Mixed-Use Commercial
New
For Sale
$2,998,000
6419 Myrtle Avenue, Ridgewood, NY 11385
Commercial property with retail space, professional offices, and accessory basement areas across multiple levels.
Property Size6,000 SF
Lot Size0.09 Acres
Price / SF$499.67
Days on Market3
Property Features for 6419 Myrtle Avenue
General Information
Standard status
Active
Size
6,000 SF
Lot size
0.09 Acres
Property subtype
Mixed Use
Zoning
R5D/C1-3
Additional Details
Office Units
3
Taxes and HOA fees
Annual Taxes
$59,848
Building Details
Building Size
6,000 SF
Year Built
1931
Stories
2
Tenancy
Multi
Listing Agency:
Prime America Real Estate Inc
Listed By:
Natalie Ferrigno
(718) 791-1365
Source:
Cbwarburg
Added: Sep 3
Changed: Sep 4
Last Checked: Sep 4 at 6:05AM
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 Prime America Real Estate Inc
Investment Insights
Based on property information with market context.
This mixed-use commercial property combines approximately 6,000 SF of above-grade space with an approximately 4,000 SF lot. The existing C of O provides for ground-floor retail and commercial use, three separately designated professional office spaces on the second floor, and accessory basement areas. Ground-floor components include a medical/dental office, an occupied sushi restaurant, and areas formerly used for dry cleaning and laundry. Most of the commercial and office space is currently vacant, allowing for continued occupancy, leasing, or reconfiguration based on applicable requirements.
The property has exposure along Myrtle Avenue, 64th Place, and Cypress Hills St, with approximately 50 FT of Myrtle Avenue frontage and 105 FT along 64th Place. It is zoned R5D/C1-3, with potential additional development rights subject to verification and applicable regulations. Built in 1931.
The property has exposure along Myrtle Avenue, 64th Place, and Cypress Hills St, with approximately 50 FT of Myrtle Avenue frontage and 105 FT along 64th Place. It is zoned R5D/C1-3, with potential additional development rights subject to verification and applicable regulations. Built in 1931.
Key Highlights
- Approximately 6,000 SF of existing above‑grade space, excluding basement areas
- Approximately 4,000 SF combined lot
- Approximately 50 FT of Myrtle Avenue frontage and 105 FT along 64th Place
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
$197,543
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
6.59%
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%
$3,950,860
$4.0M
Cap Rate 7%
$2,822,043
$2.8M
Cap Rate 9%
$2,194,922
$2.2M
Market Conditions
NOI Build-Up for 6,000 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
$302.4K $50.40/SF
− Vacancy
−$39.0K −$6.50/SF
EGI
$263.4K $43.90/SF
− OpEx
−$65.8K −$10.97/SF
NOI
$197.5K $32.92/SF
Area
Queens County, NY
Vacancy
12.90%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
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%
$3,950,860
Cap Rate 7%
$2,822,043
Cap Rate 9%
$2,194,922
Alternative Uses
Best Use
Specialty Retail
$3.97M
$3.47M – $4.63M
NOI $277,695 @ 7.0% cap · market cap 9.26%
Second Best
Office B
$2.82M
$2.47M – $3.29M
NOI $197,543 @ 7.0% cap · market cap 6.59%
Theoretical Best
Office A
$4.42M
$3.87M – $5.16M
NOI $309,629 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,916
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial property with retail space, professional offices, and accessory basement areas across multiple levels.
Where is this mixed-use property located?
The property is located at 6419 Myrtle Avenue Ridgewood, NY.
What is the asking price?
The asking price for this property is $2,998,000.
What are key features of this property?
This property features: Approximately 6,000 SF of existing above‑grade space, excluding basement areas; Approximately 4,000 SF combined lot; Approximately 50 FT of Myrtle Avenue frontage and 105 FT along 64th Place
