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    60-95 Myrtle Ave Ridgewood, NY 11385

    Sponsored
    For Sale
    $5,250,000

    Prime Ridgewood location, high potential.

    Property size:
    12,326 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional mixed-use building at 60-95 Myrtle Avenue, Ridgewood, Queens, presents a compelling value-add redevelopment opportunity. Situated on a 5,174 square foot lot at a bustling corner intersection, this three-story structure offers 12,326 square feet of space. Currently configured with three retail spaces and six three-bedroom apartments (with a Certificate of Occupancy for eight), the property boasts significant income potential. Two retail units are currently leased, one at $2,185 per month with a 3-4% annual increase and the other at $9,200 per month with a 4% annual increase. The building features 100 feet of frontage (50 feet each on Myrtle Avenue and Fresh Pond Road). With a current NOI of $216,445 and a projected NOI of $388,225, this property offers a 4.12% current cap rate and a projected 7.39% pro-forma cap rate. The asking price is $5,250,000, translating to $425.93 per square foot. The property is zoned R6B and presents a rare chance to capitalize on Ridgewood's thriving real estate market. This investment is ideal for those seeking a strong return on investment in a rapidly developing Queens neighborhood. The building was constructed in 1915 and comprises eleven units in total.

    Property Features for 60-95 Myrtle Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    12,326 SF

    Building Details

    Year Built
    1915
    Stories
    3
    Units
    11

    HighLights

    • Exceptional mixed‑use building with value‑add potential at a bustling Ridgewood, Queens corner.
    • 12,326 square foot building on a 5,174 square foot lot with 100 feet of frontage.
    • Currently features three retail spaces (two leased: $2,185/month and $9,200/month) and six 3‑bedroom apartments (CO for eight).
    • Strong income potential: Current NOI $216,445, projected NOI $388,225; current cap rate 4.12%, projected 7.39%.
    • Asking price: $5,250,000 ($425.93/SF). R6B zoning.
    • Eleven total units in a 1915 building.
    Property Profile Location Intelligence

    Current Use by Public Records

    Amavi The Salon Hair Salon

    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
    Ridgewood
    County
    Queens
    State
    New York
    Longitude
    -73.8948511
    Latitude
    40.7008817

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    FAQs

    What type of property is this?
    Individual retail property - Prime Ridgewood location, high potential.
    Where is this individual retail property located?
    The property is located at 60-95 Myrtle Ave Ridgewood, NY.
    What is the asking price?
    The asking price for this property is $5,250,000.
    What are key features of this property?
    This property features: Exceptional mixed-use building with value-add potential at a bustling Ridgewood, Queens corner.; 12,326 square foot building on a 5,174 square foot lot with 100 feet of frontage.; Currently features three retail spaces (two leased: $2,185/month and $9,200/month) and six 3-bedroom apartments (CO for eight).
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    Ridgewood, 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
    60-95 Myrtle Ave Ridgewood, NY 11385
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