551 Myrtle Ave Brooklyn, NY 11205
- Mixed-use properties
- 7,635 SF
Current Use by Public Records
- HeyBuddy BK / Dog Walker
- Cardtronics ATM / Atm
- Emerson Grocery / Grocery Store
- Pronto Gourmet & Deli / Deli
Property Details for 551 Myrtle Ave
- Year built
- 1950
- Property size
- 7,635 SF
- Property type
- Mixed-use properties
Description
This exceptional mixed-use property, located at 551 Myrtle Avenue in Brooklyn's desirable Clinton Hill neighborhood, presents a compelling value-add opportunity. The 7,635 square foot building, constructed in 1950, features seven units: six rent-stabilized residential units and one commercial unit, all currently 100% occupied, generating consistent income. The property boasts a prime corner location on Myrtle Avenue, benefiting from high visibility and foot traffic. Its proximity to Pratt Institute and St. Joseph's College adds significant appeal to potential tenants. The building is a four-story structure situated on a 2,451 square foot lot and includes a rare two-car garage. Zoned R7A/C2-4, this property offers considerable flexibility for future development or enhancement. The asking price is $2,750,000, translating to $360.18 per square foot. Excellent access to multiple subway lines ensures convenient transportation throughout New York City. This is a rare opportunity to acquire a fully occupied, income-producing asset in a thriving Brooklyn neighborhood, ideal for owner-users or 1031 exchange investors. The property's strong cash flow, combined with its potential for future appreciation, makes it an attractive investment.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9622
- Latitude
- 40.6939
