61-19 Woodbine St Ridgewood, NY 11385
- Retail properties
- 9,200 SF
- 0.08 lot acres
Current Use by Public Records
- Retail properties
Property Details for 61-19 Woodbine St
- Lot size
- 0.08 lot acres
- Property size
- 9,200 SF
- Property type
- Retail properties
Description
This exceptional investment opportunity presents a 9,200 square foot retail building situated on a 0.08-acre lot at 61-19 Woodbine Street in Ridgewood, Queens, NY 11385. The property is a legal eight-family brick building, currently featuring six leased two-bedroom apartments with high ceilings, generating a gross annual income of $97,933 and total annual expenses of $61,000, resulting in a current net income of $36,933. Two vacant units offer significant upside potential. Apartment 1L, a ground floor unit with access to a rear patio and garden, is vacant and projected to yield $3,000 per month in market rent. Apartment 2L is also vacant, with a previous rent of $700 per month. The building boasts a new boiler and hot water system. With all eight units rented at market rate, the projected net annual income increases to $81,333. Detailed rent-regulated housing information (DHCR) is available upon request. This property represents a rare chance to acquire a substantial retail space with strong existing income and considerable growth potential in a desirable Ridgewood location. The asking price for this prime investment is $1,299,000.
Value Estimation
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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
- -73.8969
- Latitude
- 40.7081
