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FOR SALE
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$39,500,000

54 08 Myrtle Avenue, Ridgewood, NY 11385

72,861 SF

Square Feet

$542

PPSF

7.24%

CAP

Property Description

NOI

$2,860,796

Cap Rate

7.24%

Avison Young, as exclusive agent is pleased to offer for sale the Myrtle - Wyckoff Assemblage (the “Property”), 7 tax lots currently improved by 21 cash flowing retail spaces, located on the intersection of Myrtle Avenue and Wyckoff Street in Bushwick/Ridgewood. The Property currently consists of 72,861 SF of retail space, currently leased and with varying expiration dates.A development scenario for this Property would benefit from two mixed-use buildings, featuring a combined as-of-right 171,492 ZFA of residential, 239,948 ZFA of commercial, and 338,750 ZFA of community facility buildable area.

Property Details

Asset Type

Development Site

Lot Size

70,573 SF

Neighborhood

Ridgewood

Submarket

Ridgewood

ZIP

11385

Listing Type

sale

Net Operating Income (NOI)

$4,538,653

Debt Service Coverage Ratio (DSCR)

2.02x

Cap Rate

11.49%

Cash Flow (Annual)

$2,291,651

Cash-on-Cash Return

23.21%

Monthly Debt Service

$187,250

Annual Debt Service

$2,247,002

View on Map

Address

54 08 Myrtle Avenue

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Ridgewood Development Site Market Snapshot

Boundary boundary · Development Site · Sale

No investors found in this market.

Contact the Listing Team

James Nelson

James Nelson

Principal and Head

88 closed

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James Nelson

James Nelson

Principal and Head

88 closed

Call