Description

This prime corner mixed-use property is located on one of Ridgewood’s busiest blocks and benefits from the highly desirable tax class 2A designation. The building features two retail spaces and two residential units, with exceptional wraparound visibility totaling 109 feet, including 47 feet along Myrtle Avenue and 62 feet along Norman Street. Fully gut-renovated in 2018, the three-story building encompasses approximately 4,398 square feet. The residential component consists of two large apartments, each offering four bedrooms and two bathrooms. The ground-floor retail spaces are occupied by an established coffee shop and a well-known regional dessert franchise, supported by heavy pedestrian traffic that drives consistent business activity. Retail leases provide for 50% real estate tax reimbursement over the base year along with 3% annual rent increases. With an annual gross income of roughly $249,800, this turnkey property represents a low-maintenance investment in one of Ridgewood’s most sought-after locations.