2 months on rocket

477 Fairview Ave, Ridgewood, NY, 11385

$2,150,000

Home List Price

$10,000*

Closing Credit

11 Bedrooms
5 Full Baths
4,200 SqFt
$512/SqFt
Multi
Schools Nearby

Location

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477 Fairview Ave, New York$2,150,000

Buyer Closing Credits

$10,000*

1.25% Loan Amount

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Property Highlights

Home TypeMulti Family
ParkingNone, Street
HeatingSteam, Natural Gas
BasementYes
FireplaceStove
MLS #479977
StatusActive

About 477 Fairview Ave

Looking for a unicorn investment property? It is not often that you’re able to find a massive legal five family building that is in excellent shape, can be delivered vacant at closing and is in a prime-time neighborhood. This building is 4,200 square feet, it is comprised of four two-bedroom railroad style apartments and one enormous true three bedroom, two bath apartment with access to the backyard. There is also a full basement, with multiple coin operated washing machines and updated mechanicals. This building is 25x56 and sits on a 25x95 lot and I zoned R6B. You are located in prime Ridgewood, just outside the landmarked district and with in blocks of the L and M train. Being this is such a great location; you should never have a vacancy. The expenses are currently just under $30,000 a year and potential rent roll is close to $190,000 a year. You should end up with a 7-7.5% cap rate on this building. This could also be a great condo conversion, whether it is now or if you hold it and do it in the future. This is a perfect 1031 situation.

Property Details

Property Features

Property Information:

  • Living Area: 4,200 SqFt

Listing Office:

  • Office Name: Revived Residential

Interior Features

Interior Information:

  • Appliances: Refrigerator, Stove, Washer
  • Basement: Yes
  • Flooring Type: Hardwood, Laminate, Tile
  • Fireplace: Stove

Bedroom and Bathroom Information:

  • Full Bathrooms: 5
  • Total Bedroom Count: 11

Exterior Features

Parking Information:

  • Attached Garage: No
  • Parking: None, Street

Utilities

Utilities Information:

  • Heating: Steam, Natural Gas

Price Information

Listing Price Info

Price Summary:

  • List Price: $2,150,000
  • Price Per SqFt: $512/SqFt
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Housing Market Comparison

See how this home compares to others in New York, NY.

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New York, NY

City

Med. Sold Price

$845.4K

Med. Price/SqFt

$636

Avg. Days On Market

96

# of Sold Homes

1548

477 Fairview Ave vs New York

67 DAYS ON ROCKET

-29 Days

$2,150,000

+$1.3M More

$512/SqFt

-$125 Less

KEY TAKEAWAY

This property is $1.3M more than the Median Sold Price and $125/SqFt less than other homes in New York, NY.

Based on homes sold in the last 12 months

MLS Details

MLS Information:

  • MLS Number: #479977

Listing Office:

  • Office Name: Revived Residential

IDX Information being provided by Brooklyn Multiple Listing Service is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing.

The accuracy of all information, regardless of source, including but not limited to open house information, square footage and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by Brooklyn Multiple Listing Service and is protected by all applicable copyright laws. Any unauthorized dissemination of this information is in violation of copyright laws and is strictly prohibited.

Copyright © 2024 Brooklyn Multiple Listing Service. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.

This advertisement does not suggest that the broker has a listing in this property or properties or that any property is currently available.
Last updated on: 4/27/2024, 4:25:14 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

Property Sales & Tax

We're sorry, we currently don't have sales or tax history data for this listing.

Payment Calculator

$10.7K

Per Month

Recommended Financing

30-Year Fixed

Rate/APR

7.5% / 6.68%

Total Monthly Payment

$6,512

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Schools

Schools Nearby

The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.

Nearby Schools

school-card-donut-1031517
5
/10

  • PS 71 Forest

  • 6285 Forest Ave

  • 0.31 miles

  • Public District Grades KG-5

school-card-donut-1031518
7
/10

  • Learners and Leaders

  • 378 Seneca Ave

  • 0.31 miles

  • Public District Grades PK-3

school-card-donut-1031519
3
/10

  • PS 81 Jean Paul Richter

  • 559 Cypress Ave

  • 0.37 miles

  • Public District Grades KG-5

All data from GreatSchools

Neighborhood

What Are The Neighbors Like?

The neighbors living near this home have an average income of $48,452. The majority of New York, NY residents have income between $35k-100k annually. Typical family type is single, no kids. The most common level of education of people living in this area is high school diploma.

All data provided by Home Junction and Claritas

Rocket Homes›New York›Queens County›New York›11385›477 Fairview Ave

This home is located at 477 Fairview Ave in Ridgewood, NY and zip code 11385 in the Ridgewood neighborhood. Features: 11 bedrooms, 5 bathrooms. It has been listed on Rocket Homes since February 19, 2024 and is currently priced at $2,150,000.

While more than 154 listings in New York, NY in March 2024 were sold above asking price, there were more than 645 listings sold at asking price, and more than 748 were sold below. Between February 2024 and March 2024, New York, NY real estate market has seen increase in the number of listings by 3.7%. Listings spent 96 days on the market in March 2024, and had a median list price of $845,489 during the same period.

From Rocket Homes Real Estate and based on county public records data.

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