Three-Unit Brick
For Sale
$1,700,000
1119 Putnam Avenue, Brooklyn, NY 11221
Residential Income, Brooklyn, NY
Property Size3,000 SF
Lot Size0.05 Acres
Price / SF$566.67
Days on Market229
Property Features for 1119 Putnam Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 6, Bedroom 2, Bedroom 4, Bathroom 1, Basement, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 3
Basement
Full
Standard status
Active
APN
03366-0049
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
4339
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1910
Number of units
3
Building materials
Brick
Listing Agency:
Listed New York Elite Inc
Listed By:
Alfred Jennings
(718) 801-8492
Added: Jan 19
Changed: Aug 20
Last Checked: Sep 5 at 6:06AM
MLS# 953343
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1910 brick townhouse is configured as a triplex with approximately 3,000 square feet across three residential units. Each unit includes two bedrooms and one bathroom, creating a consistent layout throughout the building. Baseboard heating, window or wall/window cooling units, and a basement are included among the existing features. The property requires some TLC, allowing for updates to the interior and building condition.
Located on Putnam Avenue in Brooklyn’s Bushwick area, the property is near the J/Z subway lines, local shops, cafes, and neighborhood amenities. Public water and public sewer serve the site, which encompasses approximately 0.0459 acres.
Located on Putnam Avenue in Brooklyn’s Bushwick area, the property is near the J/Z subway lines, local shops, cafes, and neighborhood amenities. Public water and public sewer serve the site, which encompasses approximately 0.0459 acres.
Key Highlights
- Three residential units, each with a two‑bedroom, one‑bath layout
- Approximately 3,000 square feet across the building
- Brick construction completed in 1910
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$105,065
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.18%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,101,300
$2.1M
Cap Rate 7%
$1,500,929
$1.5M
Cap Rate 9%
$1,167,389
$1.2M
Market Conditions
NOI Build-Up for 3,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$153.0K $51.00/SF
− Vacancy
−$2.9K −$0.97/SF
EGI
$150.1K $50.03/SF
− OpEx
−$45.0K −$15.01/SF
NOI
$105.1K $35.02/SF
Area
Brooklyn, NY
Vacancy
1.90%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,101,300
Cap Rate 7%
$1,500,929
Cap Rate 9%
$1,167,389
Alternative Uses
Best Use
Multifamily LT 5
$1.50M
$1.31M – $1.75M
NOI $105,065 @ 7.0% cap · market cap 6.18%
Second Best
Apartment 5plus
$1.31M
$1.14M – $1.53M
NOI $91,587 @ 7.0% cap · market cap 5.39%
Theoretical Best
Specialty Retail
$2.48M
$2.17M – $2.90M
NOI $173,880 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,397
Businesses Nearby
Explore this area
Business Placement
Demographics for 11221, NY
89,222
Population
38,690
Households
2.3
Avg Household Size
33
Median Age
42%
College-Educated
84%
High-School Grad
1.4 sq mi
ZIP Area
63,730
Density / Sq Mi
$85,122
Median Household Income
$49,202
Median Earnings
$2,055
Median Rent
$1,061,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Bushwick multifamily property with three residential units, public utilities, and proximity to J/Z subway service.
Where is this triplex located?
The property is located at 1119 Putnam Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Three residential units, each with a two‑bedroom, one‑bath layout; Approximately 3,000 square feet across the building; Brick construction completed in 1910
