Property Details

Overview

Rare Mixed-Use Opportunity in Prime Ridgewood Location!Welcome to 69-38 Myrtle ave- a high exposure property offering exceptional versatility, income potential, and Value-add upside. Feauturing a total of 2, 024 sq ft on a 23’ x 88’ lot, this mixed-use asset includes a ground floor commercial space with entrances on myrtle ave and Cooper st, plus two residential units above: A vacant 4 bedroom and a 3 bedroom Unit Currently occupied by cash tenants. The Commercial space ( currently rented at $3, 500/ Month) is on a month to month basis and can be delivered vacant. it offers the option to split into two seperate store fronts, unlocking additional income potential. utilities are seperately metered: 3 Meters for commercial and 2 for residential - tenants pay their own utilities.Projected pro forma gross income of $146, 700/year, with estimated expenses of $13, 500/year, brings a potential net income of $133, 200, yielding a 7% Cap rate at full market rents.Perfect for investors seeking upside or end-users looking to occupy and operate. Close to transit, retail, and Neighborhood amenities- this is a can’t miss opportunity in on of queens’ most desirable mixed-use corridors.