1824 Cornelia StRidgewood, NY 11385

Property Details for 1824 Cornelia St

Year built

1930

Lot size

0.06 AC

Property size (Sq ft)

5,600 SF

Zone code

R6B

Property type

Apartment buildings

APN

03465-0014

APU

34650014

Description

This exceptional mixed-use property, located at 1824 Cornelia Street in the heart of Ridgewood, Queens, presents a compelling investment opportunity. Situated on a 0.06-acre lot, this building enjoys a highly desirable location, just three blocks from the M train, providing convenient access to Manhattan and other boroughs. The surrounding area is vibrant and bustling, characterized by a diverse mix of gift shops, bookstores, restaurants, bars, cafes, and bakeries, ensuring a consistent flow of foot traffic and potential clientele. All units within the building are currently occupied, generating a substantial annual income. Recent financial records indicate a total annual income of $113,148, offset by expenses of $38,552, resulting in a strong net annual income of $74,596. This translates to a significant return on investment, making this property an attractive prospect for discerning investors. The property's prime location in Ridgewood, recently recognized as one of the world's coolest neighborhoods, further enhances its long-term value and potential for appreciation. This is a rare chance to acquire a well-performing asset in a rapidly growing and sought-after area. The building's strong financial performance, coupled with its ideal location and the vibrant character of the neighborhood, makes this an exceptional investment opportunity not to be missed.

• CAP approach

  CAP return

  Valuation

  6%

  $1,148,051

  6.5%

  $1,059,739

  7%

  $984,043

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,134,129

  Geo Method

  $1,134,129

• Alternative Use

  Use

  Valuation

  Residential

  $1,059,739

  Hospitality

  $970,715

  Educational

  $807,624

  Medical

  $835,399

  Retail

  $1,256,304

Location Insight

City

Flushing

County

Queens

State

New York

Latitude

40.7015

Longitude

-73.9039

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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