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477 Fairview
477 Fairview
477 Fairview
477 Fairview
477 Fairview
477 Fairview
477 Fairview
477 Fairview
477 Fairview
477 Fairview
477 Fairview
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$2,150,000

477 Fairview

11 Beds 5 Baths 4,200 Sq.Ft.

Description

Looking for a unicorn investment property? It is not often that you're able to find a massive legal five family building that is in excellent shape, can be delivered vacant at closing and is in a prime-time neighborhood. This building is 4,200 square feet, it is comprised of four two-bedroom railroad style apartments and one enormous true three bedroom, two bath apartment with access to the backyard. There is also a full basement, with multiple coin operated washing machines and updated mechanicals. This building is 25x56 and sits on a 25x95 lot and I zoned R6B. You are located in prime Ridgewood, just outside the landmarked district and with in blocks of the L and M train. Being this is such a great location; you should never have a vacancy. The expenses are currently just under $30,000 a year and potential rent roll is close to $190,000 a year. You should end up with a 7-7.5% cap rate on this building. This could also be a great condo conversion, whether it is now or if you hold it and do it in the future. This is a perfect 1031 situation.

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Location

477 Fairview, Ridgewood, NY 11385

Status

Pending

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Louis Belisario

Louis Belisario

TITLE

Co-Founder | Licensed Associate Real Estate Broker

LICENSE

10301206828

PHONE

3477023316

Michael Chindemi

Michael Chindemi

TITLE

Licensed Real Estate Salesperson

LICENSE

10401353774

Property

Interior
Laundry room Common Area
Appliances Refrigerator, Cooktop, Washer, Gas Water Heater
Flooring Hardwood, Laminate, Tile
Total Bedrooms: 11
Full Bathrooms: 5
Other Interior Features Hardwood, Laminate, Tile
Area & Lot
Lot Area 2,375 Sq.Ft.
Living area 4,200 Sq.Ft.
MLS® ID 479977
Type Multi-Family
Status Pending
Exterior
Heat type Steam, Natural Gas
Parking On Street
Finance
Sales Price $2,150,000
Real Estate Tax $12,222 yearly
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Thank you for your interest in 477 Fairview, Ridgewood, NY 11385. We are reviewing your request and will be in touch shortly!

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We are friendly, easy to talk to, and easy to understand. We’re not intimidating or judgmental — so clients from all walks of life feel comfortable talking to us about their real estate needs and concerns. Our messaging is warm, sincere, and familiar. We’re not money-driven.