A mixed-use property at 469 Myrtle Avenue, located between Washington Avenue and Hall Street in Brooklyn’s Clinton Hill neighborhood, was sold in an all cash transaction valued at $950,000.
The three-story property is approximately 3,000 square feet and sits on a 20’ x 80’ lot. The building contains one retail store and four free market apartments. The property is located in an R7-A zone and can accommodate an additional 2,520 square feet of development rights. The sale price equates to approximately $316 per square foot and a 4.87% Cap Rate.
"We've sold seven properties along Myrtle Avenue in the past 18 months and each buyer has come from within the Community Board. Local buyers and retail tenants remain committed to Myrtle Avenue,” said Massey Knakal First Vice President of Sales Stephen Palmese who exclusively handled this transaction.
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Neighborhoods: Clinton Hill/ Agents: Stephen Palmese