New Construction Bushwick Mixed Use Building

1157 Myrtle Avenue

Bushwick

$6,500,000

Building SF 10,149
Residential Units 10
Retail Unit 1
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Mixed-Use 1157 Myrtle Avenue, Bushwick
Ofer Cohen
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Details

NOI $355,418
Occupied 90%
Cap Rate 5.5%
421-A Tax Abatement Year 2 of 35

Overview

TerraCRG has been retained exclusively to sell 1157 Myrtle Avenue – a block-through new construction mixed- use building located in Bushwick, at the intersection of Jefferson Street and Myrtle Avenue.

The five-story, new construction building is 10,149 SF and consists of 10 residential units and 1 commercial space. The property is in Year 2 of a 35-year tax abatement and the three affordable units are at 130% AMI. The units consist of two and three bedroom, one-bath apartments with high end condo-quality finishes and community amenity spaces including a gym, game room and common roof deck. The property was thoughtfully designed with residential entrances on both Jefferson Street & Myrtle Avenue and wide retail frontage on Myrtle Avenue.

The property is generating ~$446,880 in gross annual income and ~$355,418 in NOI. At the asking price, the property equates to a ~5.5% cap rate.

 

Attractions

Located at the intersection of Bushwick’s most active retail corridors near art galleries, bars, and restaurants all in proximity to the property. At the intersection of Broadway and Myrtle Ave, the property has access to local and national retail attractions including Starbucks, Chipotle, Birdy’s and Brooklyn Whiskers. The property is located in the most prime section of Bushwick right next to the J/M/Z train station at Myrtle Avenue.

Starbucks
Chipotle
Birdy’s
Brooklyn Whiskers

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