$2,150,000
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477 Fairview Ave Unit 1 Ridgewood, NY 11385
Townhouse
Residence
7
Beds
6
Baths
...
Bed/Bath
4,200
Sq. Ft.
Property Activity
Time on Site
days
Days on Market
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Looking for a unicorn investment property? It is not often that you’re able to find a massive legal five family building that is in excellent shape, can be delivered vacant at closing and is in a prime-time neighborhood. This building is 4,200 square feet, it is comprised of four two-bedroom railro...ad style apartments and one enormous true three bedroom, two bath apartment with access to the backyard. There is also a full basement, with multiple coin operated washing machines and updated mechanicals. This building is 25x56 and sits on a 25x95 lot and I zoned R6B. You are located in prime Ridgewood, just outside the landmarked district and within blocks of the L and M train. Being this is such a great location; you should never have a vacancy. The expenses are currently just under $30,000 a year and potential rent roll is close to $190,000 a year. You should end up with a 7-7.5% cap rate on this building. This could also be a great condo conversion, whether it is now or if you hold it and do it in the future. This is a perfect 1031 situation.
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MLS#
PRCH-7855009
Property Type
Townhouse
Bedrooms
7
Bathrooms
6 Full
Year Built
1920
Square Feet
4,200
sq. ft
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