Retail Air Rights
For Sale
$1,999,000
Pending
347 Myrtle Avenue, Brooklyn, NY 11205
Development opportunity offering substantial air rights along a prominent Fort Greene commercial thoroughfare in an R7A/C2-4 zone.
Property Size2,100 SF
Days on Market1548
Property Features for 347 Myrtle Avenue
General Information
Standard status
Pending
Size
2,100 SF
Property subtype
Mixed Use
Zoning
R7A/C2-4
Taxes and HOA fees
Annual Taxes
$3,677
Building Details
Building Size
2,100 SF
Year Built
1960
Listing Agency:
RE/MAX Real Estate Professiona
Listed By:
Vito Angelo
(718) 532-2000
Source:
Penrealty
Added: May 25, 2022
Changed: Aug 13
Last Checked: Aug 19 at 3:55PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Real Estate Professiona
Investment Insights
Based on property information with market context.
This property presents a development opportunity centered on available air rights in an R7A/C2-4 zone. The offering includes nearly 7,000 square feet of air rights, providing flexibility for an architect-led concept that complies with applicable zoning requirements.
Located on one of Fort Greene’s most prominent commercial thoroughfares, the site is described as being approximate to neighborhood amenities and green spaces. Prospective parties should review the specific zoning parameters and feasibility directly with their architect.
For developers, investors, and design teams looking for a zoning-informed air-rights pathway, this asset offers a clear starting point: an approved framework within R7A/C2-4 and a defined air-rights allocation. Because the ultimate project form depends on architectural and zoning details, the next step is to consult with your architect for guidance on potential options and requirements.
Located on one of Fort Greene’s most prominent commercial thoroughfares, the site is described as being approximate to neighborhood amenities and green spaces. Prospective parties should review the specific zoning parameters and feasibility directly with their architect.
For developers, investors, and design teams looking for a zoning-informed air-rights pathway, this asset offers a clear starting point: an approved framework within R7A/C2-4 and a defined air-rights allocation. Because the ultimate project form depends on architectural and zoning details, the next step is to consult with your architect for guidance on potential options and requirements.
Key Highlights
- Development opportunity with nearly 7,000 SF of available air rights
- Located in an R7A/C2‑4 zoning district
- Year built: 1960
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$100,705
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.04%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,014,100
$2.0M
Cap Rate 7%
$1,438,643
$1.4M
Cap Rate 9%
$1,118,944
$1.1M
Market Conditions
NOI Build-Up for 2,100 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$163.3K $77.76/SF
− Vacancy
−$19.4K −$9.25/SF
EGI
$143.9K $68.51/SF
− OpEx
−$43.2K −$20.55/SF
NOI
$100.7K $47.95/SF
Area
Brooklyn, NY
Vacancy
11.90%
Lease Rate
$77.76 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,014,100
Cap Rate 7%
$1,438,643
Cap Rate 9%
$1,118,944
Alternative Uses
Best Use
Retail
$1.44M
$1.26M – $1.68M
NOI $100,705 @ 7.0% cap · market cap 5.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.74M
$1.52M – $2.03M
NOI $121,716 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,725
Businesses Nearby
51k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 41%
Dining 31%
Groceries 14%
Home Improvements & Furnishings 11%
Chase Bank
Shops & Services
11,069 visits/mo
0.2 miles
Bravo Supermarkets
Groceries
7,424 visits/mo
0.0 miles
Bank of America
Shops & Services
7,074 visits/mo
0.3 miles
Dunkin' Donuts
Dining
6,574 visits/mo
0.5 miles
Clinton Hill Ace Hardware
Home Improvements & Furnishings
5,721 visits/mo
0.3 miles
Demographics for 11205, NY
50,474
Population
19,200
Households
2.6
Avg Household Size
30
Median Age
52%
College-Educated
86%
High-School Grad
1.2 sq mi
ZIP Area
42,062
Density / Sq Mi
$86,753
Median Household Income
$59,901
Median Earnings
$2,307
Median Rent
$892,800
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Flower shop — 77 Willoughby Ave, Brooklyn, NY 11205
- New York-Ne — 386 Atlantic Ave, Brooklyn, NY 11217
- Artistry In Flowers — 15 MetroTech Center, Brooklyn, NY 11201
- Stem — 112 S Oxford St, Brooklyn, NY 11217
- Saffron — 31 Hanson Pl, Brooklyn, NY 11217
Frequently Asked Questions
What type of property is this?
Storefront property - Development opportunity offering substantial air rights along a prominent Fort Greene commercial thoroughfare in an R7A/C2-4 zone.
Where is this storefront property located?
The property is located at 347 Myrtle Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Development opportunity with nearly 7,000 SF of available air rights; Located in an R7A/C2‑4 zoning district; Year built: 1960
