1465 Myrtle AveBrooklyn, NY 11237

Property Details for 1465 Myrtle Ave

Year built

1931

Lot size

0.05 AC

Property size (Sq ft)

13,000 SF

Zone code

R6

Property type

Office buildings

APN

03309-0007

APU

33090007

Description

This fully renovated, 9,220 square foot mixed-use building in Brooklyn's vibrant Bushwick neighborhood presents a compelling investment opportunity. Located on a prominent corner lot at 1465 Myrtle Avenue, between Bleecker Street and Menahan Street, this property boasts a strong location near the Knickerbocker Avenue M train station, providing excellent accessibility. The building comprises four units, with a national tenant currently occupying the retail space, resulting in a 50% occupancy rate. The asking price is $4,250,000, translating to a price per square foot of $460.95 and a projected cap rate of 3.60%. The building's rentable building area (RBA) is 2,305 square feet. The property is being offered "as is," providing the buyer with the flexibility to implement their vision. The surrounding area is rich with established businesses, including Citibank, Boost Mobile, Qdoba, Subway, Popeyes, Matto Espresso, CVS, Dollar Tree, Capital One, Food Bazaar, Blink Fitness, Bank of America, Planet Fitness, and White Castle, indicating a strong retail environment and high foot traffic. Convenient access to the L train at Myrtle-Wyckoff Avenues and the B54 bus line further enhances the property's appeal. This is an exceptional chance to acquire a well-situated, mixed-use asset in a rapidly growing Brooklyn neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $2,149,288

  6.5%

  $1,983,958

  7%

  $1,842,247

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,698,580

  Geo Method

  $1,698,580

• Alternative Use

  Use

  Valuation

  Residential

  $2,460,108

  Hospitality

  $2,253,446

  Educational

  $1,874,841

  Medical

  $1,939,319

  Retail

  $2,916,419

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6991

Longitude

-73.9171

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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