$1,990,000
Updated 11 years ago
Off Market

1264 Myrtle Ave

Bushwick, Brooklyn | Hart Street & Cedar Street

4,087 Square FeetIncome Property

$1,990,000
floors / apts3 / 2
Lot Size22'9"x57'5"
Built Size22'9"x45'
ZoneR6
Building TypeTownhouse
RE Taxes$2,169
Price Per SF
$487

Building Amenities

  • Voice Intercom

Property Description for 1264 Myrtle Ave

1264 Myrtle Avenue is a fully gut renovated, mixed-use building located within the Broadway-Myrtle retail corridor of Bushwick, Brooklyn. Totaling approximately 4,087 GSF, the building features frontage along both Myrtle Avenue and Cedar Avenue offering great retail exposure. This neighborhood is currently undergoing a renaissance given the combination of abundant public transportation, proximity into Manhattan and easy access to all of the restaurants and night life Bushwick has to offer. The building features a new restaurant/bar tenant on the ground fl oor totaling approximately 965 SF. In addition, the ceiling heights were razed to include a 277 SF mezzanine level creating a great open space layout. The commercial tenant is scheduled to take occupancy in early spring and is paying $5,000 per month. The second and third fl oors feature 4-bedroom apartments each leased for $3,400 per month. Given the strong residential rental market, these units can achieve close to $4,000 per month upon renewal in October of this year. The estimated annual gross revenue is $151,300 which nets approximately $130,790 in operating income. Most notably, the building is located on the same block as the Cedar Avenue M Train subway station which provides service directly into Manhattan within under 20 minutes.

Listing History for 1264 Myrtle Ave

Now
11/19/2015
POM by Robert Knakal
Cushman & Wakefield
03/12/2015
Price Increase by Robert Knakal
Cushman & Wakefield

Building Details for 1264 Myrtle Ave

OwnershipIncome Property
Building TypeTownhouse
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1931
Floors/Apts3/2
Learn More About the Building

Transit and Citi Bike

Subway

Central Av
0.03 miles
Kosciuszko St
0.32 miles
Knickerbocker Av
0.37 miles
Myrtle Av
0.47 miles

Citi Bike

Cedar St & Myrtle Ave
0.03 miles
Cedar St & Evergreen Ave
0.1 miles

Contact Agents

Contact Agents

Robert Knakal
Cushman & Wakefield
Jonathan Hageman
Cushman & Wakefield
Michael Amirkhanian
Cushman & Wakefield

Bushwick | Brooklyn

Quick Profile

As one of the most diverse neighborhoods in New York, Bushwick offers a perfect snapshot of just how multicultural the city is. Long-established as an amalgam of cultures and ethnicities, a wave of varying types of immigrants trickled in from the seventeenth to twentieth centuries, with Bushwick largely becoming a home to Hispanics of Puerto Rican and Dominican backgrounds by the latter part of the twentieth century. 

With the Bushwick Initiative of the mid-00s that aided in revitalization, it became an attractive area to young professionals and artists. And even now, Bushwick has sustained affordable rent prices where other North Brooklyn counterparts, like Williamsburg and Greenpoint, have become more expensive. Priding itself on the weird and the wacky, numerous art collectives thrive in this part of Brooklyn, once famously named the seventh coolest neighborhood in the world by Vogue. 

Though it has drawn in many tourists in recent years (there’s even a graffiti tour you can take from the Bushwick Collective), the neighborhood remains very much community-oriented, and has not been subject to quite the same sort of corporate infiltration phenomenon of its nearby Williamsburg environs. 

But yes, of course, Bushwick has come a very long way from its 80s and 90s reputation as being “The Well,” a nickname given to it for its free-flowing and widely available amount of drugs (quantity over quality being the cliche applied here). 

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 57950TH