Two Ridgewood Apartment Buildings for Sale
EPIC Commercial Realty has been retained on an exclusive basis to broker the sale of 17-16 Woodbine Street and 18-80 Putnam Avenue in Ridgewood, Queens. This is a package deal including two, three-story, walk-up residential buildings consisting of twelve residential units.
The two properties combine to form twelve railroad style, three-bedroom units with tenants on rent-stabilized leases. The buildings are located within walking distance to the Myrtle-Wyckoff Avenues L and M train station as well as the Seneca Avenue M train station. “This is a great opportunity for an investor to expand his or her portfolio in Ridgewood or for a first time buyer to make a splash in the neighborhood,” said Mike Rybinskov, “the area is growing in popularity, especially amongst developers and investors.”
Ridgewood, Queens has been increasing in popularity dramatically, especially over the last few years. Many developers have either started construction or creating plans to build large, new residential buildings in the neighborhood. Curbed NY said “a lot is changing” in the area and the New York Times has dubbed Ridgewood “Quooklyn,” set to be the next Brooklyn.
The package is listed for $3,150,000 by EPIC Sales Associates, Baruch Edelkopf and Mike Rybinskov. Both buildings are built at 5,600 square feet, equating $281 per square foot. All of the units are rent stabilized, with ten leases expiring in 2015, proving a lot of room for upside in the income.