1878 MADISON STREET

For Sale - Queens - Ridgewood

$1,650,000

Net Operating Income: $91,928

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Key Details

Property Type
MultiFamily
Neighborhood
Ridgewood
Property Dimensions
27.5 x 69.0
Property Area
5,700 sq.ft.
Total Units:
6
Stories:
3
NOI
$91,928
Price
$1,650,000
Price Per Unit
$275,000
Cap Rate
5.6%

Listing Description

INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 1878 Madison Street. The subject property is located on the east side of Madison Street between Woodward and Onderdonk Avenues. The building is a six (6) unit multifamily building, of which five (5) units are rent stabilized and one (1) unit is free market. Unit 1L is renting well below legal rent which would allow an investor to realize upside upon turnover. Additionally, the free market unit (3R) is renting below market and an investor would likely convert the unit into a three-bedroom apartment and realize a rent of $3000/month.

Property Details

Block/Lot:
3471/26
Lot Dimensions
27.42 x 100.0
Lot Area
2,742 sq.ft
Zoning:
R6B
FAR as Built:
2.08
Max FAR:
2.0
Andrew LevineInvictus Property Advisors
Contact Agent View Setup

Sales & Transactions

AddressSale PriceSale DateProperty Type
1708 PALMETTO STREET$1,050,00007/23/2018MultiFamily
1896 DEKALB AVENUE$1,025,00007/03/2018MultiFamily
1729 MENAHAN STREET$1,450,00006/27/2018MultiFamily
1923 CORNELIA STREET$1,700,00006/26/2018MultiFamily
1626 CORNELIA STREET$1,400,00006/19/2018MultiFamily
18-23 STEPHEN STREET$1,375,00006/19/2018MultiFamily
20-28 MENAHAN STREET$995,00006/04/2018MultiFamily
53-48 METROPOLITAN AVE$1,130,00005/30/2018MultiFamily
508 ONDERDONK AVENUE$600,00005/24/2018MultiFamily
18-18 HARMAN ST$1,765,00005/24/2018MultiFamily