18-24 Cornelia Street Active Save Request In-Person Tour Request Virtual Tour
Queens,NY 11385
Key Details
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Subdivision Ridgewood
MLS Listing ID RLMX-98727
Bedrooms 18
Full Baths 6
HOA Y/N Yes
Year Built 1900
Property 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 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.
Location
State NY
County Queens
Rooms
Ensuite Laundry Building None,None
Interior
Laundry Location Building None,None
Heating None
Furnishings Unfurnished
Fireplace No
Laundry Building None,None
Exterior
Private Pool No
Building
Dwelling Type None
New Construction No
Others
Ownership None
Pets Description Building No,No