959 Seneca Avenue
Fully leased six-unit rent-stabilized apartment building in Ridgewood, Queens, offered at $999,000 with a 7.01% cap rate ($70,062 NOI). All six units are occupied, generating stable cash flow with upcoming lease renewals positioned for income growth. The property benefits from favorable 2A Tax Class status with capped annual increases and low property taxes of approximately $17,070.
Built in 1931 across three stories, the 5,850 SF building contains six residential units averaging 975 SF each, with a mix of two- and three-bedroom layouts. Recent capital improvements include remodeled kitchens and bathrooms, brand-new appliances, and a digital doorman system. The 2,791 SF lot is zoned C4-3A with an FAR of 3, providing approximately 2,500 SF of additional development potential for future value creation. Located on Seneca Avenue, the building is a five-minute walk from the Myrtle–Wyckoff L and M subway lines, connecting directly to Manhattan and Brooklyn.
- 100% occupied, fully leased with rent-stabilized units
- 7.01% cap rate on stabilized cash flow
- Low property taxes (~$17,070 annually) with capped 2A Tax Class increases
- Recently upgraded kitchens, bathrooms, appliances, and digital doorman
- 2,500 SF development potential; zoned FAR 3 for future upside
- Five-minute walk to Myrtle–Wyckoff subway (L and M lines)
More property details
Location
This fully leased six-unit rent-stabilized apartment building offers a strong investment opportunity in the heart of Ridgewood, featuring approximately 5,850 square feet of building area on a 26' x 107.33' (2,791-square-foot) lot. Built in 1931, the property consists of six occupied residential units averaging approximately 975 square feet, with a mix of spacious two- and three-bedroom layouts. Recent upgrades include remodeled kitchens and bathrooms, brand-new appliances, and a digital doorman system, while upcoming lease renewals provide the potential for continued income growth. The building benefits from a favorable 2A Tax Class with capped annual tax increases, low annual property taxes of approximately $17,070, and an attractive 7.01% actual cap rate. Zoned with an FAR of 3, the property also offers approximately 2,500 square feet of additional development potential. Conveniently located just a five-minute walk from the Myrtle–Wyckoff L and M subway lines, this asset combines stable cash flow, value-add potential, and long-term appreciation in one of Queens' most sought-after neighborhoods.