Four-Story Mixed-Use
For Sale
$3,798,888
297 Saint Nicholas Avenue, Ridgewood, NY 11385
Brick corner property with six apartments, a laundromat, basement space, and one vacant commercial unit.
Property Size7,260 SF
Days on Market72
Property Features for 297 Saint Nicholas Avenue
General Information
Standard status
Active
Size
7,260 SF
Property subtype
Quadruplex
Additional Details
Public Transit
Yes
Multifamily Units
6
Amenities
Wall/Window Unit(s)
Natural Gas
Natural Gas Connected
Building Details
Building Size
7,260 SF
Year Built
1930
Stories
4
Construction
All Brick
Tenancy
Multi
Listing Agency:
Keller Williams Rlty Landmark
(917) 251-4499
Listed By:
Deirdre Folan · License #10301200720
(917) 251-4499
Source:
Kw
Added: Jun 20
Changed: Aug 30
Last Checked: Aug 30 at 10:40AM
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 Keller Williams Rlty Landmark
Investment Insights
Based on property information with market context.
This four-story, semi-detached mixed-use building is constructed of brick and includes six apartments alongside commercial space. Three apartments will be delivered vacant, while three occupied units have tenants remaining in place. The property also contains a laundromat, basement area, and one vacant store suitable for a future commercial occupant. Kitchens, bathrooms, and flooring have been updated, and the building dates to 1930.
The property is located at 297 Saint Nicholas Avenue in Ridgewood, near M Train and Q58 transportation service, as well as restaurants and shopping. Natural gas is connected, and individual wall/window unit heating and cooling is present.
The property is located at 297 Saint Nicholas Avenue in Ridgewood, near M Train and Q58 transportation service, as well as restaurants and shopping. Natural gas is connected, and individual wall/window unit heating and cooling is present.
Key Highlights
- Six apartments, including 3 delivered vacant and 3 with tenants remaining in place
- Laundromat, basement area, and 1 vacant commercial store
- Four‑story semi‑detached brick construction
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
$177,466
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
4.67%
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%
$3,549,320
$3.5M
Cap Rate 7%
$2,535,229
$2.5M
Cap Rate 9%
$1,971,844
$2.0M
Market Conditions
NOI Build-Up for 7,260 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
$335.4K $46.20/SF
− Vacancy
−$12.7K −$1.76/SF
EGI
$322.7K $44.44/SF
− OpEx
−$145.2K −$20.00/SF
NOI
$177.5K $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%
$3,549,320
Cap Rate 7%
$2,535,229
Cap Rate 9%
$1,971,844
Alternative Uses
Best Use
Apartment 5plus
$2.54M
$2.22M – $2.96M
NOI $177,466 @ 7.0% cap · market cap 4.67%
Second Best
Retail
$1.85M
$1.62M – $2.16M
NOI $129,591 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$5.35M
$4.68M – $6.24M
NOI $374,651 @ 7.0% cap · market cap 9.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,833
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?
Mixed-use property - Brick corner property with six apartments, a laundromat, basement space, and one vacant commercial unit.
Where is this mixed-use property located?
The property is located at 297 Saint Nicholas Avenue Ridgewood, NY.
What is the asking price?
The asking price for this property is $3,798,888.
What are key features of this property?
This property features: Six apartments, including 3 delivered vacant and 3 with tenants remaining in place; Laundromat, basement area, and 1 vacant commercial store; Four‑story semi‑detached brick construction
