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1717 Madison St 6 Unit Apartment Building $2,095,000 ($349,167/Unit) 5.07% Cap Rate Flushing, NY 11385
Investment Highlights
- Prime Ridgewood location
- Upside opportunity
- Mostly Free Market
Executive Summary
Fantastic investment prospect: 6 family building with only 2 rent-stabilized (RS) and 4 free-market (FM) apartments with month to month agreements. Current cap rate is 5% and with added improvement it is expected 7%. Blooming location in the heart of the trendiest Ridgewood, next to Rolo’s, Pierogi Boys, Everyone yoga and many other local favorites. Whole Foods is opening 2 blocks away.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$159,060
|
$28.40
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$159,060
|
$28.40
|
| Taxes |
$19,553
|
$3.49
|
| Operating Expenses |
$33,372
|
$5.96
|
| Total Expenses |
$52,925
|
$9.45
|
| Net Operating Income |
$106,135
|
$18.95
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $159,060 |
| Annual Per SF | $28.40 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $159,060 |
| Annual Per SF | $28.40 |
| Taxes | |
|---|---|
| Annual | $19,553 |
| Annual Per SF | $3.49 |
| Operating Expenses | |
|---|---|
| Annual | $33,372 |
| Annual Per SF | $5.96 |
| Total Expenses | |
|---|---|
| Annual | $52,925 |
| Annual Per SF | $9.45 |
| Net Operating Income | |
|---|---|
| Annual | $106,135 |
| Annual Per SF | $18.95 |
Property Facts
| Price | $2,095,000 | Apartment Style | Low-Rise |
| Price Per Unit | $349,167 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Cap Rate | 5.07% | Building Size | 5,600 SF |
| Gross Rent Multiplier | 13 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1930 |
| Property Subtype | Apartment | ||
| Zoning | R6B - R6B is a medium-density residential zone in New York City. | ||
| Price | $2,095,000 |
| Price Per Unit | $349,167 |
| Sale Type | Investment |
| Cap Rate | 5.07% |
| Gross Rent Multiplier | 13 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 5,600 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1930 |
| Zoning | R6B - R6B is a medium-density residential zone in New York City. |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | $2,140 | - |
1 1
Exceptionally walkable
100/100
Somewhat drivable
20/100
Exceptional public transit
100/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 03457-0051 | Total Assessment | $157,192 |
| Land Assessment | $3,078 | Annual Taxes | $19,553 ($3.49/SF) |
| Improvements Assessment | $154,114 | Tax Year | 2025 |
Property Taxes
Parcel Number
03457-0051
Land Assessment
$3,078
Improvements Assessment
$154,114
Total Assessment
$157,192
Annual Taxes
$19,553 ($3.49/SF)
Tax Year
2025
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1717 Madison St
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