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    71-08 Fresh Pond Rd Queens, NY 11385

    Sponsored
    For Sale
    $1,759,000

    Prime Queens location, 7.5% cap rate.

    Property size:
    3,299 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional mixed-use property in Ridgewood, Queens, presents a compelling investment opportunity. Located just off bustling Myrtle Avenue, this 3,299 square foot building boasts a prime location near major national retailers and the M subway line, ensuring high visibility and accessibility. The property includes a ground floor retail space and two free-market apartments, currently offering 100% occupancy. A significant advantage is the inclusion of an additional 1,100 square foot basement and a rear yard, providing ample potential for expansion or additional income streams. Recent renovations in 2023 encompass the roof and electrical systems, minimizing immediate maintenance concerns. The property is currently generating a projected net operating income (NOI) of $132,241, translating to a 7.52% capitalization rate based on the asking price of $1,759,000. The property is classified as Tax Class 2A. This turnkey investment is delivered 100% vacant, allowing for immediate customization and tenant selection to maximize returns. This presents a rare chance to acquire a well-maintained, high-performing asset in a rapidly developing neighborhood. The property's strong financials and strategic location make it an ideal addition to any investment portfolio.

    Property Features for 71-08 Fresh Pond Rd

    General Information

    Property type
    Mixed-use properties
    Square Feet
    3,299 SF

    Building Details

    Units
    3

    HighLights

    • Prime Ridgewood, Queens location; near Myrtle Avenue, national retailers, and the M train.
    • 3,299 SF building with 1,100 SF basement and rear yard; includes one retail unit and two free‑market apartments.
    • Delivered 100% vacant.
    • Tax Class 2A; roof and electrical systems renovated in 2023.
    • Projected Net Operating Income (NOI) of $132,000; 7.5% capitalization rate.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.8951329
    Latitude
    40.7015487

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    FAQs

    What type of property is this?
    Mixed-use property - Prime Queens location, 7.5% cap rate.
    Where is this mixed-use property located?
    The property is located at 71-08 Fresh Pond Rd Queens, NY.
    What is the asking price?
    The asking price for this property is $1,759,000.
    What are key features of this property?
    This property features: Prime Ridgewood, Queens location; near Myrtle Avenue, national retailers, and the M train.; 3,299 SF building with 1,100 SF basement and rear yard; includes one retail unit and two free-market apartments.; Delivered 100% vacant.
    Request Owner's contact information
    71-08 Fresh Pond Rd Queens, NY 11385
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    Queens, NY 11385
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    71-08 Fresh Pond Rd Queens, NY 11385
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