Mixed-Use
Value-Add Ridgewood Mixed-Use Building
56-11 Catalpa Ave, Ridgewood, NY 11385
Listing Price: $2,248,000
Investment Overview
The subject offering is a 6,340 square foot mixed-use property located on Catalpa Avenue in Ridgewood (Queens), NY. The property consists of 4,420 square feet of commercial space and two apartments. The property has 29.5 feet of frontage on Catalpa Avenue, a rear entrance from Cornelia Street and 90 feet away from Myrtle Avenue. It is four blocks away (five-minute walk) to the Myrtle-Wyckoff and Seneca Avenue stations (M & L Train). The on-grade retail space is currently rented to Mini Mart, who has a 10-year lease that will be expiring in November 2029. The second floor is currently occupied by an artist who is on a month-to-month lease. The third floor consist of a one-bedroom and two-bedroom apartment that are both currently occupied. The offering rests on 2,375 square foot lot, zoned with a FAR of 3, with the rear of the building on Cornelia St. The current owner has plans to convert the second-floor office space into two apartments and convert a portion of the first-floor retail space into a studio apartment. This may allow the tax class to be changed into a protected tax class. This is a unique opportunity to acquire a value-add mixed-use building in one of Queens premier neighborhoods.
Value-Add Ridgewood Mixed-Use Building
Investment Highlights
- 6,340 SF Mixed-Use Building With 30 Feet of Retail Frontage on Catalpa Avenue - Directly Next Door to the Myrtle Avenue Retail Corridor
- Value-Add Opportunity - Zoning Allows for Conversion of Second Floor Commercial to Apartments. Zoning is C4-3/R6.
- Outstanding Long-Term Retail Tenant With Long Lease - Building Has a Full 2,500 SF Lower-Level With 8-Foot Ceilings and a Full Cooler/Freezer Set-up.
Exclusively Listed By
Listing Price: $2,248,000
Investment Highlights
- 6,340 SF Mixed-Use Building With 30 Feet of Retail Frontage on Catalpa Avenue - Directly Next Door to the Myrtle Avenue Retail Corridor
- Value-Add Opportunity - Zoning Allows for Conversion of Second Floor Commercial to Apartments. Zoning is C4-3/R6.
- Outstanding Long-Term Retail Tenant With Long Lease - Building Has a Full 2,500 SF Lower-Level With 8-Foot Ceilings and a Full Cooler/Freezer Set-up.
Investment Overview
The subject offering is a 6,340 square foot mixed-use property located on Catalpa Avenue in Ridgewood (Queens), NY. The property consists of 4,420 square feet of commercial space and two apartments. The property has 29.5 feet of frontage on Catalpa Avenue, a rear entrance from Cornelia Street and 90 feet away from Myrtle Avenue. It is four blocks away (five-minute walk) to the Myrtle-Wyckoff and Seneca Avenue stations (M & L Train). The on-grade retail space is currently rented to Mini Mart, who has a 10-year lease that will be expiring in November 2029. The second floor is currently occupied by an artist who is on a month-to-month lease. The third floor consist of a one-bedroom and two-bedroom apartment that are both currently occupied. The offering rests on 2,375 square foot lot, zoned with a FAR of 3, with the rear of the building on Cornelia St. The current owner has plans to convert the second-floor office space into two apartments and convert a portion of the first-floor retail space into a studio apartment. This may allow the tax class to be changed into a protected tax class. This is a unique opportunity to acquire a value-add mixed-use building in one of Queens premier neighborhoods.
Exclusively Listed By
