551 Seneca Ave
Ridgewood, NY 11385
551 Seneca Avenue Ridgewood, N.Y. 11385 · Multifamily Property For Sale · 6 Units

Giuseppe Montalbano of Weichert Realtors® - The Franzese Group has been hired to arrange for the sale of 551 Seneca Avenue between Bleecker St and Menahan St, in the Ridgewood section of Queens borderline Bushwick. The subject property is a Large Multi Family Corner Building with 6 Residential Units, Semi Detached, with a curb cut for private parking. The building is 25’ x 62’ (Approx. 4,650 SqFt) on a 25’ x 90 lot (2,250 SqFt) and is Zoned R6B/C1-4. The property features 4 Rent Stabilized Apartments, and 2 Vacant Apartments (1 - Previously Owner Occupied, and 1 - Previously Rented for $1,300 Monthly). The property is conveniently located a few blocks away from the M Subway Line, offering quick and easy access to both Brooklyn and Manhattan. It is also situated on Seneca Avenue, walking distance to an array of new restaurants / bars, cafes, and shopping. This well-maintained building offers endless opportunity for an end user or investor/developer looking to be part of this neighborhood in Ridgewood. Income: Unit Rent Bdrm/Bath Lease Exp. Comments 1F $1,000 1 Bdrm/1 Bath 5/31/2020 Rent Stabilize 1R Vacant 1 Bdrm/1 Bath Vacant Owner Occupied 2L Vacant 2 Bdrm/1 Bath Vacant Previously $1,300 2R $918 2 Bdrm/1 Bath 6/30/2020 Rent Stabilize 3L $969 2 Bdrm/1 Bath Expired Rent Stabilize 3R $913 2 Bdrm/1 Bath Expired Rent Stabilize Projected Monthly Rent: +/- $7,000 Annually Rent: +/- $84,000 Expenses: Projected Gross Operating Income: $84,000 Real Estate Taxes: $13,000 Fuel: $4,000 Water And Sewer: $3,900 Insurance: $3,000 Total Expenses: +/- $23,900 Projected Net Operating Income: +/- $60,100 *Information is deemed to be correct but not guaranteed. For more information please contact Giuseppe Montalbano Direct: (347) 585-7953.