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1854 Madison St
Ridgewood, NY 11385
Multifamily Property For Sale
·
6 Units
Investment Highlights
- Steps from and subway lines with quick access to Manhattan and Williamsburg.
- Current rents well below market create strong potential for income growth without renovations.
- Minutes away from Bushwick, Williamsburg, and Greenpoint.
- 5 fully deregulated apartments offering long-term rent growth potential.
- Apartment renovations will significantly boost rents and NOI.
- Extremely well maintained with very little cap ex required.
Executive Summary
CBRE is pleased to present a well-maintained three-story multifamily asset located in Ridgewood, Queens. The Property consists of six residential units, including five free-market apartments and one rent-stabilized unit. Each residence offers two bedrooms, a flexible office/bonus room, ample closet space, and hard wood flooring, providing a functional and attractive layout for tenants. Each ground floor unit further benefits from private backyard/garden access, increasing their appeal and rental value.
While the building is in excellent condition, it presents a compelling value add opportunity for investors. Through targeted renovations and capital improvements, a new owner can unlock significant upside by modernizing interiors and optimizing the lower-level space—ideal for duplexing ground-floor units or creating building-wide storage. These enhancements would position the Property to achieve rents well above the current average of $2,110 per month.
Situated just 1.5 blocks from the Forest Avenue station and six blocks from Myrtle/Wyckoff Avenue station, the Property offers exceptional transit access. Residents can reach Manhattan in approximately 20 minutes and vibrant neighborhoods such as Williamsburg and Greenpoint in about 10 minutes, making this an ideal location for commuters and lifestyle seekers alike.
While the building is in excellent condition, it presents a compelling value add opportunity for investors. Through targeted renovations and capital improvements, a new owner can unlock significant upside by modernizing interiors and optimizing the lower-level space—ideal for duplexing ground-floor units or creating building-wide storage. These enhancements would position the Property to achieve rents well above the current average of $2,110 per month.
Situated just 1.5 blocks from the Forest Avenue station and six blocks from Myrtle/Wyckoff Avenue station, the Property offers exceptional transit access. Residents can reach Manhattan in approximately 20 minutes and vibrant neighborhoods such as Williamsburg and Greenpoint in about 10 minutes, making this an ideal location for commuters and lifestyle seekers alike.
Property Facts
| Price Per Unit | $443,339 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.06 AC |
| No. Units | 6 | Building Size | 5,700 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1930 |
| Apartment Style | Low-Rise | ||
| Zoning | R6B - Residential | ||
| Price Per Unit | $443,339 CAD |
| Sale Type | Investment |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 5,700 SF |
| No. Stories | 3 |
| Year Built | 1930 |
| Zoning | R6B - Residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 6 | - | - |
Property Taxes
| Parcel Number | 03471-0002 | Improvements Assessment | $214,418 CAD |
| Land Assessment | $3,705 CAD | Total Assessment | $218,123 CAD |
Property Taxes
Parcel Number
03471-0002
Land Assessment
$3,705 CAD
Improvements Assessment
$214,418 CAD
Total Assessment
$218,123 CAD
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