Six-Family Residential Building with Air
For Sale
$1,950,000
1823 Bleecker Street, Ridgewood, NY 11385
COMMERCIAL - Ridgewood, NY
Property Size3,600 SF
Lot Size0.06 Acres
Price / SF$541.67
Days on Market308
Property Features for 1823 Bleecker Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Flushing
Standard status
Active
Lot size
0.06 Acres
Listing Agency:
EVERGREEN REALTY & INVESTMENTS
(646) 838-1378
Listed By:
Emma Barattini
(646) 838-1378
Added: Oct 17, 2025
Changed: Aug 4
Last Checked: Aug 20 at 9:06PM
MLS# 11592209
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This semi-detached six-family building is configured as three free-market units and three rent-stabilized units. Each unit is one bedroom and one bathroom, with hardwood flooring throughout. Some units have been fully renovated and include in-unit dishwashers, as well as washers/dryers.
The building is three stories and measures 3,600 SF on a 2,500 SF lot (25' x 100'). It also includes 1,400 SF of unused air rights. The property is within a short walk of the M train at Seneca Avenue and the L train at Dekalb Avenue.
Designed for residential income use, the mix of free-market and rent-stabilized units may appeal to buyers seeking a diversified in-place tenancy profile. The unused air rights provide an additional path for future development within the existing property footprint. All described details reflect the current unit configuration, building size, and air-rights attribute noted in the listing.
The building is three stories and measures 3,600 SF on a 2,500 SF lot (25' x 100'). It also includes 1,400 SF of unused air rights. The property is within a short walk of the M train at Seneca Avenue and the L train at Dekalb Avenue.
Designed for residential income use, the mix of free-market and rent-stabilized units may appeal to buyers seeking a diversified in-place tenancy profile. The unused air rights provide an additional path for future development within the existing property footprint. All described details reflect the current unit configuration, building size, and air-rights attribute noted in the listing.
Key Highlights
- Semi‑detached 6‑family building in Ridgewood with 1,400 SF of unused air rights
- 3 free‑market units and 3 rent‑stabilized units; all units are 1 bed, 1 bath
- 3,600 SF building (20' x 60') on a 25' x 100' lot (2,500 SF)
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
$88,000
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
4.51%
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%
$1,760,000
$1.8M
Cap Rate 7%
$1,257,143
$1.3M
Cap Rate 9%
$977,778
$977.8K
Market Conditions
NOI Build-Up for 3,600 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
$166.3K $46.20/SF
− Vacancy
−$6.3K −$1.76/SF
EGI
$160.0K $44.44/SF
− OpEx
−$72.0K −$20.00/SF
NOI
$88.0K $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%
$1,760,000
Cap Rate 7%
$1,257,143
Cap Rate 9%
$977,778
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $88,000 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.65M
$2.32M – $3.10M
NOI $185,777 @ 7.0% cap · market cap 9.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Semi-detached six-family property with unused air rights and one-bedroom units across free-market and rent-stabilized homes.
Where is this apartment building located?
The property is located at 1823 Bleecker Street Ridgewood, NY.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Semi‑detached 6‑family building in Ridgewood with 1,400 SF of unused air rights; 3 free‑market units and 3 rent‑stabilized units; all units are 1 bed, 1 bath; 3,600 SF building (20' x 60') on a 25' x 100' lot (2,500 SF)
