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1854 Madison St 6 Unit Apartment Building $1,750,000 ($291,667/Unit) Ridgewood, NY 11385
Investment Highlights
- Pro Forma 10% CAP
- Current rents well below market create strong potential for income growth without renovations.
- Minutes away from Bushwick, Williamsburg, and Greenpoint.
- 5 fully deregulated apartments offering long-term rent growth potential.
- Apartment renovations will significantly boost rents and NOI.
- Extremely well maintained with very little cap ex required.
Executive Summary
CBRE is pleased to present a well-maintained three-story multifamily asset located in Ridgewood, Queens. The Property consists of six residential units, including five free-market apartments and one rent-stabilized unit. Each residence offers two bedrooms, a flexible office/bonus room, ample closet space, and hard wood flooring, providing a functional and attractive layout for tenants. Each ground floor unit further benefits from private backyard/garden access, increasing their appeal and rental value.
While the building is in excellent condition, it presents a compelling value add opportunity for investors. Through targeted renovations and capital improvements, a new owner can unlock significant upside by modernizing interiors and optimizing the lower-level space—ideal for duplexing ground-floor units or creating building-wide storage. These enhancements would position the Property to achieve rents well above the current average of $2,110 per month.
Situated just 1.5 blocks from the Forest Avenue station and six blocks from Myrtle/Wyckoff Avenue station, the Property offers exceptional transit access. Residents can reach Manhattan in approximately 20 minutes and vibrant neighborhoods such as Williamsburg and Greenpoint in about 10 minutes, making this an ideal location for commuters and lifestyle seekers alike.
While the building is in excellent condition, it presents a compelling value add opportunity for investors. Through targeted renovations and capital improvements, a new owner can unlock significant upside by modernizing interiors and optimizing the lower-level space—ideal for duplexing ground-floor units or creating building-wide storage. These enhancements would position the Property to achieve rents well above the current average of $2,110 per month.
Situated just 1.5 blocks from the Forest Avenue station and six blocks from Myrtle/Wyckoff Avenue station, the Property offers exceptional transit access. Residents can reach Manhattan in approximately 20 minutes and vibrant neighborhoods such as Williamsburg and Greenpoint in about 10 minutes, making this an ideal location for commuters and lifestyle seekers alike.
Property Facts
| Price | $1,750,000 | Apartment Style | Low-Rise |
| Price Per Unit | $291,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Sale Condition | 1031 Exchange | Building Size | 5,700 SF |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1930 |
| Property Subtype | Apartment | ||
| Zoning | R6B - Medium density residential district | ||
| Price | $1,750,000 |
| Price Per Unit | $291,667 |
| Sale Type | Investment |
| Sale Condition | 1031 Exchange |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 5,700 SF |
| No. Stories | 3 |
| Year Built | 1930 |
| Zoning | R6B - Medium density residential district |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 6 | - | - |
1 1
Exceptionally walkable
100/100
Somewhat drivable
20/100
Exceptional public transit
100/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 03471-0002 | Improvements Assessment | $154,970 |
| Land Assessment | $2,226 | Total Assessment | $157,196 |
Property Taxes
Parcel Number
03471-0002
Land Assessment
$2,226
Improvements Assessment
$154,970
Total Assessment
$157,196
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1854 Madison St
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