Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    57-29 Myrtle Ave Ridgewood, NY

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $3,200,000

    Newly renovated apartments over a Pizza Hut in Ridgewood, Queens.

    Type:RETAIL
    Property size:
    3,945 SF
    Lot size:
    0.05 Acres
    Added:
    Jun 2, 2025
    Days on Market:
    304
    Last Refresh:
    Mar 29 at 11:32 pm

    Property Features for 57-29 Myrtle Ave

    General Information

    Standard status
    Active
    Size
    3,945 SF
    Lot size
    0.05 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Matthew Colantonio
    Matthew Colantonio

    Listing agent Matthew Colantonio License #NY 10401320477

    Listing office Schuckman Realty Inc.

    Listing date Jun 2, 2025

    Source Moodyscre

    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 Schuckman Realty Inc.

    Overview

    Ridgewood Mixed-Use Investment Opportunity

    The property at 57-29 Myrtle Ave in Ridgewood, Queens, features two newly renovated 3-bedroom apartments situated above a newly built-out Pizza Hut. The property encompasses a total size of 3945 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ridgewood
    County
    Queens
    State
    New York
    Longitude
    -73.91
    Latitude
    40.6999

    Nearby Similar for Sale

    • $998,000

      Mixed-Use Property in Ridgewood, NY

      Mixed-use property with commercial space and residential units.
      16-33 Weirfield Street, Ridgewood, NY 11385
      View Details
    • $1,998,000
      4,500 SF

      Ridgewood Mixed-Use Asset with Potential

      Mixed-use property in Ridgewood with development potential.
      683 Woodward Avenue, Ridgewood, NY 11385
      View Details
    • $3,075,000
      5,625 SF

      Ridgewood Mixed-Use Investment Opportunity

      Corner mixed-use building with strong income in Ridgewood, Queens.
      566 ONDERDONK AVENUE, RIDGEWOOD, NY 11385
      View Details
    • $1,288,000

      Spacious Two-Family Home in Ridgewood

      Well-maintained 6-bedroom, 3-bathroom residence with backyard and basement.
      74-25 64th Place, Ridgewood, NY 11385
      View Details
    • $1,480,000

      Ridgewood Commercial Building For Sale

      Commercial building in central Ridgewood with retail or warehouse potential.
      60-60 Metropolitan ave, Ridgewood, NY 11385
      View Details
    • $2,500,000

      Ridgewood Mixed-Use Investment Opportunity

      Mixed-use property with restaurant and residential units in prime location.
      59-09 71st Avenue, Ridgewood, NY 11385
      View Details
    • $1,275,000

      Ridgewood Two-Family Brick Home

      Two-family brick home near M train with garden access.
      60-67 Putnam Avenue, Ridgewood, NY 11385
      View Details
    • $100,000
      4,000 SF

      Turnkey Deli & Convenience Store

      Profitable deli and convenience store in Ridgewood, Queens for sale.
      Withheld Withheld Avenue, Ridgewood, NY 11385
      View Details
    • $1,488,888

      Classic Brick Two-Family Home

      Two-family home in Ridgewood with investment potential.
      5917 Putnam Avenue, Ridgewood, NY 11385
      View Details
    • $1,100,000

      Ridgewood Two-Family Brick Home

      Well-maintained, renovated two-family home in desirable Ridgewood neighborhood.
      21 Charlotte Street, Ridgewood, NY 11385
      View Details
    • $1,299,000

      Ridgewood Two-Family Brick Home

      Tenant-occupied two-family home in Ridgewood, suitable for investors.
      60-34 69th Avenue, Ridgewood, NY 11385
      View Details
    • $1,650,000

      Turnkey Ridgewood Two-Family Home

      Meticulously maintained, vacant two-family home in prime Ridgewood location.
      6325 60th Place, Ridgewood, NY 11385
      View Details

    FAQs

    What type of property is this?
    Apartment building - Newly renovated apartments over a Pizza Hut in Ridgewood, Queens.
    Where is this apartment building located?
    The property is located at 57-29 Myrtle Ave Ridgewood, NY.
    What is the asking price?
    The asking price for this property is $3,200,000.
    What are key features of this property?
    This property features: Newly built‑out Pizza Hut as a commercial tenant.; Two newly renovated 3‑bedroom apartments.; Located in Ridgewood, Queens.
    (516) 496-8888
    We can help!
    Listing Contact
    Matthew Colantonio
    Matthew Colantonio
    Real Estate License ID: NY 10401320477
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!