5-66 Onderdonk Ave
Fully renovated mixed-use corner property in Ridgewood, Queens, offered at $3,075,000 at a 6.59% cap rate ($202,643 NOI). The 5,625 SF building on a 2,500 SF lot comprises four two-bedroom apartments with hardwood floors, two ground-floor commercial tenants (daycare and restaurant), and a finished basement with two offices. The property generates approximately $255,954 in annual gross income with minimal deferred maintenance following recent capital improvements.
Built in 1931 and fully gut-renovated, the three-story structure features new boilers (installed within the past five years), upgraded plumbing and electrical systems, repointed exterior masonry, and modernized building mechanics. The stable tenant mix includes residential and commercial income streams, with commercial tenants contributing to property taxes and DEP charges. Located on a prime corner in Ridgewood's established retail and residential corridor, the property is surrounded by restaurants, cafés, and neighborhood businesses, with convenient access to the L and M subway lines just minutes from Bushwick and Williamsburg.
- Four two-bedroom apartments with hardwood floors
- Two established ground-floor commercial tenants (daycare and restaurant)
- Finished basement with two offices and private restroom
- Recent capital improvements: new boilers, upgraded systems, repointed masonry
- Strong in-place cash flow with minimal deferred maintenance
- Proximate to L and M subway lines; walkable to Bushwick and Williamsburg
More property details
Location
This prime corner mixed-use property presents an exceptional free-market investment opportunity in the heart of Ridgewood, offering approximately 5,625 square feet of fully gut-renovated space in a thriving residential and retail corridor. The building comprises four spacious two-bedroom apartments with hardwood floors, two established ground-floor commercial tenants—a daycare and a restaurant—and a fully finished basement featuring two offices and a private restroom. Generating approximately $255,954 in annual gross income with a net operating income of approximately $202,597, the asset offers a 6.59% cap rate at the asking price with the potential to achieve a 7.06% cap rate. Professionally managed and well maintained, the property benefits from a stable tenant mix, with commercial tenants contributing to property taxes and DEP charges. Major capital improvements have already been completed, including new boilers installed within the past five years, upgraded plumbing and electrical systems, repointed exterior masonry, and modernized building mechanics, resulting in minimal deferred maintenance. Surrounded by established restaurants, cafés, and neighborhood businesses, and located just minutes from Bushwick and Williamsburg with convenient access to the L and M subway lines, this property offers strong in-place cash flow and long-term appreciation potential in one of Queens' most desirable investment markets.