Mixed-Use Building with Commercial Ground
For Sale
Contact for pricing
683 Woodward Avenue, Ridgewood, NY 11385
Approximately 5,650 sf mixed-use building with expansive ground-floor commercial space and two residential apartments upstairs.
Property Size5,650 SF
Price / SF$353.63
Days on Market238
Property Features for 683 Woodward Avenue
General Information
Standard status
Active
Size
5,650 SF
Property subtype
Mixed Use, Retail
Zoning
R6B
Net Operating Income
$74,500
Additional Details
Multifamily Units
2
Building Details
Year Built
1931
Units
3
Listing Agency:
PRIME AMERICA REAL ESTATE INC
Listed By:
Gobinda Lama · License #10311207567
(347) 725-3142
Source:
Crexi
Added: Mar 4
Changed: Oct 25
Last Checked: Oct 28 at 7:43AM
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
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Investment Insights
Based on property information with market context.
This mixed-use building totals approximately 5,650 square feet and includes an expansive ground-floor commercial space of approximately 2,500 square feet. The ground level features an open layout and includes a substantial approximately 1,575-square-foot basement for storage or auxiliary use. The second floor provides approximately 1,575 square feet of residential living space, divided into two separate apartments, each with a railroad-style layout and two bedrooms and one bathroom.
The property is located in an R6B residential zone with a C1-4 commercial overlay. The listing notes significant air rights and expansion possibilities, with preliminary analysis suggesting a maximum buildable area of approximately 10,250 square feet, subject to buyer verification with their architect and zoning attorney.
The building is sold subject to existing configurations and lease statuses and is offered in as-is condition. Access and detailed inspections are to be arranged through the listing office.
The property is located in an R6B residential zone with a C1-4 commercial overlay. The listing notes significant air rights and expansion possibilities, with preliminary analysis suggesting a maximum buildable area of approximately 10,250 square feet, subject to buyer verification with their architect and zoning attorney.
The building is sold subject to existing configurations and lease statuses and is offered in as-is condition. Access and detailed inspections are to be arranged through the listing office.
Key Highlights
- Approximately 5,650 SF mixed‑use building with ground‑floor commercial space of approximately 2,500 SF and two apartments on the second floor.
- Ground level includes an open commercial layout formerly used as a woolen cloth factory, plus an approximately 1,575 SF basement for storage or auxiliary space.
- Second floor totals approximately 1,575 SF and is divided into two separate apartments with railroad‑style layouts, each offering 2 bedrooms and 1 bathroom.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$138,111
Cap Rate
6.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,762,220
$2.8M
Cap Rate 7%
$1,973,014
$2.0M
Cap Rate 9%
$1,534,567
$1.5M
Market Conditions
NOI Build-Up for 5,650 SF
Gross rent
$261.0K $46.20/SF
− Vacancy
−$9.9K −$1.76/SF
EGI
$251.1K $44.44/SF
− OpEx
−$113.0K −$20.00/SF
NOI
$138.1K $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%
$2,762,220
Cap Rate 7%
$1,973,014
Cap Rate 9%
$1,534,567
Alternative Uses
Best Use
Apartment 5plus
$1.97M
$1.73M – $2.30M
NOI $138,111 @ 7.0% cap · market cap 6.91%
Second Best
Retail
$1.44M
$1.26M – $1.68M
NOI $100,853 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$4.17M
$3.64M – $4.86M
NOI $291,567 @ 7.0% cap · market cap 14.59%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,832
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?
Duplex - Approximately 5,650 sf mixed-use building with expansive ground-floor commercial space and two residential apartments upstairs.
Where is this duplex located?
The property is located at 683 Woodward Avenue Ridgewood, NY.
What is the asking price?
The asking price for this property is $1,998,000.
What are key features of this property?
This property features: Approximately 5,650 SF mixed‑use building with ground‑floor commercial space of approximately 2,500 SF and two apartments on the second floor.; Ground level includes an open commercial layout formerly used as a woolen cloth factory, plus an approximately 1,575 SF basement for storage or auxiliary space.; Second floor totals approximately 1,575 SF and is divided into two separate apartments with railroad‑style layouts, each offering 2 bedrooms and 1 bathroom.
