Renovated Residential Income
For Sale
$775,000
689 MYRTLE Avenue 3H, Brooklyn, NY 11205
Loft-style condominium residence with flexible sleeping, office, and living areas in a full-service Brooklyn building.
Property Size1,035 SF
Price / SF$748.79
Days on Market10
Property Features for 689 MYRTLE Avenue 3H
General Information
Standard status
Active
Size
1,035 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Amenities
virtual doorman system
porter service
enclosed rooftop fitness center
bike storage
furnished rooftop deck
Building Details
Building Size
1,035 SF
Year Built
1947
Listing Agency:
Corcoran Group
(347) 782-2155
Listed By:
Andre David Mastrogiacomo · License #10401342625 (NY)
(347) 782-2155
Source:
Cbwarburg
Added: Aug 5
Changed: Aug 13
Last Checked: Aug 13 at 11:19AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
This 1,035-square-foot loft-style condominium residence is currently arranged as a two-bedroom home within the Chocolate Factory condominium. The interior combines 13-foot ceilings, floor-to-ceiling windows with north and west exposures, and a Juliet balcony. A spacious primary bedroom includes full-height closets, while a separate lofted office has approximately 6-foot ceilings. The front alcove is configured as a second sleeping area and can also serve as an office, nursery, guest room, or creative workspace. Renovations completed within the last four years include the kitchen, bathroom, flooring, appliances, and in-unit laundry. Features include white cabinetry, wide-plank white oak floors, a Bosch dishwasher, GE 5-burner stove, GE stackable washer and dryer, floor-to-ceiling bathroom tile, and a washlet toilet.
Building amenities include a recently updated virtual doorman system, porter service six days a week, an enclosed rooftop fitness center, bike storage, and a furnished rooftop deck with Manhattan and Brooklyn views. The pet-friendly condominium also offers a Verizon Fios package. The property is near neighborhood cafés and everyday conveniences, with access to the G train at Myrtle Willoughby Avenues and B54, B38, B48, and B43 bus service.
Building amenities include a recently updated virtual doorman system, porter service six days a week, an enclosed rooftop fitness center, bike storage, and a furnished rooftop deck with Manhattan and Brooklyn views. The pet-friendly condominium also offers a Verizon Fios package. The property is near neighborhood cafés and everyday conveniences, with access to the G train at Myrtle Willoughby Avenues and B54, B38, B48, and B43 bus service.
Key Highlights
- 1,035‑square‑foot loft‑style condominium residence
- Currently configured as a 2‑bedroom home with a flexible front alcove
- 13‑foot ceilings, floor‑to‑ceiling windows, and north and west exposures
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
$31,597
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
4.08%
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%
$631,940
$631.9K
Cap Rate 7%
$451,386
$451.4K
Cap Rate 9%
$351,078
$351.1K
Market Conditions
NOI Build-Up for 1,035 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
$58.6K $56.64/SF
− Vacancy
−$1.2K −$1.13/SF
EGI
$57.4K $55.51/SF
− OpEx
−$25.9K −$24.98/SF
NOI
$31.6K $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%
$631,940
Cap Rate 7%
$451,386
Cap Rate 9%
$351,078
Alternative Uses
Best Use
Apartment 5plus
$451.4K
$395.0K – $526.6K
NOI $31,597 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$857.0K
$749.9K – $999.8K
NOI $59,989 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,381
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Loft-style condominium residence with flexible sleeping, office, and living areas in a full-service Brooklyn building.
Where is this residential income property located?
The property is located at 689 MYRTLE Avenue 3H Brooklyn, NY.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 1,035‑square‑foot loft‑style condominium residence; Currently configured as a 2‑bedroom home with a flexible front alcove; 13‑foot ceilings, floor‑to‑ceiling windows, and north and west exposures
