Investment Overview

Marcus & Millichap is pleased to present 2-97 Saint Nicholas Avenue, a well-positioned nine-unit mixed-use asset in Ridgewood, Queens. Comprising seven free market three-bedroom residential units and two ground-floor commercial spaces totaling 7,260 gross square feet (6,171 net), the property is set on a 22 x 90.92 ft lot in an R6B, C2-4 zone. Renovated and situated with multiple vacancies, MTM tenants and one 1-year lease, the building boasts upside to a pro forma annual gross potential of $418,680 annually. At an asking price of $3,750,000 ($517/SF; $416,667/unit), investors can quickly reposition to a net operating income of $210,433 (5.61% cap rate) with the ability to achieve a pro forma NOI of $309,519 (8.25% cap) and a 9% cash-on-cash return.