That’s one tasty looking block for investors.
A pizza-slice-shaped block in Ridgewood with two one-story buildings is being marketed for about $5 million as the real estate market in the neighborhood continues to boom, following recent big transactions and plans to construct large developments.
The small block is a triangle formed at the intersection of Fresh Pond Road and Cypress Hills Street, with 70th Avenue to the south. Currently, the approximately 6,733-square-foot lot holds a laundromat and a café.
What may be particularly attractive to investors is that the property has a residential zoning and an extra 7,366 square feet of additional air rights, and can go up to a maximum height of 50 feet, or about five stories.
The price breaks down to nearly $360 per buildable square foot for the property, which is much higher than the average of about $220 in Ridgewood, according to broker John Gonsalves of Greiner Maltz Investment Properties. However, the property has already received many offers as that price is still relatively low compared to other parts of the city.
“We have received several full-priced offers. I thought it was a little rich for the market but apparently the market thought otherwise,” Gonsalves said. “There is definitely a lot of interest from Brooklyn and Manhattan investors. They see Ridgewood as a steal.”
Another reason for the $5 million price tag is that the buildings are already fully leased with retail tenants, and those properties tend to trade at higher prices, Gonsalves said.
He added that one interested real estate investor is a developer who has had projects in Williamsburg, Brooklyn, and sees the opportunity with this property to collect rent from the retail tenants for a few years before developing it when values in the neighborhood increase.
The laundromat, which has a three-year lease, and the café combine to give possible owners a net income of more than $200,000 annually.
The building is a few blocks away from the Fresh Pond Road M train subway station to the north, and not far from the Myrtle Avenue commercial strip to the south, making it attractive for possible future residents.
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