1256 Myrtle Ave Brooklyn, NY 11221-3210
- Auto shops
- 5,220 SF
- 0.06 lot acres
Current Use by Public Records
- Auto shops
Property Details for 1256 Myrtle Ave
- Year built
- 1931
- Lot size
- 0.06 lot acres
- Property size
- 5,220 SF
- Zone code
- R6
- Property type
- Auto shops
- APN
- 03227-0028
- APU
- 32270028
Description
This exceptional 2,575 sq ft lot at 1256 Myrtle Avenue in Brooklyn, NY 11221, presents a compelling investment opportunity. Priced at $1,400,000, this fee-simple property boasts R6 and C2-3 zoning, allowing for diverse development options. Its unique configuration extends from Myrtle Avenue to Cedar Street, offering dual street access and flexible building layouts. The current zoning and Floor Area Ratio (FAR) of 2.20 permit the construction of a building with up to 5,665 sq ft, potentially an eight-family dwelling, safeguarding against excessive tax increases as a tax class 2b building. The property's strategic location, a mere one-minute walk from the Central Avenue M train, enhances its appeal. While previous rezoning discussions in Bushwick (paused in 2020) suggested a potential FAR increase to 4.2, allowing for a larger 15-unit development, the current zoning still offers significant upside. This vacant land presents a rare chance to capitalize on the vibrant Brooklyn real estate market, blending residential and commercial potential in a highly sought-after neighborhood. The property's dimensions are 25 x 103 feet.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $430,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $477,000
Market price range: $478k - $1.40M
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9271
- Latitude
- 40.6977
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
