Brick Two-Family
For Sale
Contact for pricing
Pending
18-40 Norman Street, Ridgewood, NY 11385
Vacant two-family brick home with full basement and original period details, suited for renovation or owner-occupancy.
Property Size2,128 SF
Days on Market88
Property Features for 18-40 Norman Street
General Information
Standard status
Pending
Size
2,128 SF
Property subtype
Multifamily
Investment Type
Value Add
Additional Details
Multifamily Units
2
Building Details
Year Built
1910
Buildings
1
Tenancy
Multi
Listing Agency:
Evergreen Realty and Investments
(646) 373-7944
Listed By:
Daniel Barcelowsky · License #NY
Source:
Crexi
Added: May 29
Changed: Aug 8
Last Checked: Jul 24 at 6:31AM
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 Evergreen Realty and Investments
Investment Insights
Based on property information with market context.
Delivered vacant, this early-1900s Ridgewood two-family brick townhouse presents a restoration-ready interior and strong period presence. The home features bay frontage with original cornice work, an original stained glass entry surround, and preserved decorative woodwork, trim, and period details throughout. Original fireplace mantel, decorative French doors, and original millwork add character, while high ceilings and oversized windows help create excellent natural light. A full basement with separate access supports everyday utility and flexibility. Solid brick construction is complemented by an indicated approximately 2,128 square-foot building size, with an approximately 20 ft by 100 ft lot and approximately 908 square feet of additional buildable area.
Set on a quiet, tree-lined Ridgewood block, the property is described as close to Myrtle Avenue for shopping, dining, and transportation. It is also noted as being near Evergreen Park and Forest Avenue amenities, with convenient access to the M train.
This is a practical fit for buyers and owner-occupants seeking a two-unit arrangement with separate basement access, or for investors planning a renovation and value-added repositioning with historic elements preserved. The asset is not landmark designated, and it is available vacant for immediate contractor planning and restoration work.
Set on a quiet, tree-lined Ridgewood block, the property is described as close to Myrtle Avenue for shopping, dining, and transportation. It is also noted as being near Evergreen Park and Forest Avenue amenities, with convenient access to the M train.
This is a practical fit for buyers and owner-occupants seeking a two-unit arrangement with separate basement access, or for investors planning a renovation and value-added repositioning with historic elements preserved. The asset is not landmark designated, and it is available vacant for immediate contractor planning and restoration work.
Key Highlights
- Vacant two‑family brick townhouse built in 1910, approx. 2,128 SF total building size
- Full basement with separate access
- Historic period details including original stained glass entry surround, original woodwork and decorative trim, and an original fireplace mantel
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
$52,018
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
4.33%
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%
$1,040,360
$1.0M
Cap Rate 7%
$743,114
$743.1K
Cap Rate 9%
$577,978
$578.0K
Market Conditions
NOI Build-Up for 2,128 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
$98.3K $46.20/SF
− Vacancy
−$3.7K −$1.76/SF
EGI
$94.6K $44.44/SF
− OpEx
−$42.6K −$20.00/SF
NOI
$52.0K $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%
$1,040,360
Cap Rate 7%
$743,114
Cap Rate 9%
$577,978
Alternative Uses
Best Use
Apartment 5plus
$743.1K
$650.2K – $867.0K
NOI $52,018 @ 7.0% cap · market cap 4.33%
Second Best
Multifamily LT 5
$503.2K
$440.3K – $587.0K
NOI $35,222 @ 7.0% cap · market cap 2.94%
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,815 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Vacant two-family brick home with full basement and original period details, suited for renovation or owner-occupancy.
Where is this duplex located?
The property is located at 18-40 Norman Street Ridgewood, NY.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Vacant two‑family brick townhouse built in 1910, approx. 2,128 SF total building size; Full basement with separate access; Historic period details including original stained glass entry surround, original woodwork and decorative trim, and an original fireplace mantel
