Four-Unit Apartment Building, Gut
For Sale
Under Contract
$3,075,000
566 ONDERDONK AVENUE, Ridgewood, NY 11385
COMMERCIAL - RIDGEWOOD, NY
Property Size5,625 SF
Lot Size0.06 Acres
Price / SF$546.67
Days on Market175
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 1, Bathroom 6, Bathroom 2, Bathroom 4
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
(646) 838-1378
Added: Feb 25
Changed: Aug 4
Last Checked: Aug 19 at 3:06AM
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 gut-renovated four-unit apartment building features four spacious two-bedroom apartments with hardwood floors. The property is also a mixed-use asset with two established commercial spaces, including a daycare and a restaurant.
The building includes a fully finished basement with two offices and a private bathroom. With an approximate 5,625 SF building size, the first floor is approximately 25'x100' and the second and third floors are approximately 25'x64'. The property is a corner building on a 0.0574-acre lot, supporting both residential and retail/daycare operations.
Recent capital improvements include boiler replacements within the last 5 years, plumbing system upgrades within approximately the last 20 years, electrical system upgrades within approximately the last 20 years, and exterior masonry pointing within approximately the last 20 years.
The building includes a fully finished basement with two offices and a private bathroom. With an approximate 5,625 SF building size, the first floor is approximately 25'x100' and the second and third floors are approximately 25'x64'. The property is a corner building on a 0.0574-acre lot, supporting both residential and retail/daycare operations.
Recent capital improvements include boiler replacements within the last 5 years, plumbing system upgrades within approximately the last 20 years, electrical system upgrades within approximately the last 20 years, and exterior masonry pointing within approximately the last 20 years.
Key Highlights
- Four spacious two‑bedroom apartments with hardwood floors
- Two established commercial spaces: daycare and restaurant
- Fully finished basement with two offices and a private bathroom
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,228
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?
Quadplex - Gut-renovated four two-bedroom apartments with hardwood floors plus two ground-floor commercial spaces for daycare and restaurant use.
Where is this quadplex 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: Four spacious two‑bedroom apartments with hardwood floors; Two established commercial spaces: daycare and restaurant; Fully finished basement with two offices and a private bathroom
