1824 Cornelia St
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1824 Cornelia St
6 Unit Block of Flats £914,733 (£152,455/Unit) 6.49% Net Initial Yield Flushing, NY 11385
Investment Highlights
- Just three blocks away from the M train, the property is surrounded by an array of amenities, .including gift shops, bookstores, fine dining, etc.
- Fully Tenant Occupied. Being Sold with Tenants. 5 Out of 6 Stabilized. underscoring the property's immediate revenue-generating potential.
Executive Summary
Explore an enticing investment prospect in the vibrant and highly sought-after Ridgewood area with this strategically located building. Nestled in the heart of Ridgewood, just three blocks away from the M train, the property is surrounded by an array of amenities, .including gift shops, bookstores, fine dining, bars, cafes, and bakeries. Fully Tenant Occupied. Being Sold with Tenants. 5 Out of 6 Stabilized. underscoring the property's immediate revenue-generating potential.
This real estate gem not only offers a prime location but also presents excellent prospects for growth. The recent surge in total annual income to an impressive $113,148, with expenses standing at $38,552, results in a substantial net income of $74,596. This robust financial profile positions the property as a compelling investment opportunity.
Don't miss the chance to be part of the thriving Ridgewood community, recognized as the 4th coolest neighborhood in the World in 2022. The property is fully tenant-occupied and is being sold with tenants in place. Specific rental details include Apt 1L at $942/month, Apt 1R at $2,150/month, Apt 2L at $875/month, Apt 2R at $1,200/month, Apt 3L at $2,062/month, and Apt 3R at $2,200/month.
Associated costs for the property include taxes at $15,692, extermination fees of $1,650, insurance costs totaling $4,400, water sewer expenses of $6,987, heating costs at $6,204, maintenance/repairs at $3,000, and electric costs of $619. The calculated cap rate based on the asking price is 6.34, showcasing a solid return on investment. The building encompasses 5,600 sqft, with an existing price per sqft of $210, making it a lucrative and well-positioned asset in the market.
Apt 1L 3 Bd & 1 bath (railroad) Current Rent: $942.000 Lease Began: 12/1/2023 Lease Expires: 11/30/2024
Apt 1R 3 Bd & 1 bath (railroad) Current Rent: $2,150.00 Lease Began: 6/11/2022 Lease Expires: 5/03/2024
Apt 2L 3 Bd & 1 bath (railroad) Current Rent: $875.00 Lease Began: 1/1/2024 Lease Expires: 12/31/2024
Apt 2R 3 Bd & 1 bath (railroad) Current Rent: $1.200.00 Lease Began: 7/1/2023 Lease Expires: 6/30/2024
Apt 3L 3 Bd & 1 bath (railroad) Current Rent: $2,062.00 Lease Began: 11/1/2023 Lease Expires: 10/31/2025
Apt 3R (destablized)) 3 Bd & 1 bath (railroad) Current Rent: $2,200.00 Month to Month
Total/Averages $9,429.00
This real estate gem not only offers a prime location but also presents excellent prospects for growth. The recent surge in total annual income to an impressive $113,148, with expenses standing at $38,552, results in a substantial net income of $74,596. This robust financial profile positions the property as a compelling investment opportunity.
Don't miss the chance to be part of the thriving Ridgewood community, recognized as the 4th coolest neighborhood in the World in 2022. The property is fully tenant-occupied and is being sold with tenants in place. Specific rental details include Apt 1L at $942/month, Apt 1R at $2,150/month, Apt 2L at $875/month, Apt 2R at $1,200/month, Apt 3L at $2,062/month, and Apt 3R at $2,200/month.
Associated costs for the property include taxes at $15,692, extermination fees of $1,650, insurance costs totaling $4,400, water sewer expenses of $6,987, heating costs at $6,204, maintenance/repairs at $3,000, and electric costs of $619. The calculated cap rate based on the asking price is 6.34, showcasing a solid return on investment. The building encompasses 5,600 sqft, with an existing price per sqft of $210, making it a lucrative and well-positioned asset in the market.
Apt 1L 3 Bd & 1 bath (railroad) Current Rent: $942.000 Lease Began: 12/1/2023 Lease Expires: 11/30/2024
Apt 1R 3 Bd & 1 bath (railroad) Current Rent: $2,150.00 Lease Began: 6/11/2022 Lease Expires: 5/03/2024
Apt 2L 3 Bd & 1 bath (railroad) Current Rent: $875.00 Lease Began: 1/1/2024 Lease Expires: 12/31/2024
Apt 2R 3 Bd & 1 bath (railroad) Current Rent: $1.200.00 Lease Began: 7/1/2023 Lease Expires: 6/30/2024
Apt 3L 3 Bd & 1 bath (railroad) Current Rent: $2,062.00 Lease Began: 11/1/2023 Lease Expires: 10/31/2025
Apt 3R (destablized)) 3 Bd & 1 bath (railroad) Current Rent: $2,200.00 Month to Month
Total/Averages $9,429.00
Financial Summary (Actual - 2022) 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 |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2022) 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 | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | £914,733 | Apartment Style | Low Rise |
| Price Per Unit | £152,455 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Net Initial Yield | 6.49% | Building Size | 5,600 SF |
| No. Units | 6 | Average Occupancy | 100% |
| Property Type | Residential | Number of Floors | 3 |
| Property Subtype | Apartment | Year Built | 1911 |
| Price | £914,733 |
| Price Per Unit | £152,455 |
| Sale Type | Investment |
| Net Initial Yield | 6.49% |
| No. Units | 6 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 5,600 SF |
| Average Occupancy | 100% |
| Number of Floors | 3 |
| Year Built | 1911 |
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Walk Score ®
Walker's Paradise (99)
Transit Score ®
Rider's Paradise (98)
Bike Score ®
Very Bikeable (77)
PROPERTY TAXES
| Parcel Number | 03465-0014 | Improvements Assessment | £119,148 (2024) |
| Land Assessment | £1,941 (2024) | Total Assessment | £121,089 (2024) |
PROPERTY TAXES
Parcel Number
03465-0014
Land Assessment
£1,941 (2024)
Improvements Assessment
£119,148 (2024)
Total Assessment
£121,089 (2024)
zoning
| Zoning Code | R6B, Queen (C2) (Medium density residential district) |
| R6B, Queen (C2) (Medium density residential district) |
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1824 Cornelia St
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