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.
- Added:
- May 25, 2022
- Days on Market:
- 1503
- Last Refresh:
- Jul 1 at 2:49 am
Property Features for 347 Myrtle Avenue
General Information
- Standard status
- Active
- Size
- 2,100 SF
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1960
Listing office RE/MAX Real Estate Professiona
Listing date May 25, 2022
Source Penrealty
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
HighLights
- Development opportunity with nearly 7,000 SF of available air rights
- Located in an R7A/C2‑4 zoning district
- Year built: 1960
Overview
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.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $163.3k | $77.76 |
| − Vacancy | −$19.4k | −$9.25 |
| EGI | $143.9k | $68.51 |
| − OpEx | −$43.2k | −$20.55 |
| NOI | $100.7k | $47.95 |
Alternative Uses
Current Use by Public Records
Similar Places 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
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.972428
- Latitude
- 40.693456
