On 27 December 2024, near-Earth object (NEO) 2024 $$\hbox {YR}_4$$ was discovered by the ATLAS survey and identified as a virtual impactor. A few weeks later, it eventually reached level 3 on the Torino Scale and was the first and only asteroid to be ever classified at that level. Here we report an intensive observational campaign combining time-series photometry in the visible, broadband visible and near-infrared colors, and low-resolution visible reflectance spectroscopy to assess its physical properties. Fourier analysis of the lightcurves yields a synodic rotation period of $$P = 19.46341 \pm 0.00008$$ min, placing 2024 $$\hbox {YR}_4$$ among the fast rotators, even if such rotation is common for objects of similar H magnitude. Its visible and near-infrared colors and spectra are most consistent with an Sq or K taxonomic classification, though some ambiguity remains. Finally, its phase curve exhibits a notably shallow slope ($$G = 0.51 \pm 0.11$$), from which we derive an absolute magnitude of $$H_\textrm{R} = 23.82\pm 0.09$$ mag. After color correction and taking into account other models for the phase function, we report an absolute magnitude of $$H_\textrm{V} = 24.14\pm 0.25$$ mag. These characterizations, rotation period, taxonomy, and surface properties, would have been crucial for risk assessment and mitigation planning had the initially high impact probability scenario been confirmed, underscoring the importance for planetary defense of a rapid, coordinated international response.