297 Saint Nicholas Avenue, Ridgewood, NY 11385

FREE MARKET MIXED-USE CORNER HIGH-CAP REDEVELOPMENT DEAL

This mixed-use, corner building in Ridgewood contains two retail units-a laundromat with 800 square feet and a vacant store with 150 square feet-and seven free-market three-bedroom residential units. The laundromat's lease expires in 2027 and increases at a rate of 3% per year. The building has 7,260 total square feet, stands four stories high, and sits on a 22' X 90.92' lot on a prime corner on the Ridgewood/Bushwick border, only a block away from the L and M trains at Myrtle-Wyckoff Avenues. The property currently boasts a 6.85% cap rate, bringing in $312,336 a year with the potential of a $426,348 income stream (10.13% cap rate!) in the next five years. This is an amazing opportunity to invest in a highly sought-after neighborhood in New York City.