10-Unit Mixed-Use
New
For Sale
$7,095,555
614 Woodward Avenue, Ridgewood, NY 11385
The vacant building combines free-market apartments, ground-floor commercial space, and private outdoor parking.
Property Size9,000 SF
Days on Market4
Property Features for 614 Woodward Avenue
General Information
Standard status
Active
Size
9,000 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$67,112
Building Details
Building Size
9,000 SF
Year Built
1930
Listing Agency:
BLT Minimax Realty Inc
Listed By:
Amberly Sclar · License #10311210150
(718) 501-5292
Source:
Bagshawre
Added: Oct 22
Changed: Oct 24
Last Checked: Oct 24 at 1:08PM
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 BLT Minimax Realty Inc
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Investment Insights
Based on property information with market context.
A 1930-built mixed-use property with ten free-market apartments and more than 1,000 square feet of ground-floor commercial space. The residential mix includes four two-bedroom apartments, four one-bedroom apartments, and two one-bedroom flex units. The building is undergoing gut renovation, and its certificate of occupancy is pending. The property is vacant.
Private outdoor parking measures approximately 20 by 50 feet and can accommodate up to six cars. Building dimensions are approximately 50 by 60 feet, on a lot measuring approximately 50 by 88 feet. Zoning is R6B.
The property is about a six-minute walk from the Seneca Avenue M station and a 12-minute walk from Myrtle–Wyckoff Avenues, served by the M and L trains. An expansive rooftop is present; use as a resident amenity would be subject to applicable approvals.
Private outdoor parking measures approximately 20 by 50 feet and can accommodate up to six cars. Building dimensions are approximately 50 by 60 feet, on a lot measuring approximately 50 by 88 feet. Zoning is R6B.
The property is about a six-minute walk from the Seneca Avenue M station and a 12-minute walk from Myrtle–Wyckoff Avenues, served by the M and L trains. An expansive rooftop is present; use as a resident amenity would be subject to applicable approvals.
Key Highlights
- Ten free‑market apartments: four two‑bedroom, four one‑bedroom, and two one‑bedroom flex units
- More than 1,000 square feet of ground‑floor commercial space
- Private outdoor parking measures approximately 20 by 50 feet and accommodates up to 6 cars
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$220,000
Cap Rate
3.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,400,000
$4.4M
Cap Rate 7%
$3,142,857
$3.1M
Cap Rate 9%
$2,444,444
$2.4M
Market Conditions
NOI Build-Up for 9,000 SF
Gross rent
$415.8K $46.20/SF
− Vacancy
−$15.8K −$1.76/SF
EGI
$400.0K $44.44/SF
− OpEx
−$180.0K −$20.00/SF
NOI
$220.0K $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%
$4,400,000
Cap Rate 7%
$3,142,857
Cap Rate 9%
$2,444,444
Alternative Uses
Best Use
Apartment 5plus
$3.14M
$2.75M – $3.67M
NOI $220,000 @ 7.0% cap · market cap 3.10%
Second Best
Retail
$2.30M
$2.01M – $2.68M
NOI $160,650 @ 7.0% cap · market cap 2.26%
Theoretical Best
Office A
$6.63M
$5.81M – $7.74M
NOI $464,443 @ 7.0% cap · market cap 6.55%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
5,228
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
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The vacant building combines free-market apartments, ground-floor commercial space, and private outdoor parking.
Where is this mixed-use property located?
The property is located at 614 Woodward Avenue Ridgewood, NY.
What is the asking price?
The asking price for this property is $7,095,555.
What are key features of this property?
This property features: Ten free‑market apartments: four two‑bedroom, four one‑bedroom, and two one‑bedroom flex units; More than 1,000 square feet of ground‑floor commercial space; Private outdoor parking measures approximately 20 by 50 feet and accommodates up to 6 cars
