685 Woodward Ave - Storefront Retail/Residential FOR SALE


Ridgewood, NY 11385
$1,500,000 USD
646-805-1439
685 Woodward Ave, Ridgewood, NY for Sale
$1,500,000 USD
Storefront Retail/Residential - FOR SALE
1/3
null | 6.72% Cap Rate

685 Woodward Ave
Ridgewood, NY 11385


OVERVIEW

The subject offering is a 2,800 square foot mixed-use building on Woodard Avenue in Ridgewood (Queens), NY. The property consists of 1,400 square feet of on-grade retail and the second floor consist of two two-bedroom apartments. The property offers 20 feet of frontage on Woodward Avenue and is two blocks (five-minute walk) to the Seneca Avenue Train Station (M Train) The existing retail space was recently owner occupied by Party Connection, however the space will be delivered vacant. The second floor is 100% occupied on month-to-month leases with below market rents on. The property rest on a 2,500 square foot lot zoned for R6B, C1-4 with a FAR of 2 and tax class protection 1. Being a tax class 1 building means you assessed value cannot rise more than 6% in one year or 20% over five years. This is one of the few commercial buildings in Ridgewood with tax class 1. This is an outstanding user/value add opportunity to acquire a property in one of Queens premier neighborhoods.

FOR SALE DETAILS

PRICE

$1,500,000 USD

PRICE/SF

$536 USD /SF

CAP RATE

6.72%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

Ridgewood Mixed-Use - Potential User Deal

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1920

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.06 AC

LAND SF

2,614 SF

ZONING

R6B, Queens (S2)

APN/PARCEL ID

03478-0002,03478-0004

ASK ABOUT THIS PROPERTY

William StephanMarcus & MillichapMore Info
646-805-1439

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William StephanMarcus & MillichapMore Info
646-805-1439

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.