Free Market Corner Building On Myrtle Avenue

1268 Myrtle Avenue

Bushwick

Size 2,640 SF
Residential Units 2
Commercial Units 2
Cross Street Myrtle Avenue + Cedar Street
Subways
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Mixed-Use 1268 Myrtle Avenue, Bushwick
Fred Bijou
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Details

NOI $95,551
CAP Rate 5.35%

Overview

TerraCRG has been retained to exclusively represent the sale of 1268 Myrtle Avenue. The free market mixed-use building is located on the corner of Myrtle Avenue and Cedar Street in the heart of Bushwick, Brooklyn.
The three-story, building is ~ 2,640 SF including two retail spaces and two residential units. Recently gut-renovated, the apartments include skylights, stainless steel appliances, vaulted ceiling and tons of windows for ample natural light. The two retail spaces are cash-flowing with leases that expire in 2022. The property is generating $111,600 in gross annual income and an NOI of ~$94,705. At the asking price, the property equates to a 5.3% cap rate.

Attractions

Located on one of Brooklyn’s most active retail corridors, the property is located directly under the Central Avenue M trains that provides a 15-minute commute to lower Manhattan It also several blocks away from the Myrtle Avenue J/M/Z train station as well.
The retail along this section of Myrtle Avenue is very strong with art galleries, bars, and restaurants all in proximity to the property. Some renowned retailers include Bushwick Public House, Bossa Nova Civic Club, Little Skips, Birdys, Happy Fun Hideaway, L Train Vintage, and Alphaville.

Bushwick Public House
Bossa Nova Civic Club
Little Skips
Birdys
Happy Fun Hideaway
L Train Vintage
and Alphaville.

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