Current Use by Public Records
- Amavi The Salon / Hair Salon
Property Details for 60-95 Myrtle Ave
- Year built
- 1915
- Property type
- Retail properties & Spaces
- Property subtype
- Mixed-use properties
Description
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.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Ridgewood
- County
- Queens
- State
- New York
- Longitude
- -73.8949
- Latitude
- 40.7009
