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9 Unit Mixed Use Building! 1683 Woodbine St

9 Unit Block of Flats £2,376,238 (£264,026/Unit) 7.18% Net Initial Yield Ridgewood, NY 11385

Investment Highlights

  • In between the L & M Train
  • Boxed Units
  • Not Rent Controlled/Stabilized
  • Renovated in 2023

Executive Summary

This meticulously renovated mixed-use building, completed in 2023, boasts NINE FREE MARKET UNITS, comprising FOUR RESIDENTIAL and FIVE COMMERCIAL UNITS. It stands as a lucrative income generator, with gross annual income increasing to $278,544/yr starting October 2024 (for detailed breakdown, refer to our Excel sheet or digital brochure). The residential units feature spacious 3 boxed bedroom layouts with one full bathroom each. Situated in zone R6B-C24, the property is NOT SUBJECT TO RENT CONTROL OR RENT STABILIZATION REGULATIONS.
Nestled in the heart of Ridgewood, conveniently positioned between the L and M train lines, residents enjoy unparalleled access to amenities, public transportation, and thriving commercial hubs. Ridgewood's allure as an exceptional city underscores the promising investment potential of this property.

Attachments

Updated- Property Analysis 1683 Woodbine St

Financial Summary (Actual - 2023) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income - -
Vacancy Loss - -
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual $99,999
Annual Per SF $9.99
Operating Expenses
Annual $99,999
Annual Per SF $9.99
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts Under Contract

Price £2,376,238
Price Per Unit £264,026
Sale Type Investment
Net Initial Yield 7.18%
Sale Conditions 1031 Exchange
Gross Rent Multiplier 10.77
No. Units 9
Property Type Residential
Property Subtype
Apartment
  • General Retail Storefront Retail/Residential
Apartment Style Low Rise
Building Class C
Lot Size 0.07 AC
Building Size 7,500 SF
Average Occupancy 100%
Number of Floors 3
Year Built/Renovated 1931/2023

Unit Amenities

  • Kitchen
  • Wooden Floors
  • Refrigerator
  • Oven
  • Tub/Shower
  • Carpet
  • Basement
  • Freezer

Site Amenities

  • On-Site Retail
  • Wi-Fi

Unit Mix Information

Description No. Units Avg. Rent.Mo SF
3+1 4 - -
Walk Score ®
Walker's Paradise (96)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (83)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
03449-0034
Land Assessment
£3,802 (2024)
Improvements Assessment
£212,917 (2024)
Total Assessment
£216,719 (2024)
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2023

zoning

Zoning Code RB6-C2-4 (Residential District/Commerical)
RB6-C2-4 (Residential District/Commerical)
  • Listing ID: 31653615

  • Date on Market: 30/04/2024

  • Last Updated:

  • Address: 1683 Woodbine St, Ridgewood, NY 11385

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