Description
Explore an enticing investment prospect in the vibrant and highly sought-after Ridgewood area with this strategically located building. Nestled in the heart of Ridgewood, just three blocks away from the M train, the property is surrounded by an array of amenities, including gift shops, bookstores, fine dining, bars, cafes, and bakeries. All units are presently occupied, underscoring the property's immediate revenue-generating potential.This real estate gem not only offers a prime location but also presents excellent prospects for growth. The recent surge in total annual income to an impressive $113,148, with expenses standing at $38,552, results in a substantial net income of $74,596. This robust financial profile positions the property as a compelling investment opportunity.Don't miss the chance to be part of the thriving Ridgewood community, recognized as the 4th coolest neighborhood in the World in 2022. The property is fully tenant-occupied and is being sold with tenants in place. Specific rental details include Apt 1L at $942/month, Apt 1R at $2,150/month, Apt 2L at $875/month, Apt 2R at $1,200/month, Apt 3L at $2,062/month, and Apt 3R at $2,200/month.Associated costs for the property include taxes at $15,692, extermination fees of $1,650, insurance costs totaling $4,400, water sewer expenses of $6,987, heating costs at $6,204, maintenance/repairs at $3,000, and electric costs of $619. The calculated cap rate based on the asking price is 6.34, showcasing a solid return on investment. The building encompasses 5,600 sqft, with an existing price per sqft of $210, making it a lucrative and well-positioned asset in the market.
