6119 Madison Street, Ridgewood, NY, 11385
$2,158,000
Multi Family
Commercial
Details
ML#: 901129
- # of Families: 8
- Sale or Rent:Sale
- Year Built: 1930
- Taxes: $27,832
- Status:Active
Description
Prime 8-Unit Rent-Stabilized Building in Ridgewood - 2 Blocks from the M trainIntroducing a rare investment opportunity in the heart of Ridgewood, Queens. This well-maintained 8-family brick building offers 9, 200 sq ft of living space on a 36x100 lot, zoned R6B. Built in 1930 and substantially renovated in 2020, approximately 90% of the building has been updated with modern finishes while retaining its pre-war charm. The property consists of 1 three-bedroom unit and 7 four-bedroom units, all rent-stabilized, providing steady and reliable cash flow. Tenants are responsible for their own electric and cooking gas, while the landlord covers heat, water, and insurance. Recent upgrades include a full finished basement, updated interiors, and ongoing maintenance that ensures minimal near-term capital expenses. Situated just two blocks from the M train, the property is within walking distance to shops, dining, and essential services, making it a desirable address for tenants. the property offers both stable income and upside potential through continued rent increases in one of NYC’s most desirable rental submarkets. Investment Highlights 8 residential units - mix of 1 x 3BR and 7 x 4BR Rent-Stabilized with reliable long-term tenants Gross Income: $191, 364 Net Income: $141, 964 90% Renovated (modernized interiors, new finishes) Low Maintenance: Professionally managed, clean, and well-kept Transit-Oriented Location: 2 blocks to M train; 30 minutes to Manhattan Upside: Strong demand in Ridgewood + potential package deal with 12 Family In Woodside with an NOI $170K inquire within for more details. Combine with both building will leave you with a total NOI $312K at $5, 050, 000 That will leave you at a 6% Cap Rate .
More Property Details
Lot Size: 0.0826
Lot Sq Ft: 3600
Parking Facilities: Off Street
Stories: 4
Heat: Natural Gas
A/C: Wall/Window Unit(s)
Water: Public
Sewer: Public Sewer
Taxes: $27,832
Maintenance: $672
Zoning: R6
Listing Information provided courtesy of
One Stop Multi Service Inc
718-554-0257