Four-Unit Residential
New
For Sale
$1,600,000
1924 Palmetto Street, Ridgewood, NY 11385
Residential Income, Ridgewood, NY
Property Size2,750 SF
Lot Size0.06 Acres
Price / SF$581.82
Days on Market2
Property Features for 1924 Palmetto Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 3, Bathroom 1
Subdivision
Flushing
Standard status
Active
Size
2,750 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
9229
Building Details
Year built
1930
Floors in Building
2
Listing Agency:
EVERGREEN REALTY & INVESTMENTS
(646) 838-1378
Listed By:
Emma Barattini
(815) 252-4110
Added: Sep 21
Last Checked: Sep 22 at 4:06AM
MLS# 11994545
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 four-unit residential property contains approximately 2,750 square feet within a 25-foot by 55-foot building footprint on a 25-foot by 100-foot lot. Two upper-level apartments have been recently renovated with updated kitchens and stainless steel appliances, including dishwashers. One apartment is vacant, while the occupied units are leased month-to-month. The first-floor layout may also support duplex conversion, as noted in the property information.
The property is located at 1924 Palmetto Street in Ridgewood, NY 11385, near Rosemary's Playground and the Woodward Avenue corridor. It carries R5B zoning with a 1.10 current FAR and 1.50 residential FAR. Approximately 3,750 square feet is identified as the maximum buildable area, including about 1,000 square feet of additional buildable area. Built in 1930, the property is classified as Tax Class 2A.
The property is located at 1924 Palmetto Street in Ridgewood, NY 11385, near Rosemary's Playground and the Woodward Avenue corridor. It carries R5B zoning with a 1.10 current FAR and 1.50 residential FAR. Approximately 3,750 square feet is identified as the maximum buildable area, including about 1,000 square feet of additional buildable area. Built in 1930, the property is classified as Tax Class 2A.
Key Highlights
- Four residential units in an approximately 2,750 SF building
- Two upper‑floor apartments recently renovated with stainless steel kitchen appliances
- One unit vacant; occupied units are leased month‑to‑month
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
$67,222
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
4.20%
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%
$1,344,440
$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
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
$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 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%
$1,344,440
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.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4,832
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-family building with renovated apartments, flexible occupancy, and additional residential development capacity.
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 upper‑floor apartments recently renovated with stainless steel kitchen appliances; One unit vacant; occupied units are leased month‑to‑month
