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1858 Cornelia St 6 Unit Apartment Building $1,100,000 ($183,333/Unit) 6.91% Cap Rate Ridgewood, NY 11385
INVESTMENT HIGHLIGHTS
- Good for investment. Tenants pay rent on time. All leases are signed and extended for 1 year or 2 years.
- Rent Stabilized providing steady cash flow
- Close Proximity to L and M trains, as well as several bus lines
- Showings typically available within 48 hours of notice
EXECUTIVE SUMMARY
Located in the vibrant Ridgewood neighborhood of Queens, NYC, this low-rise (3-story) multifamily asset at 1858 Cornelia St offers an outstanding investment opportunity. The offering is a 6-unit apartment building, built in 1930 and recently renovated/updated in 2025. This listing is Rent Stabilized and provides an excellent investment opportunity.
The building spans 5,600 square feet, 3 floors, on a 0.06-acre lot, 2,742sqft and is fully occupied (100% occupancy reported).
Zoning is R6B (allowing 6-family apartments).
In terms of location advantages: Walk Score® is 98 (“Walker’s Paradise”) and Transit Score® is 98 (“Rider’s Paradise”), highlighting major appeal for tenants and investors alike.
The property features air-conditioning and 48-hour showing availability.
This property is ideal for investors looking to invest into the Queens multifamily market, especially in the desired Ridgewood/Bushwick corridor where potential exists for rental growth, strong transit links, and dense walkable neighborhood lifestyle. The recent renovation (2024) reduces near-term cap-ex risk and the 100% occupancy indicates stable cash flow.
The building spans 5,600 square feet, 3 floors, on a 0.06-acre lot, 2,742sqft and is fully occupied (100% occupancy reported).
Zoning is R6B (allowing 6-family apartments).
In terms of location advantages: Walk Score® is 98 (“Walker’s Paradise”) and Transit Score® is 98 (“Rider’s Paradise”), highlighting major appeal for tenants and investors alike.
The property features air-conditioning and 48-hour showing availability.
This property is ideal for investors looking to invest into the Queens multifamily market, especially in the desired Ridgewood/Bushwick corridor where potential exists for rental growth, strong transit links, and dense walkable neighborhood lifestyle. The recent renovation (2024) reduces near-term cap-ex risk and the 100% occupancy indicates stable cash flow.
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$107,732
|
$19.24
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$107,732
|
$19.24
|
| Taxes |
$16,769
|
$2.99
|
| Operating Expenses |
$15,000
|
$2.68
|
| Total Expenses |
$31,769
|
$5.67
|
| Net Operating Income |
$75,963
|
$13.56
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $107,732 |
| Annual Per SF | $19.24 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $107,732 |
| Annual Per SF | $19.24 |
| Taxes | |
|---|---|
| Annual | $16,769 |
| Annual Per SF | $2.99 |
| Operating Expenses | |
|---|---|
| Annual | $15,000 |
| Annual Per SF | $2.68 |
| Total Expenses | |
|---|---|
| Annual | $31,769 |
| Annual Per SF | $5.67 |
| Net Operating Income | |
|---|---|
| Annual | $75,963 |
| Annual Per SF | $13.56 |
PROPERTY FACTS
| Price | $1,100,000 | Apartment Style | Low-Rise |
| Price Per Unit | $183,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Cap Rate | 6.91% | Building Size | 5,600 SF |
| No. Units | 6 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1930/2025 |
| Zoning | R6B - 6 family brick construction, 6 apartments RS. Each apartment consists of EiK, Livrm, 3 brs and 1 bathrm. Windows in each room. | ||
| Price | $1,100,000 |
| Price Per Unit | $183,333 |
| Sale Type | Investment |
| Cap Rate | 6.91% |
| 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/Renovated | 1930/2025 |
| Zoning | R6B - 6 family brick construction, 6 apartments RS. Each apartment consists of EiK, Livrm, 3 brs and 1 bathrm. Windows in each room. |
AMENITIES
UNIT AMENITIES
- Air Conditioning
SITE AMENITIES
- 24 Hour Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+1 | 6 | $1,500 | - |
1 1
Walk Score®
Walker's Paradise (98)
Transit Score®
Rider's Paradise (98)
Bike Score®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | 03473-0004 | Total Assessment | $157,192 |
| Land Assessment | $2,585 | Annual Taxes | $16,769 ($2.99/SF) |
| Improvements Assessment | $154,607 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
03473-0004
Land Assessment
$2,585
Improvements Assessment
$154,607
Total Assessment
$157,192
Annual Taxes
$16,769 ($2.99/SF)
Tax Year
2025
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1858 Cornelia St
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