78 St Queens, NY 11379
- Mixed-use properties
- 3,500 SF
Current Use by Public Records
- Mixed-use properties
Property Details for 0 78 St
- Year built
- 1930
- Property size
- 3,500 SF
- Property type
- Mixed-use properties
Description
This exceptional mixed-use property, located in the heart of Ridgewood, Queens, presents a compelling value-add investment opportunity. The three-story, 3,500 square foot building, constructed in 1930 and renovated in 2018, sits on a 1,940 square foot lot (20x95 dimensions) and boasts a strong 100% occupancy rate across seven units: one studio, one one-bedroom, three two-bedroom, and one three-bedroom apartment. Two additional commercial retail spaces provide further income diversification. All residential units are free-market, offering significant upside potential for rental increases (3% annual rent bumps). The property features a 10-year-old boiler and water tank, and a new roof, minimizing maintenance concerns. The building is built on a stone foundation, fully sealed and weatherproofed. The current NOI is $152,935, with a pro-forma NOI of $163,015, yielding a 6.37% cap rate and a pro-forma cap rate of 6.79%. The asking price is $2,400,000 ($685.71/sq ft). The property is zoned R4 and includes 1,455 square feet of air rights. This fee-simple offering is ideal for a 1031 exchange. The property's prime location provides easy access to shops, transportation, and major highways, ensuring high demand and strong rental income. This well-maintained property offers a stable income stream with significant potential for future appreciation.
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
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.8756
- Latitude
- 40.7177
