NEW! Buy and sell safely with virtual options - Learn More
About the Listing ONST01 - 105283
Prime 8-Unit Rent-Stabilized Building in Ridgewood - 2 Blocks from the M train Introducing 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 .
Interior Details
- Bedrooms: 0
- Bathrooms: 0 Full
- Appliances: Gas Range, Refrigerator, Stainless Steel Appliance(s)
- Air Cond: Wall/Window Unit(s)
- Heating: Natural Gas
- Fireplaces:
- Floor: Ceramic Tile,Hardwood
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement: Partially Finished
- Other:
- Water: Public
Exterior Details
- Lot Description: Back Yard,No Waterfront
- Garage Capacity: N/A
- Parking Spaces: 0
- Roof:
- Others: Actual,Renovated
- Sewer: Public Sewer
- Parking Features: Off Street
Financial Details
- Tax Amount: $27,832
- Taxes w/Assessments: N/A
- Tax/Property ID: 03614-0051
- Tax Year: N/A
Payment Calculator
Monthly Payment
- in Principal and Interest
- in Taxes
Questions About..
6119 Madison St Ridgewood, NY 11385
Never Miss A New Property
Get notified any time there's a new home on the market in this neighborhood!
Don't worry! We'll never spam you or sell your details. You can unsubscribe whenever you'd like.
Listing Courtesy of -
