Active
18-24 Cornelia Street
Queens NY, 11385
$1,150,000
Active
18 Beds
6 Baths
Other
Built in 1900
Explore an enticing investment prospect in the vibrant and highly sought-after Ridgewood area with this strategically located building. Nestled in the heart of Ridgewood, just three blocks away from the M train, the property is surrounded by an array of amenities, including gift shops, bookstores, fine dining, bars, cafes, and bakeries. All units are presently occupied, underscoring the property's immediate revenue-generating potential.
This real estate gem not offers a prime location but also presents excellent prospects for growth. The recent surge in total annual income to an impressive $113,148, with expenses standing at $38,552, results in a substantial net income of $74,596. This robust financial profile positions the property as a compelling investment opportunity.
Don't miss the chance to be part of the thriving Ridgewood community, recognized as the 4th coolest neighborhood in the World in 2022. The property is fully tenant-occupied and is being sold with tenants in place. Specific rental details include Apt 1L at $942/month, Apt 1R at $2,150/month, Apt 2L at $875/month, Apt 2R at $1,200/month, Apt 3L at $2,062/month, and Apt 3R at $2,200/month.
Associated costs for the property include taxes at $15,692, extermination fees of $1,650, insurance costs totaling $4,400, water sewer expenses of $6,987, heating costs at $6,204, maintenance/repairs at $3,000, and electric costs of $619. The calculated cap rate based on the asking price is 6.34, showcasing a solid return on investment. The building encompasses 5,600 sqft, with an existing price per sqft of $210, making it a lucrative and well-positioned asset in the market.
RLMX-98727
MLSⓇ ID
April 9, 2024
Listed
September 7, 2024
Updated
Map
18-24 Cornelia Street
Queens NY, 11385
Interior Features
Total Stories
0
Bedrooms
18
Total Bathrooms
6
Full Bathrooms
6
Laundry Description
Building None, None
Fireplace
No
Cooling
No
Heating
No
Heating Description
None
Exterior/Building Features
Other Property Details
HOA Frequency
Monthly
Garage
No
View
No
County
Queens
Pool
No
Listed by Sal Crifasi with Crifasi Realty Associates Inc
Listing Contact: (718) 821-5999
The IDX display contains information sourced from the Real Estate Board of New York as of 9/7/2024. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.
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Data last updated on 9/7/2024 at 11:13 PM UTC