Cushman & Wakefield Sells Retail Property with Development Potential in Bushwick
A retail property at 1417-1427 Myrtle Avenue, located between Harman Street and Greene Avenue in Brooklyn’s Bushwick neighborhood, was sold in an all-cash transaction valued at $2,800,000.
The five-unit retail property contains approximately 6,800 square feet and features approximately 100 feet of frontage on one of Bushwick’s prime corridors. The site holds approximately 23,120 buildable square feet, offering additional development potential. The sale price equates to approximately $412 per square foot and a 4% capitalization rate.
The M subway line is one block from the property at Knickerbocker Avenue and the L subway line is two blocks away at Wyckoff Avenue, with direct access to Williamsburg and Manhattan in 20 minutes. Neighboring retailers include Dunkin’ Donuts, Burger King, Bank of America, and Rite Aid.
“Standing at less than 30% of as-of-right buildable potential, this cash flowing retail property offered this developer a reasonable return today with substantial mixed-use development upside nearby Bushwick’s two major train lines,” said Cushman & Wakefield’s Michael Amirkhanian, who exclusively handled this transaction.