Listed by BKREA
Unpriced
394 Myrtle Avenue
Details
Property Type Land, Retail
Sub Type Commercial, Restaurant
Square Footage 2,200
Cap Rate 6.00%
NOI $165,456
Tenancy Single
Rent Bumps Yes
Buildings 1
Lot Size (SqFt) 2,600
Zoning R7A
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Land | 2,600 SqFt
Marketing description
BKREA has been retained to arrange the sale of 394 Myrtle Avenue, a mixed-use development and retail opportunity in Brooklyn’s Clinton Hill neighborhood. Ownership is open to selling the development parcel and the Chipotle-anchored retail parcel separately.
Location Details
- Located on the south side of Myrtle Avenue in the Clinton Hill neighborhood of Brooklyn.
- Situated in a growing residential and commercial corridor with strong neighborhood demand.
Site Specifications
- Currently configured as a single tax lot.
- Development parcel lot area: 2,600 square feet.
- Zoned R7A with a C2-4 commercial overlay.
- Development parcel will be delivered free and clear of the existing Chipotle tenancy.
Development Plans
- As-of-right residential FAR: 4.0, yielding approximately 17,000 ZFA.
- Participation in the Unified Affordable Program (UAP) increases residential FAR to 5.01.
- UAP allows for approximately 21,848 ZFA through the inclusion of on-site affordable housing.
- C2-4 commercial overlay permits ground-floor commercial development at a 2.0 FAR.
- Supports up to approximately 7,400 ZFA of retail or office space.
- Development potential includes the use of air rights associated with the Chipotle parcel.
Neighborhood Demand Drivers
- Located in the highly desirable Clinton Hill neighborhood of Brooklyn.
- Strong residential and retail demand supported by the area's continued growth and development.
- Positioned along a well-trafficked commercial corridor with established neighborhood amenities.
Opportunity Highlights
- Flexible offering structure with the ability to acquire the development parcel and retail parcel separately.
- Significant residential density potential through as-of-right and UAP zoning incentives.
- Long-term income stream from the Chipotle-anchored retail parcel.
- Retail component includes a 2,200-square-foot ground-floor space leased to Chipotle Mexican Grill, Inc.
- Lease features 10% contractual rent escalations and two 5-year extension options.
- Opportunity to acquire a stable, growing income-producing asset backed by a nationally recognized restaurant brand while also benefiting from substantial development upside.
Investment highlights
- Zoning Opportunity - The development parcel is zoned R7A with a C2-4 commercial overlay, yielding approximately 17,000 square feet of as-of-right residential buildable area at a 4.0 FAR. Through the Unified Affordable Program (UAP) under City of Yes, the site unlocks up to approximately 21,848 square feet of residential ZFA at a 5.01 FAR. The UAP bonus can be satisfied either through on-site affordable units or through the purchase of Inclusionary Housing Certificates, offering a developer the flexibility to achieve maximum density without allocating on-site square footage to affordable programming.
- Vacant Delivery - The development parcel can be delivered vacant at closing, allowing a purchaser to immediately commence pre- development and construction activities without the cost, complexity, or timeline risk associated with tenant relocation or demolition of an occupied structure.
- Credit Tenant-Chipotle Mexican Grill - The retail parcel is anchored by Chipotle Mexican Grill, one of the most recognized and financially strong restaurant operators in the world, with over 3,500 locations and a market capitalization exceeding $70 billion. The long-term lease, guaranteed by the corporate parent, features contractual rent escalations from $80.00 to $106.48 per square foot across its full term, delivering a purchaser with stable, growing income from a best-in-class credit tenant on one of Brooklyn's most active retail corridors.
- Fort Greene & Clinton Hill - Fort Greene and Clinton Hill rank among Brooklyn's most sought-after residential submarkets, with a strong condominium pipeline commanding some of the borough's highest per-square- foot pricing. Anchored by Fort Greene Park, a thriving retail corridor along Myrtle and DeKalb Avenues, and unmatched transit access, the area continues to attract end-users and developers with consistent absorption and sustained land value growth.
Listing Contacts
Listed by BKREA
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$165,456.00
$13,788.00/mo
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Zoning
R7A ResidentialMulti FamilyGeneral Residence
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