This free-market, corner, mixed-use building on the busy intersection of Myrtle Avenue and Fresh Pond Road in prime Ridgewood is an excellent value-add redevelopment and investment opportunity. The property has over 12,000 square feet, featuring three retail spaces and six three-bedroom, free-market apartments. One of the stores is occupied and rents at $2,185/month with a 3-4% increase each year. Built on a 5,174 square foot lot, the property is three stories high and boasts 12,326 total square feet of residential and retail space. The property offers 100 feet total of frontage (50 feet on Myrtle Avenue and 50 feet on Fresh Pond Road). The redevelopment deal has a CO for eight apartments. The building has the potential to produce a gross annual income of $388,225, boasting a 7.1% potential cap rate and making it an incredibly attractive value-add deal in Ridgewood, the most popular and rapidly developing neighborhood in Queens.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
