519 Fairview AveQueens, NY 11385

This one-story, 4,750-square-foot apartment building at 519 Fairview Avenue in Ridgewood, Queens, NY 11385, is a compelling value-add investment opportunity. Situated on a 2,375-square-foot lot (approximately 24' x 95'), the property currently features 10 garages. The building presents significant upside potential with 2,755 square feet of unused air rights, allowing for substantial expansion. Preliminary estimates suggest the possibility of developing up to seven units with parking. The property's prime location in a rapidly growing neighborhood, coupled with the potential for increased density and rental income, makes this a highly attractive investment. Comparable condo sales in the area average $1,100 per square foot, indicating a potential gross income significantly exceeding current projections. Annual area rental averages of $62 per square foot suggest a projected gross annual income of $300,000. The asking price is $1,350,000.