Ridgewood Mixed-Use - Potential User Deal | 685 Woodward Ave
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Ridgewood Mixed-Use - Potential User Deal 685 Woodward Ave
2,800 SF 50% Leased Retail Building Ridgewood, NY 11385 £1,185,015 (£423/SF) 6.72% Net Initial Yield
Executive Summary
The subject offering is a 2,800 square foot mixed-use building on Woodard Avenue in Ridgewood (Queens), NY. The property consists of 1,400 square feet of on-grade retail and the second floor consist of two two-bedroom apartments. The property offers 20 feet of frontage on Woodward Avenue and is two blocks (five-minute walk) to the Seneca Avenue Train Station (M Train)
The existing retail space was recently owner occupied by Party Connection, however the space will be delivered vacant. The second floor is 100% occupied on month-to-month leases with below market rents on. The property rest on a 2,500 square foot lot zoned for R6B, C1-4 with a FAR of 2 and tax class protection 1. Being a tax class 1 building means you assessed value cannot rise more than 6% in one year or 20% over five years. This is one of the few commercial buildings in Ridgewood with tax class 1.
This is an outstanding user/value add opportunity to acquire a property in one of Queens premier neighborhoods.
The existing retail space was recently owner occupied by Party Connection, however the space will be delivered vacant. The second floor is 100% occupied on month-to-month leases with below market rents on. The property rest on a 2,500 square foot lot zoned for R6B, C1-4 with a FAR of 2 and tax class protection 1. Being a tax class 1 building means you assessed value cannot rise more than 6% in one year or 20% over five years. This is one of the few commercial buildings in Ridgewood with tax class 1.
This is an outstanding user/value add opportunity to acquire a property in one of Queens premier neighborhoods.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
2,800 SF
Building Class
C
Year Built
1920
Price
£1,185,015
Price Per SF
£423
Net Initial Yield
6.72%
NOI
£79,688
Percent Leased
50%
Tenancy
Multiple
Number of Floors
2
Building FAR
1.07
Land Acres
0.06 AC
Zoning
R6B, Queens (S2) - Medium density residential district
Walk Score ®
Walker's Paradise (94)
Transit Score ®
Rider's Paradise (96)
Bike Score ®
Very Bikeable (74)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £107,523 | |
| Land Assessment | £15,129 | Total Assessment | £122,651 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
£15,129
Improvements Assessment
£107,523
Total Assessment
£122,651
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Ridgewood Mixed-Use - Potential User Deal | 685 Woodward Ave
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