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1062 Cypress Ave 4 Unit Apartment Building $1,600,000 ($400,000/Unit) 5.63% Cap Rate Ridgewood, NY 11385
INVESTMENT HIGHLIGHTS
- Short distance to public transportation
- Located near multiple parks, schools, and small businesses
EXECUTIVE SUMMARY
A 20’ wide vacant 4-unit two-story apartment building. The property as two units per floor. They are all two-bedroom apartments they are located to the front and back of the building. All the units have full kitchen & full bathroom, nice wood floors. They get great sunlight, the ceilings are ten feet, and the units are individually metered for cooking gas and electric. All the meters are in the basement. The property is a prime investment opportunity because all the units are free market and not subject to any rent regulations. An investor can renovate them and increase the rents. They can also give each tenant their own boiler and water heater. The property also makes a great user opportunity; a user can occupy the ground floor and convert it into a three-bedroom floor-through apartment. They rent out the second floor for income. They can also duplex the ground floor with the basement to create a duplex garden apartment.
PROPERTY FACTS
| Price | $1,600,000 | Apartment Style | Low-Rise |
| Price Per Unit | $400,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.04 AC |
| Cap Rate | 5.63% | Building Size | 3,060 SF |
| No. Units | 4 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1930/2023 |
| Property Subtype | Apartment | ||
| Zoning | R6B - Medium Density Apartment House District | ||
| Price | $1,600,000 |
| Price Per Unit | $400,000 |
| Sale Type | Investment |
| Cap Rate | 5.63% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.04 AC |
| Building Size | 3,060 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1930/2023 |
| Zoning | R6B - Medium Density Apartment House District |
AMENITIES
UNIT AMENITIES
- Heating
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | - | - |
| 3+1 | 1 | - | - |
1 1
Walk Score®
Walker's Paradise (97)
Transit Score®
Rider's Paradise (95)
PROPERTY TAXES
| Parcel Number | 03554-0055 | Improvements Assessment | $59,222 |
| Land Assessment | $5,623 | Total Assessment | $64,845 |
PROPERTY TAXES
Parcel Number
03554-0055
Land Assessment
$5,623
Improvements Assessment
$59,222
Total Assessment
$64,845
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1062 Cypress Ave
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