62-10 68 Ave, Queens, NY 11385

This exceptional 4-unit apartment building at 62-10 68th Avenue in Ridgewood, Queens, NY 11385, presents a compelling investment opportunity. The property boasts a total of 3,000 square feet, situated on a 2,500 square foot lot. Built in 1930 and extensively renovated in 2023, this Class A building offers three fully renovated units generating strong rental income, reflecting the area's robust rental market growth. The fourth unit presents a value-add opportunity, with the potential to add approximately 1,000 square feet of living space by combining it with the basement, which is already sheet-rocked. This potential expansion significantly increases the property's overall value. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $101,900, with a pro-forma NOI projected at $133,000. The asking price is $1,725,000, representing a current cap rate of 6.00% and a pro-forma cap rate of 7.70%. The property is zoned R5B and includes 375 square feet of air rights. Its prime location, just one block from the Fresh Pond "M" train station, ensures convenient access to public transportation. This is a core-plus, light value-add investment opportunity with significant upside potential. The price per unit is $431,250. This property is a rare find in a high-demand area.