Building Details

Year Built 1930

Listing Agency: EVERGREEN REALTY & INVESTMENTS

Listed By: Emma Barattini Show Phone

Source: Crystinandcorealty

Added: Jul 13 Changed: Oct 25 Last Checked: Oct 26 at 3:51AM

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Investment Insights

Based on property information with market context.

Built in 1930, this mixed-use property contains approximately 4,359 square feet on a 29-foot-wide lot. Four renovated free-market apartments occupy the upper floors, with a bar and lounge operating in the ground-floor commercial space under a long-term lease. The property is fully occupied and has a 7.85% in-place cap rate; the stated potential cap rate is 9.33%. A second-floor balcony is currently unused. Residential access is separate from the commercial space, and the block-through layout provides a distinct rear street entrance for residents.

The property is zoned R6 / C2-3 and carries Protected Tax Class 2A. The Central Avenue M train is nearby, and the Myrtle Avenue J/M/Z station is a short walk away. Restaurants, cafés, nightlife, and neighborhood retail are in the surrounding area.

Key Highlights

• Four renovated free‑market apartments above a ground‑floor bar and lounge
• Approximately 4,359 SF building on a 29‑foot‑wide lot
• 100% occupied; commercial tenant has a long‑term lease

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$158,232

Cap Rate

7.03%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,164,640 $3.2M

Cap Rate 7%

$2,260,457 $2.3M

Cap Rate 9%

$1,758,133 $1.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,359 SF

Gross rent

$287.7K $66.00/SF

− Vacancy

−$34.5K −$7.92/SF

EGI

$253.2K $58.08/SF

− OpEx

−$94.9K −$21.78/SF

NOI

$158.2K $36.30/SF

Area

Brooklyn, NY

Vacancy

12.00%

Lease Rate

$66.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,164,640

Cap Rate 7%

$2,260,457

Cap Rate 9%

$1,758,133

Alternative Uses

Best Use

Specialty Retail

$3.61M

$3.16M – $4.21M (±1% cap)

NOI $252,648 @ 7.0% cap · market cap 11.23%

Second Best

Mixed Use

$2.26M

$1.98M – $2.64M (±1% cap)

NOI $158,232 @ 7.0% cap · market cap 7.03%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Mood Ring Bar & Pub

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Acupuncture Accounting Firm (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

6,013

Businesses Nearby

Explore this area Business Placement

Demographics for 11221, NY

89,222

Population

38,690

Households

2.3

Avg Household Size

33

Median Age

42%

College-Educated

84%

High-School Grad

1.4 sq mi

ZIP Area

63,730

Density / Sq Mi

$85,122

Median Household Income

$49,202

Median Earnings

$2,055

Median Rent

$1,061,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Four renovated apartments are positioned above an occupied bar and lounge under a long-term commercial lease.

Where is this mixed-use property located?

The property is located at 1260 Myrtle Avenue Brooklyn, NY.

What is the asking price?

The asking price for this property is $2,250,000.

What are key features of this property?

This property features: Four renovated free‑market apartments above a ground‑floor bar and lounge; Approximately 4,359 SF building on a 29‑foot‑wide lot; 100% occupied; commercial tenant has a long‑term lease