Investment Opportunity: Two Mixed-Use Buildings on Grandview Ave in Ridgewood, Queens
A rare gem awaits in the heart of Ridgewood, Queens, with two side-by-side mixed-use buildings featuring street-level commercial space and residential units above. Located at 564 & 566 Grandview Ave, this property offers 36.6 feet of frontage on one of the neighborhood's most vibrant streets.
Key Features:
Prime Location: In the midst of significant growth and development, just down the street from Windjammer and across from Grimaldi Bakery, with fantastic access to trendy local spots like Katan Cafe, Rolo's, Bushwick Bark, Grover Cleveland Playground and Gottscheer Hall. Commercial Space: A double-wide, approximately 2,500 square foot commercial space, with soaring ceilings and original tin details, and two cellars below. The space supports Light Manufacturing use and is ideal for a creative studio, craft brewery, coffee roaster, or similar ventures. 566 Grandview is built to the back of the 95 foot deep lot, while 564 Grandview is built 55 feet deep and offers a charming garden space that gets abundant natural light from the North. Residential Units: The two buildings offer four spacious, floor-through residential units, each featuring one or two bedrooms plus a home office. The apartments, measuring approximately 850 square feet each, are currently leased with tenants in place until the end of 2024. Potential: Zoned R6B, with a Certificate of Occupancy in place, this building is ideal for developers, end-users, or investors. With low annual taxes ($16,308) and leases expiring soon, the opportunity for future redevelopment or owner-occupied business space is significant. Why Invest Here?
Ridgewood, Queens is a rapidly developing area that has attracted a variety of new businesses, with a mix of residential, commercial, and creative spaces sprouting up throughout the neighborhood. This location, with easy access to local parks and hot spots, is poised for continued growth. Whether you're looking to capitalize on the current income stream, expand your real estate portfolio, or create your own unique space, these buildings offer a tremendous range of opportunities.
Property Overview:
Address: 564 & 566 Grandview Ave, Ridgewood, Queens Total Square Footage: 6,819 sq. ft. Building Dimensions: 36.6 ft of street frontage, 95 foot deep lots. Zoning: R6B, Light Manufacturing and Residential CofO: In place Leases Expire: End of 2024 Annual Taxes: $16,308 Current Use: Commercial seamstress business on the first floor; residential units above Don't miss the opportunity to own a piece of this thriving neighborhood! With a mix of historic charm, fantastic ceiling heights, and enormous potential, this property is truly a masterpiece waiti