Adjacent Mixed-Use Walk-Up
For Sale
Contact for pricing
56-15 Catalpa Avenue, Ridgewood, NY 11385
Two adjacent walk-up mixed-use buildings with 16 rent-stabilized apartments, four retail units, and storage/garage units.
Property Size11,250 SF
Price / SF$364.44
Days on Market134
Property Features for 56-15 Catalpa Avenue
General Information
Standard status
Active
Size
11,250 SF
Property subtype
Mixed Use
Zoning
C4-3A, R6A Equivalent
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$311,181
Additional Details
Multifamily Units
16
Building Details
Year Built
1930
Buildings
2
Stories
3
Tenancy
Multi
Listing Agency:
Meridian Capital Group
Listed By:
Eugene Kim · License #NY 40KI1106013
(646) 502-3483
Source:
Crexi
Added: Apr 27
Changed: Aug 25
Last Checked: Sep 7 at 12:47AM
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 Meridian Capital Group
Investment Insights
Based on property information with market context.
The offering includes two adjacent mixed-use walk-up buildings in Ridgewood, Queens, NY. The property totals 16 rent-stabilized apartments along with four retail units, providing residential and street-level income components within the same asset. In addition, there are six storage/garage units.
The buildings are positioned together for a combined acquisition, offering a single ownership structure for the residential units, retail space, and storage/garage inventory described in the materials.
This configuration supports a straightforward mix of uses across the buildings: apartments for the residential component, retail units for commercial tenancy, and dedicated storage/garage units that can serve on-site needs.
The buildings are positioned together for a combined acquisition, offering a single ownership structure for the residential units, retail space, and storage/garage inventory described in the materials.
This configuration supports a straightforward mix of uses across the buildings: apartments for the residential component, retail units for commercial tenancy, and dedicated storage/garage units that can serve on-site needs.
Key Highlights
- Two adjacent walk‑up mixed‑use buildings in Ridgewood, Queens, NY
- Includes 16 rent‑stabilized apartments
- Features 4 retail units
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
$275,000
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
6.71%
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%
$5,500,000
$5.5M
Cap Rate 7%
$3,928,571
$3.9M
Cap Rate 9%
$3,055,556
$3.1M
Market Conditions
NOI Build-Up for 11,250 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
$519.8K $46.20/SF
− Vacancy
−$19.8K −$1.76/SF
EGI
$500.0K $44.44/SF
− OpEx
−$225.0K −$20.00/SF
NOI
$275.0K $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%
$5,500,000
Cap Rate 7%
$3,928,571
Cap Rate 9%
$3,055,556
Alternative Uses
Best Use
Apartment 5plus
$3.93M
$3.44M – $4.58M
NOI $275,000 @ 7.0% cap · market cap 6.71%
Second Best
Retail
$2.87M
$2.51M – $3.35M
NOI $200,813 @ 7.0% cap · market cap 4.90%
Theoretical Best
Office A
$8.29M
$7.26M – $9.68M
NOI $580,554 @ 7.0% cap · market cap 14.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
4,580
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 - Two adjacent walk-up mixed-use buildings with 16 rent-stabilized apartments, four retail units, and storage/garage units.
Where is this mixed-use property located?
The property is located at 56-15 Catalpa Avenue Ridgewood, NY.
What is the asking price?
The asking price for this property is $4,100,000.
What are key features of this property?
This property features: Two adjacent walk‑up mixed‑use buildings in Ridgewood, Queens, NY; Includes 16 rent‑stabilized apartments; Features 4 retail units
