477 Fairview Avenue 1, NewYorkCity, NY

$2,150,000

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7

Beds

6

Baths

About 477 Fairview Avenue 1

Looking for a unicorn investment property? It is not often that you’re able to find a massive legal five family building that is in excellent shape, can be delivered vacant at closing and is in a prime-time neighborhood. This building is 4,200 square feet, it is comprised of four two-bedroom railroad style apartments and one enormous true three bedroom, two bath apartment with access to the backyard. There is also a full basement, with multiple coin operated washing machines and updated mechanicals. This building is 25x56 and sits on a 25x95 lot and I zoned R6B. You are located in prime Ridgewood, just outside the landmarked district and within blocks of the L and M train. Being this is such a great location; you should never have a vacancy. The expenses are currently just under $30,000 a year and potential rent roll is close to $190,000 a year. You should end up with a 7-7.5% cap rate on this building. This could also be a great condo conversion, whether it is now or if you hold it and do it in the future. This is a perfect 1031 situation.

Features of 477 Fairview Avenue 1

MLS® # PRCH-7855009
Price $2,150,000
Bedrooms 7
Bathrooms 6.00
Full Baths 6
Year Built 1920
Type Residential
Sub-Type Townhouse
Style Prewar
Status Active

Community Information

Address 477 Fairview Avenue 1
Area Queens
Subdivision Ridgewood
City NewYorkCity
County Queens
State NY
Zip Code 11385

Amenities

Is Waterfront No
Has Pool No

Interior

Fireplace No

Exterior

Lot Description 25.0 x 95.0

Additional Information

Listing Courtesy of Revived Residential
Date Listed February 20th, 2024
Days on Market 16
Zoning R6B
Foreclosure No
Short Sale No
RE / Bank Owned No
HOA Fees Freq. Monthly

Listing Details

OfficeRevived Residential

Listing Map

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