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411 Myrtle Avenue

Myrtle Shoppe Leases Retail Space At 411 Myrtle Avenue In Clinton Hill, Brooklyn
LEASEDRetail

Myrtle Shoppe Leases Retail Space At 411 Myrtle Avenue In Clinton Hill, Brooklyn

411 Myrtle Avenue

$85

$85/SF

Building Size

1,200 SF

Asset Type

Retail

Closing

Aug 1, 2023

AI

A retail property located at 411 Myrtle Avenue in Clinton Hill, Brooklyn has been leased by Myrtle Shoppe. The property, spanning 1,200 square feet, is situated in a desirable location in the market. The lease was brokered by David Avgi and Michel Liv of Avenues Real Estate on behalf of the landlord, Justin Meshberg. The lease agreement is a double net lease with a term of 10 years. The asking rent for the property was $85 per square foot.

Summary of transaction details

  • Property Type: Retail
  • Address: 411 Myrtle Avenue, Clinton Hill, Brooklyn
  • Tenant: Myrtle Shoppe
  • Landlord: Justin Meshberg
  • Brokers: David Avgi & Michel Liv
  • Asking Rent: $85/ft
  • Lease Type: Double Net Lease
  • Lease Term: 10 years

David Avgi and Michel Liv, representing Avenues Real Estate, played a crucial role in brokering the lease deal for the retail property. Their expertise and negotiation skills ensured a successful transaction between the landlord, Justin Meshberg, and the tenant, Myrtle Shoppe.

Players

David Avgi

Avenues Real Estate

Broker

$81.2M

vol

24 deals

Broker

Justin Meshberg

Landlord

$7.6M

vol

3 deals

Landlord

Brooklyn Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

186623.53%

Cash-on-Cash

-53337.58%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93