Mixed-Use Building with Commercial Ground
For Sale
$1,998,000
683 Woodward Avenue Ridgewood, Ny, NY 11385
Approximately 5,650 sf mixed-use building with expansive ground-floor commercial space and two residential apartments upstairs.
Property Size4,500 SF
Price / SF$444
Days on Market37
Property Features for 683 Woodward Avenue Ridgewood
General Information
Standard status
Active
Size
4,500 SF
Zoning
R6B
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$16,272
Amenities
Finished,Full
3
Yes
Finished, Full
Public
No
4500
Building Details
Building Size
4,500 SF
Year Built
1931
Listing Agency:
Prime America Real Estate, Inc.
(845) 765-6128
Listed By:
Michael Dunstan · License #10311207567
(845) 765-6128
Source:
Town-and-country-fishkill-ny.remax
Added: Jul 18
Changed: Aug 23
Last Checked: Aug 22 at 7:24AM
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 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 = 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
$152,296
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
7.62%
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%
$3,045,920
$3.0M
Cap Rate 7%
$2,175,657
$2.2M
Cap Rate 9%
$1,692,178
$1.7M
Market Conditions
NOI Build-Up for 4,500 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
$229.5K $51.00/SF
− Vacancy
−$11.9K −$2.65/SF
EGI
$217.6K $48.35/SF
− OpEx
−$65.3K −$14.50/SF
NOI
$152.3K $33.84/SF
Area
New York, NY
Vacancy
5.20%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,045,920
Cap Rate 7%
$2,175,657
Cap Rate 9%
$1,692,178
Alternative Uses
Best Use
Retail
$9.05M
$7.92M – $10.55M
NOI $633,260 @ 7.0% cap · market cap 31.69%
Second Best
Multifamily LT 5
$2.18M
$1.90M – $2.54M
NOI $152,296 @ 7.0% cap · market cap 7.62%
Theoretical Best
Specialty Retail
$11.20M
$9.80M – $13.07M
NOI $784,080 @ 7.0% cap · market cap 39.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,275
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
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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, 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.
