Corner Mixed-Use Building For
For Sale
Contact for pricing
5-66 Onderdonk Ave, Ridgewood, NY 11385
Income-producing, gut-renovated mixed-use building in a strong residential corridor.
Property Size5,625 SF
Price / SF$546.67
Days on Market172
Property Features for 5-66 Onderdonk Ave
General Information
Standard status
Active
Size
5,625 SF
Property subtype
Mixed Use, Multifamily, Retail
Zoning
R6B-C1-4
Net Operating Income
$202,643
Building Details
Year Built
1931
Stories
3
Listing Agency:
Evergreen Realty and Investments
(646) 373-7944
Listed By:
Daniel Barcelowsky · License #NY
Source:
Crexi
Added: Feb 25
Changed: Aug 14
Last Checked: Aug 14 at 8:48AM
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 Evergreen Realty and Investments
Investment Insights
Based on property information with market context.
This corner mixed-use building is located in a strong residential and retail corridor. The fully gut-renovated building is an income-producing asset. It features four spacious two-bedroom apartments with hardwood floors and two established commercial spaces currently occupied by a daycare and a restaurant. The building also includes a fully finished basement with two offices and a private bathroom. The building has approximately 5,625 square feet. The first floor measures approximately 25 feet by 100 feet, while the second and third floors are approximately 25 feet by 64 feet. The property generates a strong in-place income of $255,954 annual gross with upside. The NOI is $202,597, representing a 6.59% cap rate at the asking price and a 7.06% potential cap rate. The property is well-maintained and professionally managed, with a stable tenant mix. Commercial tenants cover 40% of property taxes and 50% of DEP charges. The property is surrounded by established restaurants, cafés, and neighborhood businesses, and is located minutes from Bushwick and Williamsburg, and blocks from the L and M trains. It is an exceptional long-term investment opportunity in one of Queens’ most sought-after neighborhoods. All boilers have been replaced within the last 5 years. Plumbing and electrical systems were upgraded within approximately the last 20 years, and the exterior masonry was pointed within approximately the last 20 years. Major capital improvements have already been completed, and the property is mechanically modernized with a low deferred maintenance profile.
Key Highlights
- Strong in‑place income: $255,954 annual gross with upside; NOI: $202,597; 6.59% cap rate at asking.
- Corner mixed‑use building in a strong residential and retail corridor.
- Fully gut‑renovated building with four spacious two‑bedroom apartments and two established commercial spaces.**
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
$137,500
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
4.47%
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%
$2,750,000
$2.8M
Cap Rate 7%
$1,964,286
$2.0M
Cap Rate 9%
$1,527,778
$1.5M
Market Conditions
NOI Build-Up for 5,625 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
$259.9K $46.20/SF
− Vacancy
−$9.9K −$1.76/SF
EGI
$250.0K $44.44/SF
− OpEx
−$112.5K −$20.00/SF
NOI
$137.5K $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%
$2,750,000
Cap Rate 7%
$1,964,286
Cap Rate 9%
$1,527,778
Alternative Uses
Best Use
Apartment 5plus
$1.96M
$1.72M – $2.29M
NOI $137,500 @ 7.0% cap · market cap 4.47%
Second Best
Mixed Use
$1.03M
$904.9K – $1.21M
NOI $72,394 @ 7.0% cap · market cap 2.35%
Theoretical Best
Office A
$4.15M
$3.63M – $4.84M
NOI $290,277 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,549
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 - Income-producing, gut-renovated mixed-use building in a strong residential corridor.
Where is this mixed-use property located?
The property is located at 5-66 Onderdonk Ave Ridgewood, NY.
What is the asking price?
The asking price for this property is $3,075,000.
What are key features of this property?
This property features: Strong in‑place income: $255,954 annual gross with upside; NOI: $202,597; 6.59% cap rate at asking.; Corner mixed‑use building in a strong residential and retail corridor.; Fully gut‑renovated building with four spacious two‑bedroom apartments and two established commercial spaces.**
