The recent trend of spiking real estate prices in Ridgewood shows no signs of slowing down, as this two-story, mixed-use property is on the market for just under $1.2 million.
The property located at 60-11 Catalpa Ave. has a 1,170-square-foot medical office on the first floor, and a three-bedroom, one-bathroom apartment on the second floor, and comes with a fully finished basement with a bathroom and kitchen.
It’s on the market now at nearly double the selling price when it last changed hands in September 2005, according to a report from PropertyShark. The building was sold at that time for $610,000.
The building sits on a 2,700-square-foot lot with a driveway leading to a 1,350-square-foot concrete rear yard.
Greiner-Maltz Investment Properties — the firm charged with selling the property — estimate the property could turn a big profit for the new owner, bringing in an estimated $2,700 in rent per month on the apartment portion ($32,400 a year) and an additional $2,500 in rent from the medical office ($30,000 a year).
After estimated taxes and expenses, the building could net $50,116 a year.
