Amirkhanian of Cushman & Wakefield sells 6,800 s/f retail property for $2.8 million

A retail property at 1417-1427 Myrtle Ave., located between Harman St. and Greene Ave. in the Bushwick neighborhood, was sold in an all-cash transaction valued at $2.8 million. The five-unit retail property contains 6,800 s/f and features 100 ft. of frontage on one of Bushwick's corridors. The site holds 23,120 buildable s/f, offering additional development potential. The sale price equates to $412 per s/f and a 4% capitalization rate. The M subway line is one block from the property at Knickerbocker Ave. and the L subway line is two blocks away at Wyckoff Ave., 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.