297 St Nicholas Ave Queens, NY 11385
- Mixed-use properties
- 7,260 SF
Current Use by Public Records
- Mixed-use properties
Property Details for 297 St Nicholas Ave
- Property size
- 7,260 SF
- Property type
- Mixed-use properties
- Property subtype
- Apartment buildings
Description
This exceptional mixed-use property, located at 297 St. Nicholas Avenue in Ridgewood, Queens, NY 11385, presents a compelling investment opportunity. The 7,260 square foot building sits on a 2,000 square foot corner lot at the Ridgewood/Bushwick border, offering excellent visibility and accessibility. The property comprises seven newly renovated free-market residential units, including one four-bedroom unit with a living room, eat-in kitchen, and full bath, and six three-bedroom units each featuring a living and dining room, eat-in kitchen, and full bath. In addition to the residential units, the building includes two commercial spaces: an 800 square foot laundromat (lease expiring in 2027 with a 3% annual increase) and a 150 square foot vacant store, providing further income potential. A sizable basement offers additional storage or potential for expansion. The property's prime location is within one block of numerous amenities, including shopping, restaurants, bus stops, and the L and M subway lines at Myrtle-Wyckoff Avenue. Currently generating $241,300 annually, resulting in a 6% capitalization rate, projections indicate a potential income of $416,491 in five years, achieving a 10% capitalization rate. This is a rare chance to acquire a high-performing asset in a rapidly appreciating neighborhood. The asking price is $3,890,000.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.9111
- Latitude
- 40.7017
