58-40 Catalpa Ave, Queens, NY 11385

Property Description

A RARE RIDGEWOOD INVESTMENT OPPORTUNITY—THREE RESIDENCES, EXISTING RENTAL INCOME, AND NEARLY 3,800 SQUARE FEET UNDER ONE ROOF. Welcome to 58-40 Catalpa Avenue, an exceptional three-family brick residence in the heart of Ridgewood, offering an outstanding combination of space, versatility, and income-producing potential. Meticulously maintained and thoughtfully cared for, this substantial property spans approximately 3,780 square feet of total floor area, including a full unfinished basement, and presents an excellent opportunity for investors, end users, or buyers seeking a multi-generational living arrangement. The first-floor residence features two generously proportioned bedrooms and one full bathroom, complemented by a comfortable living and dining layout. An especially desirable feature is direct access to the private rear yard, creating a seamless extension of the living space for outdoor dining, entertaining, gardening, or simply enjoying a private retreat. The second and third floors each offer spacious three-bedroom, one-bathroom layouts designed to maximize both functionality and natural light. Well-proportioned bedrooms, comfortable common areas, abundant windows, and practical layouts make these residences particularly attractive for today’s rental market. Beyond the individual apartments, the property offers a full basement, providing substantial additional space and flexibility for storage and other permitted uses. The building has also benefited from important infrastructure improvements, including updated electrical service and new gas lines, adding significant value and providing greater peace of mind for its next owner. With three residential units, strong projected rental income, substantial square footage, classic brick construction, and a highly desirable Ridgewood location, 58-40 Catalpa Avenue represents a compelling opportunity to own a significant piece of Queens real estate. Enjoy convenient access to neighborhood shopping, dining, transportation, and everything that has made Ridgewood one of Queens’ most sought-after residential communities. Property Financial Overview Expense Annual Amount Real Estate Taxes: $10,000 Water: $3,000 Gas: $8,000 Con Edison / Electric: $2,000 Insurance: $2,500 Total Estimated Annual Expenses: $25,500 Projected Rental Income First Floor: $2,200- $26,400 Second Floor: $2,800 - $33,600 Third Floor: $2,350 -$28,200 Total: $7,350/month - $88,200/year Projected Gross Annual Rental Income: $88,200?Estimated Annual Operating Expenses: $25,500?Estimated Net Operating Income: $62,700/year Figures are estimates provided for informational purposes and should be independently verified by prospective purchasers. ***THE PROPERTY IS CURRENTLY FULLY OCCUPIED BY LONG-TERM TENANTS, ALL OF WHOM ARE AWARE THAT THE BUILDING IS BEING OFFERED FOR SALE. THE BUILDING IS BEING DELIVERED WITH TWO EXISTING LEASES AND ONE MONTH-TO-MONTH TENANCY. THE FIRST-FLOOR LEASE RUNS THROUGH THE END OF JANUARY 2027, THE SECOND-FLOOR LEASE RUNS THROUGH THE END OF SEPTEMBER 2026, AND THE THIRD-FLOOR RESIDENCE IS CURRENTLY OCCUPIED ON A MONTH-TO-MONTH BASIS. THE SELLER’S PREFERENCE IS TO DELIVER THE PROPERTY OCCUPIED, IF POSSIBLE, PROVIDING A PROSPECTIVE PURCHASER WITH EXISTING TENANCY AND RENTAL INCOME FROM THE OUTSET. *** Three residences. One exceptional opportunity. Welcome to 58-40 Catalpa Avenue.