1702 Palmetto St
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1702 Palmetto St
6 Unit Apartment Building $2,500,000 ($416,667/Unit) Ridgewood, NY 11385
INVESTMENT HIGHLIGHTS
- All the units including the commercial spaces have no lease.
- All units are free market.
- One apartment will be deliver vacant.
EXECUTIVE SUMMARY
Prime Ridgewood: Mixed-Use Building | Value-Add Investment Opportunity | All Units Free Market
This is a rare opportunity to acquire a prime mixed-use building located in the heart of Ridgewood, ideally positioned between two subway stations (L & M lines). This corner property presents substantial value-add potential, with all units being free market and one unit delivered vacant at closing.
The building offers significant upside in rental income with opportunities to improve the existing layout. The commercial tenant is currently on a month-to-month lease, providing flexibility to re-lease the space at a higher rate. The space is perfectly suited for a coffee shop or a restaurant, aligning with Ridgewood’s vibrant and growing dining scene.
With convenient access to Manhattan via the L & M subway lines, this property is highly desirable for residential tenants. The building’s location and characteristics make it an excellent investment for those seeking strong future returns.
Key Details:
Lot Dimensions: 20' × 100'
Zoning: R6B
Building Class: S5
Total Square Feet: 4,800 sq ft
Taxes: $20,526
This is a rare opportunity to acquire a prime mixed-use building located in the heart of Ridgewood, ideally positioned between two subway stations (L & M lines). This corner property presents substantial value-add potential, with all units being free market and one unit delivered vacant at closing.
The building offers significant upside in rental income with opportunities to improve the existing layout. The commercial tenant is currently on a month-to-month lease, providing flexibility to re-lease the space at a higher rate. The space is perfectly suited for a coffee shop or a restaurant, aligning with Ridgewood’s vibrant and growing dining scene.
With convenient access to Manhattan via the L & M subway lines, this property is highly desirable for residential tenants. The building’s location and characteristics make it an excellent investment for those seeking strong future returns.
Key Details:
Lot Dimensions: 20' × 100'
Zoning: R6B
Building Class: S5
Total Square Feet: 4,800 sq ft
Taxes: $20,526
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Individual Locking Bedrooms
- Private Bathroom
- Walk-Up
- Smoke Detector
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Walk Score®
Walker's Paradise (96)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (83)
PROPERTY TAXES
| Parcel Number | 03456-0006 | Total Assessment | $164,178 (2024) |
| Land Assessment | $4,162 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $160,016 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
03456-0006
Land Assessment
$4,162 (2024)
Improvements Assessment
$160,016 (2024)
Total Assessment
$164,178 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
ZONING
| Zoning Code | R6B (R6 - Medium density residential district) |
| R6B (R6 - Medium density residential district) |
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1702 Palmetto St
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