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1701 Gates Ave 5 Unit Apartment Building $3,200,000 ($640,000/Unit) 7.94% Cap Rate Ridgewood, NY 11385
INVESTMENT HIGHLIGHTS
- CLOSE TO SUBWAY
- SURROUNDED BY BARS AND EATERIES
- COMES WITH 1 CAR GARAGE
- RENTERS DELIGHT
- FREE MARKET IN A HIGH RENT AREA
- 25x78ft LONG BUILDING!
EXECUTIVE SUMMARY
**FINALLY ALL RENTALS ARE VACANT!!**
*WOW! GROSS CAP RATE OF 9.28% / NET CAP RATE OF 7.94% !*
**Projected Annual GROSS Rental Income: Just for Residential $255k. With Commercial $297k**
(Average Renovated 3 Bed Boxed Layout is $4,250 Monthly / Commercial Average is about $70 per soft)
In a ‘Renters Haven’ off the corner of Gates Avenue, we have a Once In A Long Time Opportunity for Easy Investment Income IN A 78 FOOT LONG BUILDING! This is a CORNER 5 FAMILY BUILDING WITH STOREFRONT…NOT Rent Controlled/NOT Rent Stabilized. FREE MARKET!!
About 1,950 SQFT per floor (Building Size is 25X78). 78 FEET LONG
- Location, Location, Location… a 5 Minute Walking Distance to the M/L Subway, Multiple Buses, and Anything a Renter Desires.
- Surrounded by eateries and night time entertainment!
- and ONLY a 5 Minute Walk to the Subway (M/L Line)
Built in 1930, 17-01 Gates Avenue is a MASSIVE 15 Bedroom/ 6 Bathroom Mixed Use MultiFamily Located in the Heart of Ridgewood…Only a skip away from Bushwick.
This 5 Family Home is R6B Zoning (FAR: 2), which allows the potential for 1 more floor for EVEN MORE Rental Revenue. Ridgewood is a Desirable place to call home for many of your potential renters because of the convenience to the City, the Parks, and the Shops and Eateries that run along almost all of its busy streets as well as the wave of an art scene that has been moving in.
In a neighborhood where everyone walks or rides a bike, Ridgewood is a Renters Favorite Pick…did I mention that there is a 1 Car Garage for that Buyer who wants to call one of these apartments Home!!!
Building Layout:
First Floor: (1) 3 Bedroom BOXED unit with Lots of Natural Sunlight & (1) Storefront
Floor Two: (2) 3-Bedroom BOXED Units with Eat-in Kitchens
Floor Three: (2) 3-Bedroom BOXED Units with Eat-in Kitchens
ROOF IS A WALK OUT AND IS IN EXCELLENT CONDITION! 1 CAR GARAGE!
Other Fantastic Details that make this your next purchase :
Lot: 25 × 100
Building: 25 × 78
Building Class: 5-6 Families
NOT RENT CONTROLLED/ NOT RENT STABILIZED
LOCATED IN A RENTERS HAVEN
Tall Ceilings
Taxes: $26,712.16
Total Projected Annual GROSS Rental Income: Just for Residential $255k. With Commercial $297k !
COMES WITH ONE CAR GARAGE! GREAT FOR AN END USER AS WELL AS INVESTOR.
*WOW! GROSS CAP RATE OF 9.28% / NET CAP RATE OF 7.94% !*
**Projected Annual GROSS Rental Income: Just for Residential $255k. With Commercial $297k**
(Average Renovated 3 Bed Boxed Layout is $4,250 Monthly / Commercial Average is about $70 per soft)
In a ‘Renters Haven’ off the corner of Gates Avenue, we have a Once In A Long Time Opportunity for Easy Investment Income IN A 78 FOOT LONG BUILDING! This is a CORNER 5 FAMILY BUILDING WITH STOREFRONT…NOT Rent Controlled/NOT Rent Stabilized. FREE MARKET!!
About 1,950 SQFT per floor (Building Size is 25X78). 78 FEET LONG
- Location, Location, Location… a 5 Minute Walking Distance to the M/L Subway, Multiple Buses, and Anything a Renter Desires.
- Surrounded by eateries and night time entertainment!
- and ONLY a 5 Minute Walk to the Subway (M/L Line)
Built in 1930, 17-01 Gates Avenue is a MASSIVE 15 Bedroom/ 6 Bathroom Mixed Use MultiFamily Located in the Heart of Ridgewood…Only a skip away from Bushwick.
This 5 Family Home is R6B Zoning (FAR: 2), which allows the potential for 1 more floor for EVEN MORE Rental Revenue. Ridgewood is a Desirable place to call home for many of your potential renters because of the convenience to the City, the Parks, and the Shops and Eateries that run along almost all of its busy streets as well as the wave of an art scene that has been moving in.
In a neighborhood where everyone walks or rides a bike, Ridgewood is a Renters Favorite Pick…did I mention that there is a 1 Car Garage for that Buyer who wants to call one of these apartments Home!!!
Building Layout:
First Floor: (1) 3 Bedroom BOXED unit with Lots of Natural Sunlight & (1) Storefront
Floor Two: (2) 3-Bedroom BOXED Units with Eat-in Kitchens
Floor Three: (2) 3-Bedroom BOXED Units with Eat-in Kitchens
ROOF IS A WALK OUT AND IS IN EXCELLENT CONDITION! 1 CAR GARAGE!
Other Fantastic Details that make this your next purchase :
Lot: 25 × 100
Building: 25 × 78
Building Class: 5-6 Families
NOT RENT CONTROLLED/ NOT RENT STABILIZED
LOCATED IN A RENTERS HAVEN
Tall Ceilings
Taxes: $26,712.16
Total Projected Annual GROSS Rental Income: Just for Residential $255k. With Commercial $297k !
COMES WITH ONE CAR GARAGE! GREAT FOR AN END USER AS WELL AS INVESTOR.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$297,000
|
$50.77
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$297,000
|
$50.77
|
| Taxes |
$26,712
|
$4.57
|
| Operating Expenses |
$15,980
|
$2.73
|
| Total Expenses |
$42,692
|
$7.30
|
| Net Operating Income |
$254,308
|
$43.47
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $297,000 |
| Annual Per SF | $50.77 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $297,000 |
| Annual Per SF | $50.77 |
| Taxes | |
|---|---|
| Annual | $26,712 |
| Annual Per SF | $4.57 |
| Operating Expenses | |
|---|---|
| Annual | $15,980 |
| Annual Per SF | $2.73 |
| Total Expenses | |
|---|---|
| Annual | $42,692 |
| Annual Per SF | $7.30 |
| Net Operating Income | |
|---|---|
| Annual | $254,308 |
| Annual Per SF | $43.47 |
PROPERTY FACTS
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+1 | 5 | $2,075 | - |
1 1
Walk Score®
Walker's Paradise (95)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (83)
PROPERTY TAXES
| Parcel Number | 03452-0001 | Total Assessment | $213,697 |
| Land Assessment | $4,941 | Annual Taxes | $26,712 ($4.57/SF) |
| Improvements Assessment | $208,756 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
03452-0001
Land Assessment
$4,941
Improvements Assessment
$208,756
Total Assessment
$213,697
Annual Taxes
$26,712 ($4.57/SF)
Tax Year
2025
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