61-47 Woodbine Street
Massive 36' Wide Brick 8-Family | 87% Free Market
Marketing description
Hi,
6147 Woodbine Street is a massive 36’ wide 8-family on a beautiful residential block in Ridgewood, Queens. The property is 9,200 SF with large 4 and 5 bedroom layous, with seven out of eight being free market. Woodbine has massive earning potential with a pro forma rent roll over $375K/year, assuming conservative projections around $50/SF. You can expect rents to grow into the mid $50s to $60/SF over the next few years as Ridgewood continues to mature, presenting significant upside and appreciation.
With an asking price of $3.75M, you’re looking at a 7.5-8% cap going in, with the expectation of achieving a double-digit return in the coming years.
Investment highlights
Massive 36’ wide 8-family on beautiful residential block in Ridgewood, Queens
9,200 SF with 4 and 5 bedroom layouts
Seven of eight units are renovated and free market
Pro forma rent roll over $375K/year, assuming conservative rental projections around $50/SF
Expect rents to grow into the mid $50s to $60 / SF over the next few years as Ridgewood continues to mature
Asking price of $3.75M, translates to a 7.5-8% cap going in, with the expectation of achieving double-digit returns in the coming years.
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