Ridgewood Multifamily Portfolio For Sale

59-39 Palmetto Street Ridgewood, Ridgewood, NY 11385

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For Sale

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Three free-market multifamily buildings in desirable Ridgewood neighborhood.

Type:Multifamily

Property size:

8,900 SF

Price / SF:

$561/SF

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.
Immediate upside from two vacant units and a month‑to‑month tenancy.
Potential to increase rental income by renovating interiors.
Short walking distance to a vibrant mix of local and national retailers.

We can help!

Contact an agent

Jack Rovner

For Sale

Contact for pricing

Three free-market multifamily buildings in desirable Ridgewood neighborhood.

Type:Multifamily

Property size:

8,900 SF

Price / SF:

$561/SF

Added:: Mar 27, 2026
Days on Market:: 102
Last Refresh:: Jul 4 at 8:15 am

Property Features for 59-39 Palmetto Street Ridgewood

General Information

Standard status: Active
Size: 8,900 SF
Property subtype: Multifamily

We can help!

Contact an agent

Jack Rovner

Listing office RIPCO Real Estate

Listing date Mar 27, 2026

Source Crexi

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

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.
Immediate upside from two vacant units and a month‑to‑month tenancy.
Potential to increase rental income by renovating interiors.
Short walking distance to a vibrant mix of local and national retailers.

Overview

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.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$532.9k	$59.88
− Vacancy	−$26.6k	−$2.99
EGI	$506.3k	$56.89
− OpEx	−$227.8k	−$25.60
NOI	$278.5k	$31.29

8,900 SF · lease $59.88/SF/yr · vacancy 5.00% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$3.98M

$3.48M – $4.64M (±1% cap)

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 (±1% cap)

NOI $1,550,736 @ 7.0% cap · market cap 31.01%

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

Property Profile Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Location Insight

Map
Local Demand

City: Ridgewood
County: New York
State: New York
Longitude: -73.9015614
Latitude: 40.7074433

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For sale
Apartment buildings
NY
New York City
11385
59-39 Palmetto Street

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 Ridgewood Ridgewood, 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.