OFF-MARKET
Apartment buildings
Entity Owned
Free & Clear
Entity Owned Property summary
AI-generated overview
This exceptional six-family property at 1821 Grove Street in Ridgewood, NY, presents a truly turnkey investment opportunity. Boasting 4,964 square feet on a 0.06-acre lot, this newly constructed building offers unparalleled returns with all units currently rented at free-market rates, generating over $273,000 in annual rental income. The building features a fully finished basement complete with a laundry room and rentable storage units, adding to the overall income potential. High-quality construction is evident throughout, including Andersen windows and doors, ensuring both energy efficiency and longevity. Residents enjoy stunning Manhattan skyline views from finished terraces and balconies. Each unit is equipped with hardwood floors, high-end appliances, and energy-saving LED lighting, enhancing tenant appeal and minimizing operating costs. Luxury bath vanities further elevate the living experience. Tenants are responsible for all utilities, minimizing landlord expenses and maximizing profitability. This property's prime location, within walking distance of the M and L train lines in the heart of Ridgewood, ensures strong tenant demand and continued high occupancy rates. This is a rare opportunity to acquire a high-performing, low-maintenance investment property in a highly desirable neighborhood. The asking price is $4,450,000.
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1910
Total area
4,964 SF
Lot
0.06 ac (2,500 SF)
Zoning code
R6B
APN
03438-0046
UPID
US63-1558744
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.87M
Comparable Approach
Comparable
$1.27M
Blend (final)
Blend
$2.05M
Owner & transaction history
since 2026
Last sale
$2.5M
4 recorded transactions
Zoning & alternative use
R6B · Flushing, NY
Top alternative use upside
Office building
$3.4M
+241.0%
Warehouse, storage
$2.6M
+157.9%
Commercial (general)
$1.8M
+80.6%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 11 comparables with addresses
3 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
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from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$2.05M
Value range
$1.84M – $2.25M
±10% around blend
Estimated value / SF
$412 / SF
Confidence
High
11 county-verified comps
Property data
88
Market benchmarks
100
Comparable evidence
100
$1.84M
blend $2.05M
$2.25M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
4,964 SF
Lot area
0.06 ac
Year built
1910
Stories
4
APN
03438-0046
Assessed value
$565,650
Annual tax
$14,647
3
Income approach: direct capitalization
Partial preview
Income approach indication
$1.87M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$2.02M
@ 6.5% CAP return
$1.87M
@ 7% CAP return
$1.74M
4
Sales comparison
Partial preview
Sales approach indication
$760k
Weighted, 11 comps · high confidence
Evidence
11 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
0.2 mi away · 4,875 SF
0.3 mi away · 4,125 SF
0.3 mi away · 4,875 SF
0.3 mi away · 5,700 SF
0.3 mi away · 4,875 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$2.05M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 155 sales
$200
+106%
Submarket 435 sales
$222
+85%
County 842 sales
$244
+69%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $412/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Office Building
Gross theoretical uplift
+241%
vs current-use indication
Warehouse, Storage
Commercial (general)
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 11 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$2.52M
Move the market yield to see immediate price impact.
Value / SF
$509
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$159k
$3.18M
$2.27M
$1.77M
$177k
$3.54M
$2.52M
$1.96M
$194k
$3.89M
$2.78M
$2.16M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
11 found
High confidence · county-verified
Closest comparable
$650k
0.1 mi · Dec 2025 · $127/SF
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$14,647
Tax year 2024
Assessed value
$565,650
Assessed 2024
Previous assessed
$108,476
+421.5% YoY
Effective rate
2.59%
On assessed value
Assessed land
$125,100
Assessed improvement
$440,550
Land market value
$278,000
Improvement market value
$979,000
Total market value
$1,257,000
Applied tax rate
1.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1910
Heating
NONE
Buildings
1
Stories
4
Units
7
Total area
4,964 SF
Lot
0.06 ac (2,500 SF)
Zoning code
R6B
APN
03438-0046
UPID
US63-1558744
Jurisdiction
QUEENS
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
R6B · Flushing, NYZoning R6B · permitted uses
R6B · Flushing, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1910
Heating
NONE
Stories
4
Buildings
1
Units
7
Lot
0.06 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
R6B
Jurisdiction
Flushing, NY
Recorded code
R6B
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Owner of record and activity signals are derived from public records and modeled classifications.
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