Ridgewood Multifamily Portfolio For
For Sale
Contact for pricing
59-39 Palmetto Street, New York City, NY 11385
Three free-market multifamily buildings in desirable Ridgewood neighborhood.
Property Size8,900 SF
Price / SF$561.80
Days on Market151
Property Features for 59-39 Palmetto Street
General Information
Standard status
Active
Size
8,900 SF
Property subtype
Multifamily
Zoning
R5B
Investment Type
Value Add
Net Operating Income
$75,703
Building Details
Year Built
1930
Buildings
3
Stories
2
Units
12
Tenancy
Multi
Listing Agency:
RIPCO Real Estate
(516) 647-7155
Listed By:
Jack Rovner · License #10401396873
Source:
Crexi
Added: Mar 27
Changed: Aug 12
Last Checked: Aug 24 at 12:44PM
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 RIPCO Real Estate
Investment Insights
Based on property information with market context.
The Palmetto Street Multifamily Portfolio consists of three multifamily buildings situated in Ridgewood, a neighborhood in Queens. The buildings are located at 59-41 Palmetto Street, 59-39 Palmetto Street, and 60-15 Palmetto Street. The properties benefit from their proximity to local and national retailers. The portfolio, totaling 8,900 square feet, presents a value-add opportunity through vacancy and renovation potential. There are two vacant units and a month-to-month tenancy, offering the possibility to renovate interiors and increase rental income. All three buildings are free-market assets without rent stabilization.
Key Highlights
- Located in Ridgewood, Queens, a highly desirable and rapidly evolving neighborhood.
- Portfolio of three fully free‑market multifamily buildings (no rent stabilization).
- Value‑add opportunity through vacancy and renovation potential.
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
$278,457
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
5.57%
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%
$5,569,140
$5.6M
Cap Rate 7%
$3,977,957
$4.0M
Cap Rate 9%
$3,093,967
$3.1M
Market Conditions
NOI Build-Up for 8,900 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
$532.9K $59.88/SF
− Vacancy
−$26.6K −$2.99/SF
EGI
$506.3K $56.89/SF
− OpEx
−$227.8K −$25.60/SF
NOI
$278.5K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /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%
$5,569,140
Cap Rate 7%
$3,977,957
Cap Rate 9%
$3,093,967
Alternative Uses
Best Use
Apartment 5plus
$3.98M
$3.48M – $4.64M
NOI $278,457 @ 7.0% cap · market cap 5.57%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$22.15M
$19.38M – $25.85M
NOI $1,550,736 @ 7.0% cap · market cap 31.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,266
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Three free-market multifamily buildings in desirable Ridgewood neighborhood.
Where is this apartment building located?
The property is located at 59-39 Palmetto Street New York City, NY.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: Located in Ridgewood, Queens, a highly desirable and rapidly evolving neighborhood.; Portfolio of three fully free‑market multifamily buildings (no rent stabilization).; Value‑add opportunity through vacancy and renovation potential.
