351 Onderdonk Ave Ridgewood, NY 11385

Property Details for 351 Onderdonk Ave

Year built

1901

Property size

4,650 SF

Property type

Commercial real estate

Description

This exceptional mixed-use property in Ridgewood, Queens offers a compelling investment opportunity. The 4,650 square foot building, constructed in 1901, consists of two buildings on a corner lot and features seven income-producing units. The main building houses a 1,500 square foot doctor's office currently leased for $3,500 per month with a remaining lease term of 1.5 years and features its own central air conditioning. Above the office are two 2-bedroom, 2-bathroom apartments, each currently renting for $2,200 per month, with tenants responsible for all utilities. An adjacent two-story building includes three garages, each renting for $900 per month, and a 2-bedroom apartment renting for $2,000 per month. The property boasts a 100% occupancy rate, generating a gross annual income of $129,600 and a 4.00% cap rate. The permitted zoning is R6B. Located just four blocks from the Dekalb L train stop and Wyckoff Hospital, this property benefits from excellent accessibility and proximity to the vibrant Bushwick and Ridgewood neighborhoods. All residential units are currently vacant, presenting a significant opportunity for rent growth. The asking price is $2,650,000.