Building Details

Year Built 1950

Year Renovated 2023

Buildings 1

Stories 4

Units 7

Tenancy Multi

Listing Agency: RBM Brokerage LLC

Listed By: Gregory Bartlett · License #10491202900 Show Phone

Source: Crexi

Added: Aug 13 Changed: Oct 8 Last Checked: Oct 16 at 9:05AM

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Investment Insights

Based on property information with market context.

This 7,635 SF mixed-use building combines storefront retail space with six rent-stabilized apartments. The corner configuration includes on-site parking and supports both commercial and residential income within one property. The building was constructed in 1950 and carries R7A / C2-4 zoning.

Located at 551-553 Myrtle Avenue in Brooklyn, the property offers a mixed-use format with retail frontage and multiple residential units. The existing storefront and apartment components provide a clearly defined layout for the commercial and residential portions of the asset.

Key Highlights

• 7,635 SF mixed‑use building at 551‑553 Myrtle Avenue, Brooklyn
• Six rent‑stabilized apartments
• Storefront retail component

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$233,089

Cap Rate

8.96%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,661,780 $4.7M

Cap Rate 7%

$3,329,843 $3.3M

Cap Rate 9%

$2,589,878 $2.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,635 SF

Gross rent

$432.4K $56.64/SF

− Vacancy

−$8.6K −$1.13/SF

EGI

$423.8K $55.51/SF

− OpEx

−$190.7K −$24.98/SF

NOI

$233.1K $30.53/SF

Area

Brooklyn, NY

Vacancy

2.00%

Lease Rate

$56.64 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,661,780

Cap Rate 7%

$3,329,843

Cap Rate 9%

$2,589,878

Alternative Uses

Best Use

Retail

$5.23M

$4.58M – $6.10M (±1% cap)

NOI $366,133 @ 7.0% cap · market cap 14.08%

Second Best

Mixed Use

$3.96M

$3.46M – $4.62M (±1% cap)

NOI $277,151 @ 7.0% cap · market cap 10.66%

Theoretical Best

Specialty Retail

$6.32M

$5.53M – $7.38M (±1% cap)

NOI $442,525 @ 7.0% cap · market cap 17.02%

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

Property Analytics

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Current Use

Storefront properties

Suggested Use

Top Pick Law Firm Nursing Home Acupuncture Pet Grooming Service Tattoo & Piercing Shop Tanning Salon

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

6

Residential units

Location Intelligence

Trade Area within ½ mile

5,617

Businesses Nearby

Explore this area Business Placement

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 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 - Storefront retail space accompanies six rent-stabilized apartments and on-site parking.

Where is this mixed-use property located?

The property is located at 551-553 Myrtle Avenue Brooklyn, NY.

What is the asking price?

The asking price for this property is $2,600,000.

What are key features of this property?

This property features: 7,635 SF mixed‑use building at 551‑553 Myrtle Avenue, Brooklyn; Six rent‑stabilized apartments; Storefront retail component