office and separate exit to the rear yard.
Key Highlights
- 6‑unit multifamily property built in 1930
- Total layout includes 12 bedrooms and 6 bathrooms (2BR/1BA per unit)
- Basement features a utility room
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
$119,167
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
8.51%
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%
$2,383,340
$2.4M
Cap Rate 7%
$1,702,386
$1.7M
Cap Rate 9%
$1,324,078
$1.3M
Market Conditions
NOI Build-Up for 4,875 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
$225.2K $46.20/SF
− Vacancy
−$8.6K −$1.76/SF
EGI
$216.7K $44.44/SF
− OpEx
−$97.5K −$20.00/SF
NOI
$119.2K $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%
$2,383,340
Cap Rate 7%
$1,702,386
Cap Rate 9%
$1,324,078
Alternative Uses
Best Use
Apartment 5plus
$1.70M
$1.49M – $1.99M
NOI $119,167 @ 7.0% cap · market cap 8.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.59M
$3.14M – $4.19M
NOI $251,573 @ 7.0% cap · market cap 17.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,658
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Six residential units each offer two bedrooms and one bathroom, with a basement utility room and rear office/exit.
Where is this apartment building located?
The property is located at 1719 Bleecker Street Ridgewood, NY.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 6‑unit multifamily property built in 1930; Total layout includes 12 bedrooms and 6 bathrooms (2BR/1BA per unit); Basement features a utility room
