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1157 Myrtle Ave
Brooklyn, NY 11206
Multifamily Property For Sale
·
10 Units
Investment Highlights
- Benefiting from a 421-a tax exemption through 2053, significantly reducing operating expenses and enhancing cashflow stability.
- Five rent-stabilized units (50%) with upside through future free-market conversion (upon 421-a expiration).
- Steps from the Myrtle Avenue subway station, providing direct access to Midtown Manhattan in approximately 30 minutes.
- 13,000-square-foot property featuring 10 residential units and a 3,300-square-foot retail space leased.
- Newly built four-story building offering premium finishes, a fitness center, rooftop deck, and shared laundry facilities.
Executive Summary
CBRE, as exclusive agent, is pleased to offer for sale 1157 Myrtle Avenue (the “Property”), a newly constructed, four-story mixed-use building built in 2018 and benefiting from a 421-a tax exemption through 2053.
The Property occupies an irregular, block-through lot with dual frontage along Myrtle Avenue and Jefferson Street in the vibrant Bushwick neighborhood of Brooklyn.
The 13,000-square-foot building features 10 residential units and one ground-floor retail space. The residential component offers a mix of two-, three-, and four-bedroom layouts, each equipped with stainless-steel appliances, central air, and generously sized bedrooms that comfortably accommodate queen beds. Five units (50%) are rent-stabilized in accordance with 421-a tax exemption requirements, with the potential to convert to free-market status upon expiration of the 421-a benefits.
The property’s retail component spans 3,300 square feet and provides stable income through a lease with Boyfriend Bar running until 2029.
Further value is driven by building amenities available to tenants, including a fitness center, a usable rooftop deck, and a shared laundry room. Residents benefit from unmatched accessibility, with the Myrtle Avenue subway station just steps away—providing a seamless commute to Midtown Manhattan in approximately 30 minutes. This combination of lifestyle features and prime connectivity positions the asset as a highly attractive offering in one of Brooklyn’s most transformative neighborhoods.
1157 Myrtle Avenue represents a compelling opportunity to acquire a newly constructed, mixed-use building with long-term tax benefits, stable retail income, and significant upside through future free-market conversion—all within one of Brooklyn’s high-growth neighborhoods.
The Property occupies an irregular, block-through lot with dual frontage along Myrtle Avenue and Jefferson Street in the vibrant Bushwick neighborhood of Brooklyn.
The 13,000-square-foot building features 10 residential units and one ground-floor retail space. The residential component offers a mix of two-, three-, and four-bedroom layouts, each equipped with stainless-steel appliances, central air, and generously sized bedrooms that comfortably accommodate queen beds. Five units (50%) are rent-stabilized in accordance with 421-a tax exemption requirements, with the potential to convert to free-market status upon expiration of the 421-a benefits.
The property’s retail component spans 3,300 square feet and provides stable income through a lease with Boyfriend Bar running until 2029.
Further value is driven by building amenities available to tenants, including a fitness center, a usable rooftop deck, and a shared laundry room. Residents benefit from unmatched accessibility, with the Myrtle Avenue subway station just steps away—providing a seamless commute to Midtown Manhattan in approximately 30 minutes. This combination of lifestyle features and prime connectivity positions the asset as a highly attractive offering in one of Brooklyn’s most transformative neighborhoods.
1157 Myrtle Avenue represents a compelling opportunity to acquire a newly constructed, mixed-use building with long-term tax benefits, stable retail income, and significant upside through future free-market conversion—all within one of Brooklyn’s high-growth neighborhoods.
Property Facts
| Price Per Unit | $490,000 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 7.80% | Lot Size | 0.09 AC |
| No. Units | 10 | Building Size | 13,055 SF |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 2018 |
| Zoning | R6 - Medium density residential district | ||
| Price Per Unit | $490,000 |
| Sale Type | Investment |
| Cap Rate | 7.80% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.09 AC |
| Building Size | 13,055 SF |
| No. Stories | 4 |
| Year Built | 2018 |
| Zoning | R6 - Medium density residential district |
Amenities
Unit Amenities
- Heating
- Oven
- Tub/Shower
- Freezer
- Smoke Free
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | 600 |
| 2+1 | 4 | - | 800 |
Property Taxes
| Parcel Number | 03170-0009 | Improvements Assessment | $1,053,900 |
| Land Assessment | $86,400 | Total Assessment | $1,140,300 |
Property Taxes
Parcel Number
03170-0009
Land Assessment
$86,400
Improvements Assessment
$1,053,900
Total Assessment
$1,140,300
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