Penny Gold
Price Reduced 1.91%
Price History
$2,200,000
8/13/2025
$2,158,000
9/29/2025
6119 Madison Street, Ridgewood, NY, 11385
1930
Prime 8-Unit Rent-Stabilized Building in Ridgewood - 2 Blocks from the M train Introducing a rare investment opportunity in the heart of Ridgewood, Queens. This well-maintained 8-family brick building offers 9,200 sq ft of living space on a 36x100 lot, zoned R6B. Built in 1930 and substantially renovated in 2020, approximately 90% of the building has been updated with modern finishes while retaining its pre-war charm. The property consists of 1 three-bedroom unit and 7 four-bedroom units, all rent-stabilized, providing steady and reliable cash flow. Tenants are responsible for their own electric and cooking gas, while the landlord covers heat, water, and insurance. Recent upgrades include a full finished basement, updated interiors, and ongoing maintenance that ensures minimal near-term capital expenses. Situated just two blocks from the M train, the property is within walking distance to shops, dining, and essential services, making it a desirable address for tenants. the property offers both stable income and upside potential through continued rent increases in one of NYC's most desirable rental submarkets. Investment Highlights 8 residential units - mix of 1 x 3BR and 7 x 4BR Rent-Stabilized with reliable long-term tenants Gross Income: $191,364 Net Income: $141,964 90% Renovated (modernized interiors, new finishes) Low Maintenance: Professionally managed, clean, and well-kept Transit-Oriented Location: 2 blocks to M train; 30 minutes to Manhattan Upside: Strong demand in Ridgewood + potential package deal with 12 Family In Woodside with an NOI $170K inquire within for more details. Combine with both building will leave you with a total NOI $312K at $5,050,000 That will leave you at a 6% Cap Rate .
Status:
Active
Type:
Commercial
Units:
8
Heating:
Natural Gas
Cooling:
Wall/Window Unit(s)
Basement:
Partially Finished
Levels:
4
Parking:
Off Street
Acreage:
0.08
Est. Taxes:
$27,832
Construction
Brick, Stone
Utilities
Electricity Available, Natural Gas Available
Lot Description:
Back Yard
Days on Market:
47
Appliances:
Gas Range, Refrigerator, Stainless Steel Appliance(s)
MLS #:
901129
Community Info
School Info
Walk Score
Mass Transit
Yelp
Listing courtesy of One Stop Multi Service Inc 718-554-0257