Brick Corner Quadplex with Three-Car
For Sale
$1,879,000
6046 Putnam Avenue, Ridgewood, NY 11385
Four-unit brick corner quadplex with a three-car garage, full basement, and on-site parking for tenant convenience.
Property Size3,960 SF
Price / SF$469.75
Days on Market429
Property Features for 6046 Putnam Avenue
General Information
Standard status
Active
Size
3,960 SF
Total Parking Spaces
3
Property subtype
Quadruplex
Units
Unit Mix
1 x studio, 1 x 1BR, 2 x 3BR
Multifamily Units
4
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$21,834
Building Details
Building Size
3,960 SF
Year Built
1930
Buildings
1
Stories
3
Construction
brick
Tenancy
Multi
Listing Agency:
Crifasi Real Estate Inc
Listed By:
Sal J. Crifasi · License #10301205163
(718) 782-4411
Source:
Serhant
Added: Jul 23, 2025
Changed: Sep 14
Last Checked: Sep 22 at 8:24PM
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 Crifasi Real Estate Inc
Investment Insights
Based on property information with market context.
Brick corner quadplex at 6046 Putnam Avenue, Ridgewood, NY 11385, built in 1930. The property is a well-maintained three-story structure with nearly 4,000 square feet of interior space plus a full basement. It includes a rare three-car garage, and the basement is full-height and unfinished.
The building is described as being just off Fresh Pond Road and moments from the Fresh Pond M train, supporting strong commuter rental demand. The property is also presented as part of the Ridgewood Landmark District.
The quadplex contains four total units: a ground-floor studio and 1BR, plus two upper-floor 3-bedroom apartments. The sale is described as including existing tenancies, giving an investor an income-producing asset with established unit mix and immediate scale.
The building is described as being just off Fresh Pond Road and moments from the Fresh Pond M train, supporting strong commuter rental demand. The property is also presented as part of the Ridgewood Landmark District.
The quadplex contains four total units: a ground-floor studio and 1BR, plus two upper-floor 3-bedroom apartments. The sale is described as including existing tenancies, giving an investor an income-producing asset with established unit mix and immediate scale.
Key Highlights
- Nearly 4,000 SF interior across three stories plus a full basement
- Four‑unit layout: ground‑floor studio and 1BR, plus two 3‑bedroom apartments
- Rare three‑car garage for additional on‑site convenience
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
$97,778
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
5.20%
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%
$1,955,560
$2.0M
Cap Rate 7%
$1,396,829
$1.4M
Cap Rate 9%
$1,086,422
$1.1M
Market Conditions
NOI Build-Up for 4,000 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
$184.8K $46.20/SF
− Vacancy
−$7.0K −$1.76/SF
EGI
$177.8K $44.44/SF
− OpEx
−$80.0K −$20.00/SF
NOI
$97.8K $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 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%
$1,955,560
Cap Rate 7%
$1,396,829
Cap Rate 9%
$1,086,422
Alternative Uses
Best Use
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,778 @ 7.0% cap · market cap 5.20%
Second Best
Multifamily LT 5
$945.8K
$827.6K – $1.10M
NOI $66,206 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$2.95M
$2.58M – $3.44M
NOI $206,419 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,146
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit brick corner quadplex with a three-car garage, full basement, and on-site parking for tenant convenience.
Where is this quadplex located?
The property is located at 6046 Putnam Avenue Ridgewood, NY.
What is the asking price?
The asking price for this property is $1,879,000.
What are key features of this property?
This property features: Nearly 4,000 SF interior across three stories plus a full basement; Four‑unit layout: ground‑floor studio and 1BR, plus two 3‑bedroom apartments; Rare three‑car garage for additional on‑site convenience
