Mixed-Use Building with Funeral
58-34 Catalpa Avenue, Ridgewood, NY 11385
For Sale
$2,899,000
Two attached structures combine four apartments with a dedicated commercial space.
Property Size6,600 SF
Lot Size0.08 Acres
Price / SF$439.24
Days on Market13
Property Features for 58-34 Catalpa Avenue
General Information
Standard status
Size
Elevators
Lot size
Property subtype
Additional Details
Multifamily Units
Currently Operating
Amenities
two storage sheds
camera security system
central air conditioning in the funeral home
gas boiler heating system
Building Details
Buildings
Listing Agency:
RE/MAX Edge
Listed By:
Patrick S. Lennon · License #10401351898
(718) 612-3088
Source:
Prideestates
Added: Oct 26
Changed: Nov 6
Last Checked: Nov 6 at 3:16PM
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 RE/MAX Edge
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Investment Insights
Based on property information with market context.
Two connected buildings at 58-34 and 58-36 Catalpa Avenue provide approximately 6,600 square feet in total, with each structure measuring about 3,300 square feet. The residential component includes four apartments, each building arranged in a 6-over-6 room configuration. Three apartments are expected to be vacant at delivery. The commercial area is currently used as a funeral home and includes a front office, viewing rooms, a preparation room, two restrooms, a kitchenette, basement space, and rear access. Additional features include an elevator serving the commercial area, two storage sheds, camera security, central air conditioning in the funeral home, and gas boiler heat.
The property comprises two adjoining lots, each approximately 20 feet by 83.5 feet, with combined frontage of about 40 feet. The buildings are attached and held under one deed.
The property comprises two adjoining lots, each approximately 20 feet by 83.5 feet, with combined frontage of about 40 feet. The buildings are attached and held under one deed.
Key Highlights
- Two attached buildings with approximately 6,600 square feet combined
- Four apartments; three are expected to be vacant at delivery
- Commercial funeral home space includes viewing rooms, preparation room, office, two restrooms, kitchenette, and rear access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$161,333
Cap Rate
5.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,226,660
$3.2M
Cap Rate 7%
$2,304,757
$2.3M
Cap Rate 9%
$1,792,589
$1.8M
Market Conditions
NOI Build-Up for 6,600 SF
Gross rent
$304.9K $46.20/SF
− Vacancy
−$11.6K −$1.76/SF
EGI
$293.3K $44.44/SF
− OpEx
−$132.0K −$20.00/SF
NOI
$161.3K $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 Rate 5%
$3,226,660
Cap Rate 7%
$2,304,757
Cap Rate 9%
$1,792,589
Alternative Uses
Best Use
Apartment 5plus
$2.30M
$2.02M – $2.69M
NOI $161,333 @ 7.0% cap · market cap 5.57%
Second Best
Mixed Use
$1.21M
$1.06M – $1.42M
NOI $84,942 @ 7.0% cap · market cap 2.93%
Theoretical Best
Office A
$4.87M
$4.26M – $5.68M
NOI $340,592 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4,580
Businesses Nearby
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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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Market
Properties on Market for Mixed-use properties in Ridgewood
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two attached structures combine four apartments with a dedicated commercial space.
Where is this mixed-use property located?
The property is located at 58-34 Catalpa Avenue Ridgewood, NY.
What is the asking price?
The asking price for this property is $2,899,000.
What are key features of this property?
This property features: Two attached buildings with approximately 6,600 square feet combined; Four apartments; three are expected to be vacant at delivery; Commercial funeral home space includes viewing rooms, preparation room, office, two restrooms, kitchenette, and rear access
