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
30 years
10 years
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.