5941 Palmetto St, Ridgewood, NY 11385

Part of the Ridgewood Multifamily Portfolio, 59-41 Palmetto Street is located in the heart of Ridgewood, one of Queens' most desirable and rapidly evolving neighborhoods, which benefits from strong residential demand. It is within walking distance of a vibrant mix of local and national retailers. All three buildings are free-market multifamily assets with no rent-stabilization component, offering fully free-market tenancies. The portfolio presents a value-add opportunity through vacancy and renovation potential, with two vacant units and a month-to-month tenancy. This situation allows a new owner to renovate the interiors, increasing rental income and modernizing the assets. All residential units across the three buildings are separately metered for gas and electricity, significantly reducing landlord utility expenses and streamlining property management and expense recoverability, with the exception of unit 1L at 59-41 Palmetto Street, which is combined with the common-area electric meter. Additionally, the properties are conveniently located within walking distance to the M Train and L Train, further supported by nearby bus services, including the Q58, Q54, B13, QM24, QM25, and QM34 lines, providing easy access throughout Queens, Brooklyn, and Manhattan.