374 Myrtle Avenue, Brooklyn, NY 11205

Sean R. Kelly, Esq.

PRO

NY 10301203478

Stephen Vorvolakos

NY 10401268778

Nicole Daniggelis

NY 10401313127

Luke Rizzo

Listed by Ariel Property Advisors

$3,600,000

101 days on market

Updated 101 days ago

374 Myrtle Avenue

Details

Property Type

Retail, Multifamily (+1)

Sub Type

Storefront, Apartment Building

Square Footage

3,856

Units

NOI

$153,340

Pro-Forma NOI

$194,950

Year Built

1969

Stories

Lot Size (SqFt)

1,463

Zoning

R7A / C2-4

Retail | 3,856 SqFt

Marketing description

Located in the heart of Fort Greene, on the bustling Myrtle Avenue corridor with exceptional foot traffic, 374 Myrtle Avenue offers high-visibility access to transit via the nearby G, B, D, N, Q, R, 2, 3, 4 subway lines, providing a quick connection throughout all five boroughs.

Investment highlights

Asset Overview: 100% Free Market, four-story mixed-use building featuring (1) ground-floor commercial space and (3) residential units.
Residential Unit Mix: (3) spacious two-bedroom apartments, including modern finishes and stainlesssteel appliances. Unit 1 includes a 325 square foot outdoor terrace.
Tax Class Protected: Tax Class 2A designation, providing investors with limits on year-over-year tax increases.
Immediate Occupancy: The retail space will be delivered vacant, presenting an ideal opportunity for an end-user or an investor looking to increase cash flow in the building.
Revenue Upside: Significant value-add potential for residential units, as in-place rents are below comparable rents for two-bedroom units.
Premier Transit Access: Centrally located near the Clinton–Washington Ave, Nevins St, and DeKalb Ave stations. Direct access to the G, B, D, N, Q, R, 2, 3, 4, and 5 subway lines, offering seamless connectivity across all five boroughs.
High-Traffic Corridor: Situated in the heart of Fort Greene, a bustling retail destination surrounded by national and local credit tenants, with foot traffic of 10,000 pedestrians daily.