Corner Mixed-Use
For Sale
$2,650,000
351 Onderdonk Avenue, Ridgewood, NY 11385
Brick construction combines medical office space, apartments, garages, and an additional residential unit.
Property Size4,650 SF
Days on Market438
Property Features for 351 Onderdonk Avenue
General Information
Standard status
Active
Size
4,650 SF
Total Parking Spaces
3
Property subtype
Commercial
Zoning
R6B
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Multifamily Units
3
Office Units
1
Additional Details
Gross Income
$138,000
Taxes and HOA fees
Annual Taxes
$5,589
Building Details
Building Size
4,650 SF
Year Built
1901
Buildings
2
Stories
2
Units
7
Construction
brick
Tenancy
Multi
Listing Agency:
Crifasi Real Estate Inc
Listed By:
Sal J. Crifasi · License #10301205163
(718) 782-4411
Source:
Cornerstonemyhome
Added: Jul 9, 2025
Changed: Sep 18
Last Checked: Sep 18 at 3:02PM
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 Crifasi Real Estate Inc
Investment Insights
Based on property information with market context.
Built in 1901, the offering combines a corner brick building at 351 Onderdonk Avenue with the adjoining property at 18-60 DeKalb Avenue. The primary structure includes a 1,500-square-foot ground-floor Use Group 4 medical office with central A/C, plus two second-floor apartments configured with two bedrooms and two baths each. The medical office is subject to a 10-year lease with 3% annual increases. The apartments are currently without leases.
The adjoining two-story structure adds three garages and a two-bedroom apartment. The properties are positioned at DeKalb Avenue and Onderdonk Avenue in Ridgewood, NY, four blocks from the DeKalb L train and near Wyckoff Hospital. Zoning is R6B.
The adjoining two-story structure adds three garages and a two-bedroom apartment. The properties are positioned at DeKalb Avenue and Onderdonk Avenue in Ridgewood, NY, four blocks from the DeKalb L train and near Wyckoff Hospital. Zoning is R6B.
Key Highlights
- 1,500‑square‑foot ground‑floor Use Group 4 medical office
- 10‑year medical office lease with 3% annual increases
- Two second‑floor apartments, each with two bedrooms and two baths
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
$153,096
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
5.78%
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%
$3,061,920
$3.1M
Cap Rate 7%
$2,187,086
$2.2M
Cap Rate 9%
$1,701,067
$1.7M
Market Conditions
NOI Build-Up for 4,650 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
$234.4K $50.40/SF
− Vacancy
−$30.2K −$6.50/SF
EGI
$204.1K $43.90/SF
− OpEx
−$51.0K −$10.97/SF
NOI
$153.1K $32.92/SF
Area
Queens County, NY
Vacancy
12.90%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
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%
$3,061,920
Cap Rate 7%
$2,187,086
Cap Rate 9%
$1,701,067
Alternative Uses
Best Use
Office B
$2.19M
$1.91M – $2.55M
NOI $153,096 @ 7.0% cap · market cap 5.78%
Second Best
Apartment 5plus
$1.62M
$1.42M – $1.89M
NOI $113,667 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$3.43M
$3.00M – $4.00M
NOI $239,962 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Office units
3
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,465
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 Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick construction combines medical office space, apartments, garages, and an additional residential unit.
Where is this mixed-use property located?
The property is located at 351 Onderdonk Avenue Ridgewood, NY.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: 1,500‑square‑foot ground‑floor Use Group 4 medical office; 10‑year medical office lease with 3% annual increases; Two second‑floor apartments, each with two bedrooms and two baths
