Ridgewood Multifamily with Development
For Sale
Contact for pricing
18-70 Grove St, Queens, NY 11385
Three-family property with garage and back house in prime Ridgewood.
Property Size2,000 SF
Lot Size0.06 Acres
Price / SF$699.50
Days on Market816
Property Features for 18-70 Grove St
General Information
Standard status
Active
Size
2,000 SF
Total Parking Spaces
1
Lot size
0.06 Acres
Property subtype
Multifamily
Zoning
R5B
Investment Type
Redevelopment
Building Details
Year Built
1910
Buildings
2
Stories
2
Units
3
Listing Agency:
Capri Jet Realty Corp
(718) 388-2188
Listed By:
Robert Napolitano · License #NY 31NA0992911
Source:
Crexi
Added: May 29, 2024
Changed: Aug 21
Last Checked: Aug 21 at 11:03PM
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 Capri Jet Realty Corp
Investment Insights
Based on property information with market context.
Located on the border of Ridgewood and Bushwick, this multifamily property presents an opportunity for contractors, developers, or investors. The property is situated approximately 0.3 miles from the Seneca Ave M train station and 0.5 miles from the Myrtle-Wyckoff Ave L/M train station, and is five blocks from Myrtle Ave, with its commercial establishments. Currently, the front house is a frame box without interior apartments, as the previous structures have been removed. A back house on the property also requires significant work. The property includes a built-in garage and a spacious backyard. Approved plans are available. The building (front house) measures 25 x 39 feet on a 25 x 100 foot lot. The zoning is R5B, with a FAR of 0.8 and a maximum FAR of 1.35. The property is approximately 2000 square feet.
Key Highlights
- Prime Ridgewood location near Bushwick border, close to transportation and Myrtle Ave amenities.
- Three‑family property with additional back house, offering significant investment potential.
- Includes a built‑in garage and spacious backyard.
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
$48,889
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
3.49%
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%
$977,780
$977.8K
Cap Rate 7%
$698,414
$698.4K
Cap Rate 9%
$543,211
$543.2K
Market Conditions
NOI Build-Up for 2,000 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
$92.4K $46.20/SF
− Vacancy
−$3.5K −$1.76/SF
EGI
$88.9K $44.44/SF
− OpEx
−$40.0K −$20.00/SF
NOI
$48.9K $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%
$977,780
Cap Rate 7%
$698,414
Cap Rate 9%
$543,211
Alternative Uses
Best Use
Apartment 5plus
$698.4K
$611.1K – $814.8K
NOI $48,889 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,210 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,275
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?
Multifamily property - Three-family property with garage and back house in prime Ridgewood.
Where is this multifamily property located?
The property is located at 18-70 Grove St Queens, NY.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Prime Ridgewood location near Bushwick border, close to transportation and Myrtle Ave amenities.; Three‑family property with additional back house, offering significant investment potential.; Includes a built‑in garage and spacious backyard.
