Historic Two-Family Brick
For Sale
Under Contract
$1,200,000
1840 NORMAN STREET, Ridgewood, NY 11385
MULTI_FAMILY - Ridgewood, NY
Property Size2,128 SF
Lot Size0.05 Acres
Price / SF$563.91
Days on Market87
Property Features for 1840 NORMAN STREET
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 4, Bedroom 1, Bathroom 1
Interior features
Entrance Foyer, Master Downstairs
Fireplace
1
Subdivision
Flushing
Standard status
Active Under Contract
Lot size
0.05 Acres
Amenities
Original Stained Glass Entry Surround
Original Woodwork, Decorative Trim & Period Details Throughout
Original Fireplace Mantel
Decorative French Doors
Original Millwork
High Ceilings
Oversized Windows
Building Details
Year built
1910
Floors in Building
2
Flooring type
Hardwood
Building materials
Brick
Listing Agency:
EVERGREEN REALTY & INVESTMENTS
(646) 838-1378
Listed By:
Emma Barattini
(646) 838-1378
Added: May 29
Changed: Aug 3
Last Checked: Aug 23 at 3:06AM
MLS# 11797534
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.
Delivered vacant two-family brick townhouse featuring original architectural details and period finishes throughout. The home offers approximately 2,128 SF of living space with high ceilings and oversized windows for excellent natural light. Original design elements include an original stained glass entry surround, decorative trim and millwork, preserved on-site decorative French doors, and an original fireplace mantel. Hardwood flooring is featured, and interior details include an entrance foyer and a master bedroom downstairs.
A full basement includes separate access, and the property’s brick construction provides a solid foundation for restoration and renovation. The lot is approximately 20 FT x 100 FT (about 0.0463 acres), with strong bay frontage and original cornice work. Built in 1910, the building is described as a Ridgewood two-family townhouse that is not landmark-designated.
The property is positioned on a quiet tree-lined Ridgewood block, close to Myrtle Avenue shopping, dining, and transportation, and near Evergreen Park and Forest Avenue. Convenient access to the M train is noted, and a video tour is available.
A full basement includes separate access, and the property’s brick construction provides a solid foundation for restoration and renovation. The lot is approximately 20 FT x 100 FT (about 0.0463 acres), with strong bay frontage and original cornice work. Built in 1910, the building is described as a Ridgewood two-family townhouse that is not landmark-designated.
The property is positioned on a quiet tree-lined Ridgewood block, close to Myrtle Avenue shopping, dining, and transportation, and near Evergreen Park and Forest Avenue. Convenient access to the M train is noted, and a video tour is available.
Key Highlights
- Delivered vacant two‑family brick townhouse with original period details
- Approx. 2,128 SF building size with high ceilings and oversized windows
- Original stained glass entry surround, woodwork, decorative trim, and millwork
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,084
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?
Duplex - Delivered vacant two-family brick townhouse with period details, hardwood floors, and original stained glass entry.
Where is this duplex located?
The property is located at 1840 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: Delivered vacant two‑family brick townhouse with original period details; Approx. 2,128 SF building size with high ceilings and oversized windows; Original stained glass entry surround, woodwork, decorative trim, and millwork
