Renovated Mixed-Use
For Sale
Under Contract
$3,075,000
566 ONDERDONK AVENUE, Ridgewood, NY 11385
Business Opportunity, RIDGEWOOD, NY
Property Size5,625 SF
Lot Size0.06 Acres
Price / SF$546.67
Days on Market222
Property Features for 566 ONDERDONK AVENUE
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Mixed Use
Bathrooms
6
Full bathrooms
4
Half bathrooms
2
Rooms
Bathroom 3, Bathroom 5, Bathroom 6, Bathroom 2, Bathroom 4, Bathroom 1
Subdivision
Ridgewood
Standard status
Active Under Contract
Lot size
0.06 Acres
Building Details
Year built
1931
Floors in Building
3
Flooring type
Hardwood
Listing Agency:
EVERGREEN REALTY & INVESTMENTS
(646) 838-1378
Listed By:
Emma Barattini
(815) 252-4110
Added: Feb 25
Changed: Sep 15
Last Checked: Oct 5 at 6:06AM
MLS# 11662546
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 5,625 SF mixed-use building, constructed in 1931, includes four two-bedroom apartments with hardwood flooring and two established commercial spaces occupied by a daycare and restaurant. The fully finished basement adds two offices and a private bathroom. The building footprint is approximately 25' x 100' on the first floor and 25' x 64' on the second and third floors.
Located at 566 Onderdonk Avenue in Ridgewood, the corner property sits among restaurants, cafes, and neighborhood businesses. The L and M trains are within blocks, with Bushwick and Williamsburg minutes away. Recent capital work includes boiler replacement within the last 5 years, along with plumbing and electrical upgrades and exterior masonry pointing completed within approximately the last 20 years. The property is professionally managed, and commercial tenants cover 40% of property taxes plus 50% of DEP charges.
Located at 566 Onderdonk Avenue in Ridgewood, the corner property sits among restaurants, cafes, and neighborhood businesses. The L and M trains are within blocks, with Bushwick and Williamsburg minutes away. Recent capital work includes boiler replacement within the last 5 years, along with plumbing and electrical upgrades and exterior masonry pointing completed within approximately the last 20 years. The property is professionally managed, and commercial tenants cover 40% of property taxes plus 50% of DEP charges.
Key Highlights
- 5,625 SF mixed‑use building on a 0.0574‑acre lot
- Four two‑bedroom apartments with hardwood floors
- Two established commercial spaces: daycare and restaurant
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
$260,339
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
8.47%
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%
$5,206,780
$5.2M
Cap Rate 7%
$3,719,129
$3.7M
Cap Rate 9%
$2,892,656
$2.9M
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
$371.3K $66.00/SF
− Vacancy
−$24.1K −$4.29/SF
EGI
$347.1K $61.71/SF
− OpEx
−$86.8K −$15.43/SF
NOI
$260.3K $46.28/SF
Area
Queens County, NY
Vacancy
6.50%
Lease Rate
$66.00 /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%
$5,206,780
Cap Rate 7%
$3,719,129
Cap Rate 9%
$2,892,656
Alternative Uses
Best Use
Specialty Retail
$3.72M
$3.25M – $4.34M
NOI $260,339 @ 7.0% cap · market cap 8.47%
Second Best
Apartment 5plus
$1.96M
$1.72M – $2.29M
NOI $137,500 @ 7.0% cap · market cap 4.47%
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
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Current Use
Location Intelligence
Trade Area within ½ mile
5,658
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?
Mixed-use property - Corner property combines four apartments with established daycare and restaurant spaces in a neighborhood commercial corridor.
Where is this mixed-use property located?
The property is located at 566 ONDERDONK AVENUE 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: 5,625 SF mixed‑use building on a 0.0574‑acre lot; Four two‑bedroom apartments with hardwood floors; Two established commercial spaces: daycare and restaurant
