1295 Myrtle AveBrooklyn, NY 11221

Property Details for 1295 Myrtle Ave

Year built

2006

Lot size

0.03 AC

Property size (Sq ft)

3,024 SF

Zone code

R6

Property type

Investment properties

Property subtype

Live-work space

APN

03228-0032

APU

32280032

Description

This exceptional mixed-use property, located at 1295 Myrtle Avenue in the vibrant Bushwick neighborhood of Brooklyn, New York (zip code 11221), presents a compelling investment opportunity. Built in 2006, the 3,024 square foot building sits on a 987 square foot lot and boasts a desirable R6, C2-3 zoning designation, allowing for a variety of uses. The property currently operates as a fully occupied two-family residence combined with a retail space, generating a substantial net operating income (NOI) of $78,613. The asking price is $1,399,000, translating to a price per square foot of $463. Individual heating and hot water meters for each unit enhance efficiency and management. This turnkey investment offers immediate cash flow and significant potential for future appreciation in this rapidly developing area of Brooklyn. The property's strategic location in the heart of Bushwick provides easy access to public transportation, local amenities, and a thriving community. Don't miss this chance to acquire a high-performing mixed-use asset in one of Brooklyn's most sought-after neighborhoods.

• CAP approach

  CAP return

  Valuation

  6%

  $499,958

  6.5%

  $461,499

  7%

  $428,535

• Comparable approach

  Method

  Valuation

  Relative Method

  $395,116

  Geo Method

  $395,116

• Alternative Use

  Use

  Valuation

  Residential

  $572,259

  Hospitality

  $524,186

  Educational

  $436,117

  Medical

  $451,116

  Retail

  $678,404

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6981

Longitude

-73.9265

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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