580 Seneca Ave Flushing, NY 11385-2160

Property Details for 580 Seneca Ave

Year built

1930

Lot size

0.05 lot acres

Property size

4,125 SF

Zone code

R6B

Property type

Investment properties

Property subtype

Live-work space

APN

03440-0023

APU

34400023

Description

This six-unit apartment building at 580 Seneca Avenue in Ridgewood, Queens, offers a compelling investment opportunity. Located between Grove and Menahan Streets, this property benefits from its prime position bordering Bushwick, Brooklyn. The building boasts 4,125 square feet of net rentable space, spread across six units. While the units are currently well-maintained and readily leasable, significant value-add potential exists through renovations. Market rents are estimated to be 20-25% higher than the current rent roll, presenting a clear path to increased profitability. Ridgewood's strong position within NYC, coupled with spillover effects from neighboring Bushwick and Williamsburg, ensures continued neighborhood growth and desirability. Convenient transportation is another key advantage, with the Seneca Avenue M train just three blocks away and the Dekalb Avenue L train a ten-minute walk. The property's tax class 2A designation provides further protection and stability. This is a rare chance to acquire a well-situated multifamily property with substantial upside in a thriving NYC neighborhood.