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Brokerage
Posted: October 29, 2012
Falco of Falco Isak Realty sells 589 Onderdonk Avenue in Ridgewood for $735,000
John Falco, president & co-founder of Falco Isak Realty Services, an investment sales firm, has exclusively sold 589 Onderdonk Ave., Ridgewood, in an all-cash transaction valued at $735,000. This corner mixed-use building contains five two-bedroom units, one one-bedroom unit and one commercial storefront. The gross rent multiple is 7.8X and the cap rate was 8.7%. The buyer was Fratelli Management LLC and the seller was a private owner.
The property was delivered 70% vacant at the time of closing and the buyer intends to renovate the property. This building is located three blocks to a NYC Subway Station and five blocks to Myrtle Ave. The vacancy rate in this area is below 2% because of the convenient access to all boroughs by mass transit.
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