17-Unit Mixed-Use
For Sale
$3,000,000
996 Cypress Avenue, Ridgewood, NY 11385
Four-story walk-up combining residential units and commercial spaces near the L train.
Property Size15,744 SF
Price / SF$190.55
Days on Market362
Property Features for 996 Cypress Avenue
General Information
Standard status
Active
Size
15,744 SF
Elevators
No
Property subtype
Commercial
Zoning
M1-4D
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
15
Taxes and HOA fees
Annual Taxes
$97,270
Building Details
Building Size
15,744 SF
Year Built
1927
Stories
4
Units
17
Listing Agency:
Link NY Realty
(646) 321-9428
Listed By:
Valon Nikci · License #10491202180
(646) 321-9428
Source:
Mahlerrealty
Added: Sep 2, 2025
Changed: Aug 28
Last Checked: Aug 28 at 9:14PM
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 Link NY Realty
Investment Insights
Based on property information with market context.
This four-story walk-up contains 15 residential units and 2 commercial spaces, for a total of 17 units across 15,744 square feet. Constructed in 1927, the corner property occupies the intersection of Cypress Avenue and George Street and includes both residential and commercial components.
The building is located 0.1 miles from the L train at Jefferson Street, providing rail access toward Manhattan and Brooklyn. Its corner position places the property at a prominent street intersection in Ridgewood, Queens.
The building is located 0.1 miles from the L train at Jefferson Street, providing rail access toward Manhattan and Brooklyn. Its corner position places the property at a prominent street intersection in Ridgewood, Queens.
Key Highlights
- 17 total units, including 15 residential units and 2 commercial spaces
- 15,744 square feet across a four‑story walk‑up
- Built in 1927
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
$202,625
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
6.75%
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%
$4,052,500
$4.1M
Cap Rate 7%
$2,894,643
$2.9M
Cap Rate 9%
$2,251,389
$2.3M
Market Conditions
NOI Build-Up for 15,744 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
$377.9K $24.00/SF
− Vacancy
−$53.7K −$3.41/SF
EGI
$324.2K $20.59/SF
− OpEx
−$121.6K −$7.72/SF
NOI
$202.6K $12.87/SF
Area
Queens County, NY
Vacancy
14.20%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$4,052,500
Cap Rate 7%
$2,894,643
Cap Rate 9%
$2,251,389
Alternative Uses
Best Use
Apartment 5plus
$5.50M
$4.81M – $6.41M
NOI $384,853 @ 7.0% cap · market cap 12.83%
Second Best
Mixed Use
$2.89M
$2.53M – $3.38M
NOI $202,625 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$11.61M
$10.16M – $13.54M
NOI $812,466 @ 7.0% cap · market cap 27.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,359
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?
Mixed-use property - Four-story walk-up combining residential units and commercial spaces near the L train.
Where is this mixed-use property located?
The property is located at 996 Cypress Avenue Ridgewood, NY.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 17 total units, including 15 residential units and 2 commercial spaces; 15,744 square feet across a four‑story walk‑up; Built in 1927
