A retail property at 1417-1427 Myrtle Avenue, between Harman Street and Greene Avenue in Brooklyn’s Bushwick neighborhood, was sold for $2.8 million.
The five-unit retail property contains 6,800 s/f and features 100 feet of frontage on one of Bushwick’s prime corridors. The site holds a23,120 buildable square feet, offering additional development potential.
The sale price equates to approximately $412 per square foot and a four percent capitalization rate.
The M subway line is one block from the property and the L subway line is two blocks away at Wyckoff Avenue. Neighboring retailers include Dunkin’ Donuts and Rite Aid.
“Standing at less than 30 percent of as-of-right buildable potential, this cash flowing retail property offered this developer a reasonable return today with substantial mixed-use development upside nearby Bushwick’s two major train lines,” said Cushman & Wakefield’s Michael Amirkhanian, who exclusively handled this transaction.
