6119 Madison ST new Save Request In-Person Tour Request Virtual Tour
Ridgewood,NY 11385
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 901129
Year Built 1930
Annual Tax Amount $27,832
Lot Size 3,598 Sqft
Property Sub-Type Multi Family
Property Description
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 .
Location
State NY
County Queens
Interior
Heating Natural Gas
Cooling Wall/Window Unit(s)
Flooring Ceramic Tile,Hardwood
Exterior
Parking Features Off Street
Fence Back Yard
Utilities Available Electricity Available,Natural Gas Available
Building
Lot Description Back Yard
Story 4
Foundation Stone
Sewer Public Sewer
Water Public
Structure Type Brick,Stone
Others
Special Listing Condition None