Wednesday, October 17, 2012

Listings: 960 Myrtle Avenue

Our first addition to the Listings section of the blog is a mixed-use property right on the edge of Bed-Stuy & Bushwick that you won't find on your StreetEasy, NYTimes, Loopnet, or many other places where commercial, residential, and mixed-use listings often go.  960 Myrtle Avenue is a 25' x 60' building on a 100' lot with 6 free-market apartments and a store on the ground floor.  Before considering vacancy and management, it's rocking a cap rate just above 6% on paper with an implied upside even higher.  We wonder if the apartments are 1 or 2 bedrooms, with a little lack of clarity on the listing there.  But just two blocks from both the G train and the JMZ trains, this has Bed-Stuy/Bushwick hipster growth potential written all over it.  Free market rentals ranging from $950 to $1,250/month show the room this place has to run, and bikes in the hallway (seen in an earlier listing) are always a good sign:

Sure, it's across the street from the projects, but that didn't stop 433 Dekalb Avenue from repositioning itself to suit the Pratt area or rocking out a killer commercial upgrade from a laundromat to one of Brooklyn's yummiest destinations, Umi Nom.  Very few had the vision to see that one coming a mere 4 years ago.  960 Myrtle Avenue isn't quite our main stomping grounds, but we're hesitant to sleep on any investments just out of our comfort range after seeing the boom going on in other neighborhoods that were very recently considered off the beaten path.

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