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603 Myrtle Avenue
About This Property
Located in an R7A zoning district with a C2-4 commercial overlay, the property presents an opportunity for potential mixed-use redevelopment, subject to applicable zoning regulations and required approvals. Preliminary zoning calculations indicate approximately 7,584 SF of standard residential zoning floor area (4.00 FAR), with potential for up to approximately 9,499 SF (5.01 FAR) for qualifying affordable housing development, subject to applicable eligibility requirements and restrictions.
Featuring direct Myrtle Avenue frontage and convenient access to neighborhood retail, restaurants, Pratt Institute, and public transportation, this property offers an attractive development opportunity for investors and developers seeking a presence in a well-established Brooklyn commercial corridor.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Nov 6, 2026 | Listed by P R O Links Realty Inc | $2,580,000 | |
| Listed by P R O Links Realty Inc | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017