Two-Building Mixed-Use
For Sale
$2,800,000
7935 Myrtle Avenue, Ridgewood, NY 11385
Two adjacent buildings combine office space, apartments, basements, and off-street parking.
Property Size2,600 SF
Days on Market61
Property Features for 7935 Myrtle Avenue
General Information
Standard status
Active
Size
2,600 SF
Total Parking Spaces
6
Property subtype
Commercial
Zoning
R5B
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 1BR, 2 x 3BR
Multifamily Units
4
Office Units
2
Additional Details
Floor
first floor
Taxes and HOA fees
Annual Taxes
$7,382
Building Details
Building Size
2,600 SF
Year Built
1935
Buildings
2
Units
3
Listing Agency:
Crifasi Real Estate Inc
(718) 894-8700
Listed By:
Salvatore Crifasi · License #31CR0315651
Source:
Mydreamhomerealty
Added: Jul 1
Changed: Aug 29
Last Checked: Aug 25 at 9:26AM
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 Crifasi Real Estate Inc
Investment Insights
Based on property information with market context.
The offering includes two adjacent mixed-use buildings at 79-35 and 79-37 Myrtle Avenue. The first property contains a ground-floor office, two one-bedroom apartments, and a full basement. The second includes a ground-floor office, two three-bedroom apartments, and another full basement. The office at 79-35 and one three-bedroom apartment at 79-37 are scheduled for delivery vacant at closing.
A private driveway and rear parking area accommodate up to six vehicles. The property is positioned along Myrtle Avenue near shopping, restaurants, public transportation, and major thoroughfares. Both buildings date to 1935 and are identified with R5B zoning, offering a combined office and residential configuration within the same package.
A private driveway and rear parking area accommodate up to six vehicles. The property is positioned along Myrtle Avenue near shopping, restaurants, public transportation, and major thoroughfares. Both buildings date to 1935 and are identified with R5B zoning, offering a combined office and residential configuration within the same package.
Key Highlights
- Two adjacent mixed‑use buildings at 79‑35 and 79‑37 Myrtle Avenue
- Two ground‑floor office spaces and four apartments across the package
- Apartments include two one‑bedroom units and two three‑bedroom units
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
$85,602
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
3.06%
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%
$1,712,040
$1.7M
Cap Rate 7%
$1,222,886
$1.2M
Cap Rate 9%
$951,133
$951.1K
Market Conditions
NOI Build-Up for 2,600 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
$131.0K $50.40/SF
− Vacancy
−$16.9K −$6.50/SF
EGI
$114.1K $43.90/SF
− OpEx
−$28.5K −$10.97/SF
NOI
$85.6K $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%
$1,712,040
Cap Rate 7%
$1,222,886
Cap Rate 9%
$951,133
Alternative Uses
Best Use
Office B
$1.22M
$1.07M – $1.43M
NOI $85,602 @ 7.0% cap · market cap 3.06%
Second Best
Apartment 5plus
$907.9K
$794.4K – $1.06M
NOI $63,555 @ 7.0% cap · market cap 2.27%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,172 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,176
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two adjacent buildings combine office space, apartments, basements, and off-street parking.
Where is this mixed-use property located?
The property is located at 7935 Myrtle Avenue Ridgewood, NY.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Two adjacent mixed‑use buildings at 79‑35 and 79‑37 Myrtle Avenue; Two ground‑floor office spaces and four apartments across the package; Apartments include two one‑bedroom units and two three‑bedroom units
