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    Property profile & analytics

    1299 Myrtle Ave Brooklyn, NY 11221

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0094495
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1299 Myrtle Ave

    Property type
    Commercial real estate

    Description

    This exceptional 1,508 square foot vacant lot presents a remarkable development opportunity in the thriving Bushwick neighborhood of Brooklyn, New York. Located at 1299 Myrtle Avenue, this R6 zoned property offers significant potential for a variety of projects. The asking price is $999,000, reflecting the attractive value proposition in this highly sought-after area. The property's address is conveniently situated within Kings County (Brooklyn), New York, with a zip code of 11221. Its precise coordinates are 40.6981352 latitude and -73.9264157 longitude. Given the motivated seller, this represents a compelling investment opportunity for developers seeking to capitalize on Bushwick's dynamic real estate market. The R6 zoning designation allows for a range of development possibilities, making this lot an ideal canvas for a creative and profitable venture. Serious inquiries are encouraged to explore the full potential of this prime Brooklyn property. The size and location of this lot make it a rare find in this competitive market. Don't miss this chance to acquire a piece of burgeoning Bushwick.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings (Brooklyn)
    State
    New York
    Longitude
    -73.9264157
    Latitude
    40.6981352

    Comparable in this City

    • $1,850,000
      0.05 Acres

      Brooklyn Vacant Lot For Sale

      Commercial vacant lot in a busy Brooklyn residential area.
      Monroe St, Brooklyn, NY 11221
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    • $6,200,000
      12,610 SF

      Brooklyn Redevelopment Opportunity

      Redevelopment opportunity in Bedford Stuyvesant neighborhood.
      180 Van Buren St, Brooklyn, NY 11221
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    • $1,350,000

      Bushwick Land with R6 Zoning

      Land with R6 zoning near J & Z train line.
      510 Evergreen Ave, Brooklyn, NY 11221
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      Prime Corner Development Site Brooklyn

      Large corner lot for residential development near Kosciuszko Street Station.
      1150 Broadway, Brooklyn, NY 11221
      View Details
    • $1,395,000
      6,000 SF

      Bedford-Stuyvesant Development Opportunity

      Buildable lot near transportation and retail corridors.
      343 Monroe St, Brooklyn, NY 11221
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    • $2,200,000

      Brooklyn Land For Sale

      Commercial land available in Brooklyn, New York.
      338 Wilson St, Brooklyn, NY 11221
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Prime Corner Development Site Brooklyn

      Large corner lot for residential development near Kosciuszko Street Station.
      1150 Broadway, Brooklyn, NY 11221
      View Details
    • $1,395,000
      6,000 SF

      Bedford-Stuyvesant Development Opportunity

      Buildable lot near transportation and retail corridors.
      343 Monroe St, Brooklyn, NY 11221
      View Details
    • $2,200,000

      Brooklyn Land For Sale

      Commercial land available in Brooklyn, New York.
      338 Wilson St, Brooklyn, NY 11221
      View Details
    • $1,850,000
      0.05 Acres

      Brooklyn Vacant Lot For Sale

      Commercial vacant lot in a busy Brooklyn residential area.
      Monroe St, Brooklyn, NY 11221
      View Details
    • $6,200,000
      12,610 SF

      Brooklyn Redevelopment Opportunity

      Redevelopment opportunity in Bedford Stuyvesant neighborhood.
      180 Van Buren St, Brooklyn, NY 11221
      View Details
    • $1,350,000

      Bushwick Land with R6 Zoning

      Land with R6 zoning near J & Z train line.
      510 Evergreen Ave, Brooklyn, NY 11221
      View Details

    Similar Nearby for Lease

    • New
      $6,250 /Mo

      Brooklyn Commercial Ground Lease Opportunity

      7,500 sq ft ground lease in Brooklyn, R6B Zone.
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    • $6,500 /Mo
      2,300 SF

      Brooklyn Retail/Office Space Available

      2,300 sqft retail/office space in high-traffic Brooklyn location.
      1478 Broadway, Brooklyn, NY 11221
      View Details
    • $360 /Mo
      3,200 SF

      Bushwick Retail Space Available

      Prime Bushwick location, 3100 sq ft retail space.
      1065 Broadway, Brooklyn, NY 11221
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    • $5,500 /Mo
      2,500 SF

      Bushwick Mixed-Use Space Available

      Commercial space with full basement in Brooklyn's Bushwick neighborhood.
      229 Central Ave, Brooklyn, NY 11221
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    • $4,000 /Mo

      Brooklyn Apartment for Rent

      Apartment for rent in Brooklyn, NY, priced at $4000.
      1137 Jefferson Ave, Brooklyn, NY 11221
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    • Contact for pricing
      600 SF

      Retail or Office Space Available

      600 sq ft retail/office space for lease in Brooklyn.
      217 Marcus Garvey Blvd, Brooklyn, NY 11221
      View Details
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    1299 Myrtle Ave
    Brooklyn, NY 11221
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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