614 Woodward Avenue

Description

TURN KEY! **FREE MARKET 10-FAMILY + COMMERCIAL CORNER PROPERTY • PRIVATE PARKING: 20 FT X 50 FT • BUILDING SIZE: 50 FT X 60 FT** **COMPLETELY VACANT • PROJECTED ANNUAL GROSS RENTAL INCOME: $552,000** Welcome to a SUBSTANTIAL Corner property in the heart of Ridgewood, combining 10 Free-Market apartments, over 1,000 square feet of Ground-Floor Commercial Space, and PRIVATE outdoor parking for up to 6 cars. Currently undergoing an Extensive Gut Renovation, this property brings together new interiors, imported finishes, high-efficiency systems, and the flexibility of an entirely vacant building. Tall ceilings, abundant windows, and thoughtfully arranged layouts give the apartments the features renters look for. The residential mix and projected monthly rents include: - **Four two-bedroom apartments at $3,700 each:** $14,800 - **Four one-bedroom apartments at $3,500 each:** $14,000 - **Two one-bedroom flex apartments at $3,600 each:** $7,200 - **Commercial space, including parking and a portion of the basement:** $10,000 **Total projected gross income: $46,000 monthly / $552,000 annually.** These projections reflect planned asking rents positioned for competitive leasing. The two flex apartments feature partial dividing walls and secondary mini-split units, offering potential for two-bedroom configurations subject to approved plans. **All ten apartments are free market, not rent stabilized.** LANDLORDS LOVE: Separate All-Electric utilities allow tenants to pay for their own electricity, heat, and hot water. Ownership expenses include water, property taxes, insurance, common-area electricity, and overall building maintenance. The Ground-Floor Corner Commercial space offers over 1,000 square feet, with the proposed rental package including a portion of the oversized basement and the approximately **20-by-50-foot private outdoor parking area**. That is roughly **1,000 square feet of parking space**—a feature that deserves its own spotlight in Ridgewood. RENTERS LOVE: Coffee shops, restaurants, bars, and Ridgewood’s neighborhood nightlife are all part of the location’s appeal. Transportation is equally convenient, with approximately a **six-minute walk to the Seneca Avenue M station** and a **12-minute walk to Myrtle–Wyckoff Avenues for both the M and L trains** And an expansive rooftop adds potential for a future resident amenity, subject to applicable approvals. The property’s dimensions and key details: - **Building:** approximately 50 feet X 60 feet - **Lot:** approximately 50 feet X 88 feet - **Zoning:** R6B - **Annual property taxes:** $67,112.24 - **Current occupancy:** completely vacant Remaining construction and permit closeouts are being coordinated through the architect, and the **certificate of occupancy is pending**. Stabilized operating expenses have not yet been established while construction is being completed. All rental figures are projections based on current comps in the area. **Ten free-market apartments. A corner commercial space. Private parking. Room to build your Ridgewood portfolio.**