Ridgewood Apartment Building for Sale
EPIC Commercial Realty has been retained on an exclusive basis to broker the sale of 18-53 Madison Street in Ridgewood, Queens. This is a three-story, walk-up, apartment building, with a shaft, consisting of six units.
The building includes six three-bedroom apartments. The property is situated within walking distance to the Seneca Avenue M train station as well as the Myrtle-Wyckoff Avenues L and M train station. “The property is in a phenomenal location next to many new coffee shops and new developments,” said Baruch Edelkopf.
The Ridgewood neighborhood of Queens is quickly gentrifying. The New York Times proclaimed it to be the “New Brooklyn.” New development residential buildings are being built and many new shops and restaurants are opening their doors.
18-53 Madison Street is listed for $1,400,000 by EPIC Sales Associates, Baruch Edelkopf, Mike Rybinskov, and Juliet Li. The building is built at 5,600 square feet equating $250 per square foot. All of the units are rent stabilized, with five leases ending in 2016, showing potential upside in the income.