61-20 MADISON STREET, QUEENS, NY 11385 Multifamily Walk-Up | One Block from Fresh Pond Road Station | FOR SALE PROPERTY INFORMATION Block / Lot 3619 / 27 Lot Dimensions 36' x 100' Lot Size 3,600 Sq. Ft. (Approx.) Building Dimensions 36' x 64' Stories 4 Units 8 Building Size 9,200 Sq. Ft. (Approx.) Zoning R6B FAR 2.00 Buildable Area 7,200 Sq. Ft. (Approx.) Air Rights None Sq. Ft. (Approx.) Assesment (18/19) $153,652 Real Estate Taxes (18/19) $19,379 8 9,200 R6B RIDGEWOOD Units Gross SF Zoning (FAR) Location PROPERTY DESCRIPTION Ariel Property Advisors has been retained on an exclusive basis to sell 61-20 variety of retail and dining options, including multiple grocery stores, pharmacies, Madison Street, an 8-unit multifamily walk-up located just off of Fresh Pond and restaurants all within a 1-block radius of the property. Nearby attractions Road in the Ridgewood neighborhood of Queens. The subject property is 4 include Benninger Playground, the Queens Library at Ridgewood, Joseph F. stories tall and spans 9,200 square feet, containing eight (8) spacious 3-bedroom Mafera Park and the Metro Mall. apartments. The apartments are currently rented well below market value, which provides the future owner with substantial upside. 61-20 Madison Street offers stable cash flow with a great opportunity to add value to the rental income. As the Ridgewood neighborhood continues to transform, The property is situated on a tree-lined street, within short walking distance from the location offers tremendous growth potential. the M train at the Fresh Pond Road station, offering tenants a quick and easy commute to Brooklyn and Manhattan. The neighborhood also features a wide ASKING PRICE: $2,400,000 212.544.9500 arielpa.nyc For More Information Please Contact Our Exclusive Sales Agents at 212.544.9500 I arielpa.nyc For Financing Info Victor Sozio x12 Derek Kornbluth x40 Alexander Taic x44 Jack Moran x60 Paul McCormick x45 [email protected] [email protected] [email protected] [email protected] [email protected] The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. 2 April 2019 6:59 pm 61-20 MADISON STREET, QUEENS, NY 11385 Multifamily Walk-Up | One Block from Fresh Pond Road Station | FOR SALE CURRENT ROLL EXPENSES (ESTIMATED) Scheduled Gross Income: $145,507 Real Estate Taxes (18/19) $19,379 Less Vacancy Rate Reserve (3.00%): ($4,365) Water & Sewer $7,200 Gross Operating Income: $141,142 Insurance $4,000 Less Expenses: ($56,545) 39% of SGI Fuel $9,200 Net Operating Income: $84,597 3.52% Cap Rate Electric $2,760 Cleaning & Maintenance $1,800 Payroll $4,160 RENT ROLL Repairs $2,400 ACTUAL / MONTHLY Legal/Miscellaneous $1,411 UNITS # OF ROOMS STATUS PROJECTED RENT 1L 3 BR RS Projected $2,800 Management $4,234 1R 3 BR RS Actual $1,553 GROSS OPERATING EXPENSES $56,545 2L 3 BR RS Actual $783 2R 3 BR RS Actual $1,541 3L 3 BR RS Actual $1,433 3R 3 BR RS Actual $1,445 4L 3 BR RS Actual $1,472 4R 3 BR RS Actual $1,100 TOTAL MONTHLY INCOME $12,126 TOTAL ANNUAL INCOME $145,507 ASKING PRICE: $2,400,000 212.544.9500 arielpa.nyc For More Information Please Contact Our Exclusive Sales Agents at 212.544.9500 I arielpa.nyc For Financing Info Victor Sozio x12 Derek Kornbluth x40 Alexander Taic x44 Jack Moran x60 Paul McCormick x45 [email protected] [email protected] [email protected] [email protected] [email protected] The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. 2 April 2019 6:59 pm 1 Q44 Q50 103 St makes all to Co-op City 1 local stops in the Bronx 2 3 1 2 B C Central Park North (110 St) 3 103 St E 110 ST 96 St W 97 ST E 119 ST E 115 ST 6 E 112 ST WHITESTONE BRIDGE 1 B C 110 St 86 St 96 St Q44 makes all THROGS NECK BRIDGE E 109 ST W 88 ST local stops E 106 ST in the Bronx 5 AV LEXINGTON AV 6 Q50 103 St EAST RIVER CENTRAL PARK W 1 AV to Co-op City COLLEGE B C 3 AV COLUMBUS AV POINT SHORE 86 St MADISON AV POWELL’S ROBERT F. 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