Corner Mixed-Use
For Sale
Contact for pricing
551-553 Myrtle Avenue, Brooklyn, NY 11205
Storefront retail space accompanies six rent-stabilized apartments and on-site parking.
Property Size7,635 SF
Price / SF$340.54
Days on Market17
Property Features for 551-553 Myrtle Avenue
General Information
Standard status
Active
Size
7,635 SF
Class
B
Total Parking Spaces
2
Property subtype
Multifamily, Mixed Use
Zoning
R7A / C2-4
Investment Type
Stabilized
Net Operating Income
$107,313
Additional Details
Corner Location
Yes
Multifamily Units
6
Amenities
on-site parking
Building Details
Year Built
1950
Year Renovated
2023
Buildings
1
Stories
4
Units
7
Tenancy
Multi
Listing Agency:
RBM Brokerage LLC
(646) 465-1571
Listed By:
Gregory Bartlett · License #10491202900
Source:
Crexi
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 28 at 10:34AM
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 RBM Brokerage LLC
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.
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 = 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
$233,089
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
8.96%
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%
$4,661,780
$4.7M
Cap Rate 7%
$3,329,843
$3.3M
Cap Rate 9%
$2,589,878
$2.6M
Market Conditions
NOI Build-Up for 7,635 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
$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 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%
$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
NOI $366,133 @ 7.0% cap · market cap 14.08%
Second Best
Mixed Use
$3.96M
$3.46M – $4.62M
NOI $277,151 @ 7.0% cap · market cap 10.66%
Theoretical Best
Specialty Retail
$6.32M
$5.53M – $7.38M
NOI $442,525 @ 7.0% cap · market cap 17.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
