58-40 Catalpa Avenue
$1,499,999
MLS# RLS20110684 · Ridgewood
Listed August 24, 2026 · 78 days on the market
6 Beds 3 Baths 3,300 Sq.Ft.
About This Property
A RARE RIDGEWOOD INVESTMENT OPPORTUNITY—THREE RESIDENCES, EXISTING RENTAL INCOME, AND NEARLY 3,800 SQUARE FEET UNDER ONE ROOF.
Welcome to 58-40 Catalpa Avenue, an exceptional three-family brick residence in the heart of Ridgewood, offering an outstanding combination of space, versatility, and income-producing potential.
Meticulously maintained and thoughtfully cared for, this substantial property spans approximately 3,780 square feet of total floor area, including a full unfinished basement, and presents an excellent opportunity for investors, end users, or buyers seeking a multi-generational living arrangement.
The first-floor residence features two generously proportioned bedrooms and one full bathroom, complemented by a comfortable living and dining layout. An especially desirable feature is direct access to the private rear yard, creating a seamless extension of the living space for outdoor dining, entertaining, gardening, or simply enjoying a private retreat.
The second and third floors each offer spacious three-bedroom, one-bathroom layouts designed to maximize both functionality and natural light. Well-proportioned bedrooms, comfortable common areas, abundant windows, and practical layouts make these residences particularly attractive for today’s rental market.
Beyond the individual apartments, the property offers a full basement, providing substantial additional space and flexibility for storage and other permitted uses.
The building has also benefited from important infrastructure improvements, including updated electrical service and new gas lines, adding significant value and providing greater peace of mind for its next owner.
With three residential units, strong projected rental income, substantial square footage, classic brick construction, and a highly desirable Ridgewood location, 58-40 Catalpa Avenue represents a compelling opportunity to own a significant piece of Queens real estate.
Enjoy convenient access to neighborhood shopping, dining, transportation, and everything that has made Ridgewood one of Queens’ most sought-after residential communities.
Property Financial Overview
Expense
Annual Amount
Real Estate Taxes: $10,000
Water: $3,000
Gas: $8,000
Con Edison / Electric: $2,000
Insurance: $2,500
Total Estimated Annual Expenses: $25,500
Projected Rental Income
First Floor: $2,200- $26,400
Second Floor: $2,800 - $33,600
Third Floor: $2,350 -$28,200
Total: $7,350/month - $88,200/year
Projected Gross Annual Rental Income: $88,200?Estimated Annual Operating Expenses: $25,500?Estimated Net Operating Income: $62,700/year
Figures are estimates provided for informational purposes and should be independently verified by prospective purchasers.
***THE PROPERTY IS CURRENTLY FULLY OCCUPIED BY LONG-TERM TENANTS, ALL OF WHOM ARE AWARE THAT THE BUILDING IS BEING OFFERED FOR SALE. THE BUILDING IS BEING DELIVERED WITH TWO EXISTING LEASES AND ONE MONTH-TO-MONTH TENANCY. THE FIRST-FLOOR LEASE RUNS THROUGH THE END OF JANUARY 2027, THE SECOND-FLOOR LEASE RUNS THROUGH THE END OF SEPTEMBER 2026, AND THE THIRD-FLOOR RESIDENCE IS CURRENTLY OCCUPIED ON A MONTH-TO-MONTH BASIS. THE SELLER’S PREFERENCE IS TO DELIVER THE PROPERTY OCCUPIED, IF POSSIBLE, PROVIDING A PROSPECTIVE PURCHASER WITH EXISTING TENANCY AND RENTAL INCOME FROM THE OUTSET. ***
Three residences. One exceptional opportunity. Welcome to 58-40 Catalpa Avenue.
Agent's Note
From Curtis Bain. Details about the apartment are drawn from the listing information provided through RLS by Compass.
The private rear yard is the outdoor feature here, and the first-floor residence opens onto it directly. The listing mentions outdoor dining, entertaining, gardening, or simply sitting out there, and a yard you can step into from the apartment is a practical thing to have in the city.
Three residences sit under one roof in this brick building, and there's a full unfinished basement that the listing offers for storage. The first-floor residence has a living and dining layout that flows together, with one full bathroom.
The listing notes updated electrical service and new gas lines, and the building is heated with natural gas.
Forest Av station on the M is about 5 minutes on foot, and Rosemary's Playground is about the same. Good Neighbors Supermarket and Associated Supermarket are each about 4 minutes away, and Morscher's Pork Store and Forêt Wines are about a minute from the building, so everyday errands stay close.
Quick answers+
Is there private outdoor space?
Yes. The first-floor residence has direct access to a private rear yard.
How many residences are in the building?
The building has three residences.
How is the building heated?
The building is heated with natural gas.
Curtis Bain
Brown Harris Stevens
Property Features
Home features
- Natural gas heat
Estimate
Monthly Cost & Closing Costs
The rate is a placeholder, not a quote. Enter the one your lender gives you.
$8,318 / month
- Principal and interest$7,585
- Property taxes$733
Due at closing
- Down payment (20%)$300,000
- NYS “mansion tax” (1%)$15,000
- Mortgage recording tax (1.925%)$23,100
Not included: attorney, title insurance, lender and appraisal fees, board application and move-in fees, flip tax and prepaid items. Estimates only, based on the published New York State rates. Your attorney and lender will confirm the real figures.
Location & Nearby
Map
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58-40 Catalpa Avenue
Subway
- MForest AvAbout 5 min walk
- MSeneca AvAbout 9 min walk
- MFresh Pond RdAbout 11 min walk
- LHalsey StAbout 12 min walk
Parks
- Rosemary's PlaygroundAbout 5 min walk
- Evergreen ParkAbout 10 min walk
Public schools · Elementary schools
- P.S. 239About 6 min walk
- P.S. 88 SenecaAbout 8 min walk
- P.S. 68 CambridgeAbout 11 min walk
Middle schools
- Joseph F. Quinn Intermediate School 77About 6 min walk
- I.S. 93 RidgewoodAbout 7 min walk
High schools
- Queens International Secondary SchoolAbout 6 min walk
- Academy for Excellence in LeadershipAbout 17 min walk
Walking times are estimates. Schools shown are the nearest public and charter schools and are not zone assignments; a nearby school is not necessarily the one an address is zoned for. Confirm zoning with the NYC Department of Education. Sources: MTA, NYC Parks and NYC Department of City Planning open data.
Gallery
Property Photos
Listing Courtesy of Compass
This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2026 The Real Estate Board of New York, Inc., All rights reserved.