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609 Seneca Ave 6 Unit Apartment Building $3,500,000 ($583,333/Unit) 6.45% Cap Rate Ridgewood, NY 11385
Investment Highlights
- Calling All Investors, Developers, & End-Users!!! 6,500 Sqft. 6 Unit Apartment Building In Ridgewood For Sale!!!
- The Property Is Located In The Heart Of Ridgewood In Between Fresh Pond Road, Myrtle Avenue & Metropolitan Avenue!!!
- This Property Offers HUGE Upside Potential!!!
- The Property Features Excellent Signage, Great Exposure, R6B/C1-4 Zoning, High Ceilings, 6 Parking Spaces, Separate Meters, Low Property Taxes, +++!!!
- Neighbors Include Chase Bank, TD Bank, Northwell Health, Extra Space Storage, Stop & Shop, BJ’s, Key Food, Raymour & Flanigan, Pep Boys, +++!!!
- This Could Be Your Next Development Site / The Next Home For Your Business!!!
Executive Summary
Calling All Investors, Developers, & End-Users!!! 6,500 Sqft. 6 Unit Apartment Building In Ridgewood For Sale!!! The Property Features Excellent Signage, Great Exposure, R6B/C1-4 Zoning, High Ceilings, 6 Parking Spaces, Separate Meters, Low Property Taxes, All New LED Lighting, A/C, +++!!! The Property Is Located In The Heart Of Ridgewood Minutes From Queens Center & The Metro Mall!!! The Property Is Situated In Between Fresh Pond Road, Myrtle Avenue & Metropolitan Avenue!!! Neighbors Include Chase Bank, TD Bank, Northwell Health, Extra Space Storage, Stop & Shop, BJ’s, Key Food, Raymour & Flanigan, Pep Boys, Enterprise Rent-A-Car, Hertz, Blink Fitness, Tiger Schulmann’s Martial Arts, Wendy’s, Taco Bell, CVS, Qdoba, White Castle, KFC, +++!!! This Property Offers HUGE Upside Potential!!! This Could Be Your Next Development Site / The Next Home For Your Business!!!
Income:
1R (2 Br. Duplex): $37,200 Ann.; M-M
1L (2 Br. Duplex).: $48,000 Ann.; M-M.
2R (2 Br. Apt.): $43,800 Ann.; Lease Exp.: 8/31/25.
2L (2 Br. Apt.): $40,800 Ann.; M-M.
3R (2 Br. Apt.): $42,000 Ann.; Lease Exp.: 4/30/26.
3L (2 Br. Apt.): $40,800 Ann.; Lease Exp.: 7/31/25.
Gross Income: $252,600 Ann.
Expenses:
Gas: $0 Ann.
Electric: $0 Ann.
Hot Water Heater: $3,000 Ann.
Maintenance & Repairs: $250 Ann.
Water & Sewer: $4,800 Ann
Insurance: $3,830 Ann.
Taxes: $15,096.40 Ann.
Total Expenses: $26,976.40 Ann.
Net Operating Income (NOI): $225,623.60 Ann. (6.45% Cap!!!)
Income:
1R (2 Br. Duplex): $37,200 Ann.; M-M
1L (2 Br. Duplex).: $48,000 Ann.; M-M.
2R (2 Br. Apt.): $43,800 Ann.; Lease Exp.: 8/31/25.
2L (2 Br. Apt.): $40,800 Ann.; M-M.
3R (2 Br. Apt.): $42,000 Ann.; Lease Exp.: 4/30/26.
3L (2 Br. Apt.): $40,800 Ann.; Lease Exp.: 7/31/25.
Gross Income: $252,600 Ann.
Expenses:
Gas: $0 Ann.
Electric: $0 Ann.
Hot Water Heater: $3,000 Ann.
Maintenance & Repairs: $250 Ann.
Water & Sewer: $4,800 Ann
Insurance: $3,830 Ann.
Taxes: $15,096.40 Ann.
Total Expenses: $26,976.40 Ann.
Net Operating Income (NOI): $225,623.60 Ann. (6.45% Cap!!!)
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$252,600
|
$51.82
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$252,600
|
$51.82
|
| Taxes |
$15,096
|
$3.10
|
| Operating Expenses |
$11,880
|
$2.44
|
| Total Expenses |
$26,976
|
$5.53
|
| Net Operating Income |
$225,624
|
$46.28
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $252,600 |
| Annual Per SF | $51.82 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $252,600 |
| Annual Per SF | $51.82 |
| Taxes | |
|---|---|
| Annual | $15,096 |
| Annual Per SF | $3.10 |
| Operating Expenses | |
|---|---|
| Annual | $11,880 |
| Annual Per SF | $2.44 |
| Total Expenses | |
|---|---|
| Annual | $26,976 |
| Annual Per SF | $5.53 |
| Net Operating Income | |
|---|---|
| Annual | $225,624 |
| Annual Per SF | $46.28 |
Property Facts
| Price | $3,500,000 | Building Class | B |
| Price Per Unit | $583,333 | Lot Size | 0.06 AC |
| Sale Type | Investment | Building Size | 6,500 SF |
| Cap Rate | 6.45% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1930 |
| Property Subtype | Apartment | Parking Ratio | 0.92/1,000 SF |
| Apartment Style | Townhome | ||
| Zoning | R6B/C4-1 | ||
| Price | $3,500,000 |
| Price Per Unit | $583,333 |
| Sale Type | Investment |
| Cap Rate | 6.45% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | B |
| Lot Size | 0.06 AC |
| Building Size | 6,500 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1930 |
| Parking Ratio | 0.92/1,000 SF |
| Zoning | R6B/C4-1 |
Amenities
Unit Amenities
- Air Conditioning
- Storage Space
- Heating
- Kitchen
- Oven
- Range
Site Amenities
- 24 Hour Access
- Controlled Access
- Fenced Lot
- Security System
- Storage Space
- Bicycle Storage
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | - | - |
Walk Score®
Walker's Paradise (92)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (81)
Property Taxes
| Parcel Number | 03439-0006 | Total Assessment | $120,771 (2025) |
| Land Assessment | $1,760 (2025) | Annual Taxes | $15,096 ($2.32/SF) |
| Improvements Assessment | $119,011 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
03439-0006
Land Assessment
$1,760 (2025)
Improvements Assessment
$119,011 (2025)
Total Assessment
$120,771 (2025)
Annual Taxes
$15,096 ($2.32/SF)
Tax Year
2024
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609 Seneca Ave
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