311 St Nicholas Ave, Queens, NY 11385

This exceptional investment opportunity presents a fully equipped and furnished 5,870 square foot medical office condo in Ridgewood, Queens. Located at 311 St Nicholas Ave, 11385, this Class B property boasts a 9.01% cap rate and a strong net operating income (NOI) of $185,124. Currently 100% occupied with a multi-tenant lease structure (six tenants), the property offers a gross lease type with built-in 3% annual rent bumps. The building was constructed in 2011 and includes two parking spaces. The asking price is $2,055,000, translating to a price per square foot of $350.09. Significant improvements, including furniture, equipment, and an ADA-compliant elevator, totaling approximately $700,000 in investment, have been made. Conveniently located near the L and M train lines at Myrtle Avenue-Wyckoff Avenue station, this stabilized investment offers a significant advantage with a $300,000 assumable mortgage at a 3% interest rate, maturing in 2035. This is a rare opportunity to acquire a high-performing medical office building with substantial upside potential.