Residential Income Property with Finished
For Sale
$1,399,000
Pending
6415 Myrtle Avenue, Ridgewood, NY 11385
MULTI_FAMILY - Ridgewood, NY
Property Size3,000 SF
Lot Size0.06 Acres
Days on Market73
Property Features for 6415 Myrtle Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bathroom 3, Bedroom 2, Bathroom 4, Bedroom 4, Bedroom 6, Bedroom 7, Bathroom 1, Bathroom 2, Bedroom 5, Bedroom 1, Bedroom 3
Interior features
Entrance Foyer
Subdivision
Flushing
Directions
Google Map
Standard status
Pending
Size
3,000 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
10059
Utilities
Heating system
Hot Water(Heating), Natural Gas
Amenities
finished basement
private backyard
Building Details
Year built
1927
Flooring type
Laminate, Hardwood
Listing Agency:
PRIME AMERICA REAL ESTATE INC
(347) 725-3142
Listed By:
Gobinda Lama · License #10311207567
(718) 975-1107
Added: May 29
Changed: Aug 3
Last Checked: Aug 9 at 7:06PM
MLS# 11797586
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Residential income property built in 1927 with approximately 3,000 square feet and a full finished basement. The interior includes an entrance foyer, and finishes include hardwood and laminate flooring. Heating is natural gas with hot water heat.
The property is located at 6415 Myrtle Avenue in Ridgewood on a lot size of 0.0574 acres. The home includes multiple bedrooms and bathrooms, with room list coverage from Bedroom 1 through Bedroom 8 and Bathroom 1 through Bathroom 4. The layout also features a huge private backyard and flexible possibilities for investors or end-users.
Zoning notes include R5D and C1-3 zoning potential, which may support future value-add, mixed-use, or redevelopment concepts for qualified buyers.
The property is located at 6415 Myrtle Avenue in Ridgewood on a lot size of 0.0574 acres. The home includes multiple bedrooms and bathrooms, with room list coverage from Bedroom 1 through Bedroom 8 and Bathroom 1 through Bathroom 4. The layout also features a huge private backyard and flexible possibilities for investors or end-users.
Zoning notes include R5D and C1-3 zoning potential, which may support future value-add, mixed-use, or redevelopment concepts for qualified buyers.
Key Highlights
- Built in 1927
- Approximately 3,000 SF residential income property
- Full finished basement
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
$73,333
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
5.24%
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%
$1,466,660
$1.5M
Cap Rate 7%
$1,047,614
$1.0M
Cap Rate 9%
$814,811
$814.8K
Market Conditions
NOI Build-Up for 3,000 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
$138.6K $46.20/SF
− Vacancy
−$5.3K −$1.76/SF
EGI
$133.3K $44.44/SF
− OpEx
−$60.0K −$20.00/SF
NOI
$73.3K $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 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%
$1,466,660
Cap Rate 7%
$1,047,614
Cap Rate 9%
$814,811
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$916.7K – $1.22M
NOI $73,333 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.21M
$1.94M – $2.58M
NOI $154,814 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,538
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?
Residential income property - 1927-built residential income property with a finished basement, hardwood and laminate floors, and natural gas hot water heat.
Where is this residential income property located?
The property is located at 6415 Myrtle Avenue Ridgewood, NY.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Built in 1927; Approximately 3,000 SF residential income property; Full finished basement
