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.
