4-Unit Residential
For Sale
$1,600,000
1924 Palmetto Street, Ridgewood, NY 11385
Two upper-level apartments have undergone recent renovations, including kitchen updates.
Property Size2,750 SF
Lot Size0.06 Acres
Price / SF$581.82
Days on Market39
Property Features for 1924 Palmetto Street
General Information
Standard status
Active
Size
2,750 SF
Lot size
0.06 Acres
Property subtype
Multi-Unit (2-4)
Zoning
R5B
Additional Details
Gross Income
$110,760
Multifamily Units
4
Tenant in Place
Yes
Building Details
Year Built
1930
Buildings
1
Listing Agency:
Gosen properties
(718) 704-0494
Listed By:
Emmanuel Victor
(718) 598-7374
Source:
Gosenproperties
Added: Sep 21
Changed: Oct 28
Last Checked: Oct 28 at 3:37PM
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 Gosen properties
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Investment Insights
Based on property information with market context.
This 4-unit residential property contains approximately 2,750 SF in a building constructed in 1930. Two upper-floor apartments have been renovated, and updated kitchens feature stainless steel appliances and dishwashers. Three of the occupied apartments are leased month-to-month.
The 25' x 55' building sits on a 25' x 100' lot in Ridgewood, near Rosemary's Playground and the Woodward Avenue corridor. R5B zoning is reported, with a current FAR of 1.10 and a residential FAR of 1.50. The stated maximum buildable area is approximately 3,750 SF, including about 1,000 SF of additional buildable area. Potential to configure the first-floor apartments as duplexes is also noted.
The 25' x 55' building sits on a 25' x 100' lot in Ridgewood, near Rosemary's Playground and the Woodward Avenue corridor. R5B zoning is reported, with a current FAR of 1.10 and a residential FAR of 1.50. The stated maximum buildable area is approximately 3,750 SF, including about 1,000 SF of additional buildable area. Potential to configure the first-floor apartments as duplexes is also noted.
Key Highlights
- Four residential units in an approximately 2,750 SF building
- Two renovated upper‑floor apartments with updated kitchens, stainless steel appliances, and dishwashers
- Three occupied units are month‑to‑month
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$67,222
Cap Rate
4.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,344,440
$1.3M
Cap Rate 7%
$960,314
$960.3K
Cap Rate 9%
$746,911
$746.9K
Market Conditions
NOI Build-Up for 2,750 SF
Gross rent
$127.1K $46.20/SF
− Vacancy
−$4.8K −$1.76/SF
EGI
$122.2K $44.44/SF
− OpEx
−$55.0K −$20.00/SF
NOI
$67.2K $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%
$1,344,440
Cap Rate 7%
$960,314
Cap Rate 9%
$746,911
Alternative Uses
Best Use
Apartment 5plus
$960.3K
$840.3K – $1.12M
NOI $67,222 @ 7.0% cap · market cap 4.20%
Second Best
Multifamily LT 5
$650.2K
$569.0K – $758.6K
NOI $45,517 @ 7.0% cap · market cap 2.84%
Theoretical Best
Office A
$2.03M
$1.77M – $2.37M
NOI $141,913 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4,832
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Two upper-level apartments have undergone recent renovations, including kitchen updates.
Where is this quadplex located?
The property is located at 1924 Palmetto Street Ridgewood, NY.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Four residential units in an approximately 2,750 SF building; Two renovated upper‑floor apartments with updated kitchens, stainless steel appliances, and dishwashers; Three occupied units are month‑to‑month
