477 Fairview Avenue

$2,150,000
Price
11
Beds
5
Baths
4,200 Sq. Ft.
$512 / Sq. Ft.
4,200
Sq. Ft.
$512
per Sq. Ft.

Description

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....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 with in 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.
  1. Listed by Louis Belisario • Revived Residential
  2. Listed by Michael Chindemi • Revived Residential

Amenities

  • Walk Up
  • Washer / Dryer in Unit
  • Laundry in Building
  • Basement
  • Private Outdoor Space
  • Parking Included
  • Full Basement
  • Lowrise

Location

Listing Courtesy of Revived Residential
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LISTING UPDATED: 04/04/2024 12:02 PM

Property Details for 477 Fairview Avenue

StatusActive
MLS ID479977
Days on Market72
Taxes$12,222 / year
Maintenance-
Min. Down Pymt-
Total Rooms-
Compass TypeMulti Family
MLS TypeResidential
Year Built1920
Lot Size2,375 SF / 25' x 95'
CountyQueens County

Building

477 Fairview Ave

5 Units3 StoriesBuilt in 1920

Location

Listing Courtesy of Revived Residential
Add your commute

Building Information for 477 Fairview Avenue

Stories3Residences5Year Built1920Building Size25' x 56'Building Sq. Ft4,200 SFLot Size2,375 SF / 25' x 95'Building AgePre-warBuilding Type-

Payment Calculator

$12,752 per month

30 year fixed, 7.25% Interest

Principal and Interest

$11,733

Property Taxes

$1,019

Maintenance/Common Charges

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 477 Fairview Avenue

Summary
Location and General Information
  • Block: 3381
  • Cross Street Name: Harman St
  • Zoning: R6B
  • Roof: Flat
  • Residential Features: Laundry Area, Refrigerator, Stove, Washer
  • Number Of Vacant Units: 4
Parking
  • Parking Attributes: None
  • Parking Feature Single: Street
Taxes and HOA Information
  • Financing: 1031 Exchange, Bank Mortgage, Cash
  • Tax Amount: 12222.0
  • Gross Expense: 30000.0
  • Gross Income: $188,400.00
  • Cap Rate: .07%
Property
Lot Information
  • Sq Ft Total: 4200
  • Yard: Back
  • Lot Number: 12
  • Lot Size Irregular YN: No
  • Lot Size Length: 95
  • Lot Size Width: 25
Utilities
  • Heat Delivery: Steam/Radiator
  • Heating Fuel: Gas
  • AC Units: 0
  • Hot Water: Gas
Interior and Exterior Features
Interior Features
  • Basement Amenities: Full
  • Baths Three Quarter: 0.0
  • Baths Total Level 1: 2
  • Baths Total Level: 2
  • Foundation Details: Block
  • Flooring: Hardwood, Laminate, Tile
  • Unit Count: 5
  • Building Amenities: Laundry – Card Operated, Storage rooms
  • Construction Materials: Block
  • Electric: 200 Amp
  • Baths Total Level: 2
  • Beds Total Level: 3
  • Beds Total Level: 4
  • Beds Total Level: 4
Exterior Features
  • Exterior: Brick
  • Handicap Access YNU: No
Multi Family
Multi-Family Information
  • Building Footprint Sq Ft: 1400.0
  • Building Length: 56.0
  • Building Type: Attached
  • Building Width: 25.0
  • Rooms Total Level 1: 5
  • Rooms Total Level 2: 8
  • Rooms Total Level: 8
Unit 1
  • Unit Baths Full: 2
  • Unit Baths Half: 0.0
  • Unit Baths Three Quarter: 0.0
  • Unit Baths Total: 2
  • Unit Bedrooms Total: 3
  • Unit Category: Apt
  • Unit Room Description: Also comes with backyard
  • Unit Floor: 1
  • Unit Rooms Total: 5
  • Unit Status: Month-to-Month
  • Unit Unit Type: 3 Bedrooms
Unit 2
  • Unit Baths Full: 1
  • Unit Baths Half: 0.0
  • Unit Baths Three Quarter: 0.0
  • Unit Baths Total: 1
  • Unit Bedrooms Total: 2
  • Unit Category: Apt
  • Unit Floor: 2
  • Unit Rooms Total: 4
  • Unit Status: Vacant
  • Unit Unit Type: 2 Bedrooms
Unit 3
  • Unit Baths Full: 1
  • Unit Baths Half: 0.0
  • Unit Baths Three Quarter: 0
  • Unit Baths Total: 1
  • Unit Bedrooms Total: 2
  • Unit Category: Apt
  • Unit Floor: 2
  • Unit Rooms Total: true
  • Unit Status: Vacant
  • Unit Unit Type: 2 Bedrooms
Unit 4
  • Unit Baths Full: 1
  • Unit Baths Half: 0.0
  • Unit Baths Three Quarter: 0
  • Unit Baths Total: 1
  • Unit Bedrooms Total: 2
  • Unit Category: Apt
  • Unit Floor: 3
  • Unit Rooms Total: true
  • Unit Status: Vacant
  • Unit Unit Type: 2 Bedrooms
Unit 5
  • Unit Baths Full: 1
  • Unit Baths Half: 0.0
  • Unit Baths Three Quarter: 0
  • Unit Baths Total: 1
  • Unit Bedrooms Total: 2
  • Unit Category: Apt
  • Unit Floor: 3
  • Unit Rooms Total: true
  • Unit Status: Vacant
  • Unit Unit Type: 2 Bedrooms
Agent
Agent Information
  • Net Operating Income: 158400.0
Sale and Listing
  • Sale Type: Arm's Length
Rental
Rental Information
  • Certificate Of Occupancy YN: Yes
  • Owner Occupied: Vacant

Property History for 477 Fairview Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 477 Fairview Avenue

Taxable ValueLand$41,850Additions$261,900Total$303,750
Home Facts
Total Finished SqFt4,200 SqFtLot Size2,374 SqFtYear Built1920ZoningR6BAPN4033810012

Schools near 477 Fairview Avenue

This home is within New York City Geographic District #24.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - 6 to 8
Public - 9 to 12
Public - PK to 5
Rating
School
Distance
P.S. 71 Forest
PublicPK to 5

Is 93 Ridgewood
Public6 to 8

Grover Cleveland H.S.
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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477 Fairview Avenue is a multi-family home for sale in Ridgewood. This property was listed for sale on February 19, 2024 by Revived Residential, it's currently listed at $2,150,000. This listing's school district is New York City Geographic District #24. Nearby schools include P.S. 71 Forest, Is 93 Ridgewood and Grover Cleveland H.S.. 477 Fairview Avenue is a 11-bed, 5-bath, 4,200 sqft multi-family home built in 1920.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Revived Residential

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