Six-Unit Rent-Stabilized Apartment
For Sale
$1,100,000
Pending
18-58 Cornelia Street, Ridgewood, NY 11385
Six occupied apartments each offer a separate eat-in kitchen, living room, three bedrooms, and one bathroom.
Property Size2,742 SF
Days on Market9
Property Features for 18-58 Cornelia Street
General Information
Standard status
Pending
Size
2,742 SF
Zoning
R6B
Occupancy
100%
Net Operating Income
$74,980
Financials
Cap Rate
6.82%
Gross Income
$108,471
Units
Unit Mix
6 x 3BR/1BA
Multifamily Units
6
Additional Details
Public Transit
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$16,769
Amenities
Full
3
Yes
No
On Street
2742
Building Details
Building Size
2,742 SF
Year Built
1930
Stories
3
Construction
brick
Listing Agency:
(516) 703-2918
Listed By:
John Taylor
Source:
Hedgestonehomes
Added: Oct 21
Changed: Oct 28
Last Checked: Oct 28 at 4:27PM
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 John Taylor
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Investment Insights
Based on property information with market context.
This six-unit brick apartment building contains rent-stabilized residences, each configured with an eat-in kitchen, living room, three bedrooms, and one bathroom. Windows are present in every room. The property was built in 1930 and is zoned R6B.
Building updates include a renovated rubber roof in January 2024, replacement of the gas piping in April 2024, and a new water heater installed in February 2025. The building is fully occupied, with lease dates extending from December 2026 through January 2028.
The property is near the M train, shops, restaurants, and a park. Its building dimensions are 27.42 by 68 feet, on a 27.42-by-100-foot lot.
Building updates include a renovated rubber roof in January 2024, replacement of the gas piping in April 2024, and a new water heater installed in February 2025. The building is fully occupied, with lease dates extending from December 2026 through January 2028.
The property is near the M train, shops, restaurants, and a park. Its building dimensions are 27.42 by 68 feet, on a 27.42-by-100-foot lot.
Key Highlights
- Six rent‑stabilized apartments; each has an eat‑in kitchen, living room, 3 bedrooms, and 1 bathroom
- Fully occupied; lease expirations range from 12/1/26 to 1/1/28
- Rubber roof renovated in January 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$67,027
Cap Rate
6.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,340,540
$1.3M
Cap Rate 7%
$957,529
$957.5K
Cap Rate 9%
$744,744
$744.7K
Market Conditions
NOI Build-Up for 2,742 SF
Gross rent
$126.7K $46.20/SF
− Vacancy
−$4.8K −$1.76/SF
EGI
$121.9K $44.44/SF
− OpEx
−$54.8K −$20.00/SF
NOI
$67.0K $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 Rate 5%
$1,340,540
Cap Rate 7%
$957,529
Cap Rate 9%
$744,744
Alternative Uses
Best Use
Apartment 5plus
$957.5K
$837.8K – $1.12M
NOI $67,027 @ 7.0% cap · market cap 6.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,500 @ 7.0% cap · market cap 12.86%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,755
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Six occupied apartments each offer a separate eat-in kitchen, living room, three bedrooms, and one bathroom.
Where is this apartment building located?
The property is located at 18-58 Cornelia Street Ridgewood, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Six rent‑stabilized apartments; each has an eat‑in kitchen, living room, 3 bedrooms, and 1 bathroom; Fully occupied; lease expirations range from 12/1/26 to 1/1/28; Rubber roof renovated in January 2024
