Brick Two-Family
For Sale
$1,685,000
1002 PUTNAM Avenue, Brooklyn, NY 11221
R6B-zoned duplex with a garden-level triplex, private backyard, and flexible residential layouts.
Property Size2,295 SF
Lot Size0.04 Acres
Price / SF$734.20
Days on Market375
Property Features for 1002 PUTNAM Avenue
General Information
Standard status
Active
Size
2,295 SF
Lot size
0.04 Acres
Property subtype
Multi Family
Zoning
R6B
Units
Unit Mix
1 x 2BR/2BA, 1 x 3.5BR/1.5BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,924
Building Details
Building Size
2,295 SF
Year Built
1899
Buildings
1
Construction
brick
Listing Agency:
Corcoran Group
Listed By:
Christopher V Cavorti · License #10301206385
(914) 804-7091
Source:
Carlinwright
Added: Sep 16, 2025
Changed: Sep 23
Last Checked: Sep 24 at 4:42PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Corcoran Group
Investment Insights
Based on property information with market context.
This 1899 brick townhouse is configured as two residences: an upper 3.5-bedroom, 1.5-bathroom duplex and a garden-level 2-bedroom, 2-bathroom triplex. The property contains approximately 2,295 square feet of residential area, plus a 765-square-foot cellar with a recreation room, for an estimated 3,060 gross square feet. Interior features include pre-war brick detailing, granite countertops, stainless-steel appliances, an updated kitchen, and multiple rooms adaptable for office, nursery, or guest use. The lower residence has direct access to a deep backyard.
Located at 1002 Putnam Avenue in Brooklyn, the property sits between Broadway and Atlantic Avenues in Bedford-Stuyvesant. Nearby transportation includes the J, Z, A, C, and L subway lines, along with the LIRR. The 17' x 100' lot is zoned R6B with an FAR of 2.0 and approximately 1,105 buildable square feet identified for expansion. The property also carries an approximate pro-forma cap rate of 5.6%.
Located at 1002 Putnam Avenue in Brooklyn, the property sits between Broadway and Atlantic Avenues in Bedford-Stuyvesant. Nearby transportation includes the J, Z, A, C, and L subway lines, along with the LIRR. The 17' x 100' lot is zoned R6B with an FAR of 2.0 and approximately 1,105 buildable square feet identified for expansion. The property also carries an approximate pro-forma cap rate of 5.6%.
Key Highlights
- Two‑family townhouse with a 3.5‑bedroom duplex over a 2‑bedroom garden‑level triplex
- Approximately 2,295 square feet of residential area plus a 765‑square‑foot cellar
- 17' x 100' lot with R6B zoning and FAR of 2.0
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
$80,375
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
4.77%
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%
$1,607,500
$1.6M
Cap Rate 7%
$1,148,214
$1.1M
Cap Rate 9%
$893,056
$893.1K
Market Conditions
NOI Build-Up for 2,295 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
$117.0K $51.00/SF
− Vacancy
−$2.2K −$0.97/SF
EGI
$114.8K $50.03/SF
− OpEx
−$34.4K −$15.01/SF
NOI
$80.4K $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%
$1,607,500
Cap Rate 7%
$1,148,214
Cap Rate 9%
$893,056
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.00M – $1.34M
NOI $80,375 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$1.00M
$875.8K – $1.17M
NOI $70,064 @ 7.0% cap · market cap 4.16%
Theoretical Best
Specialty Retail
$1.90M
$1.66M – $2.22M
NOI $133,018 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,607
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - R6B-zoned duplex with a garden-level triplex, private backyard, and flexible residential layouts.
Where is this duplex located?
The property is located at 1002 PUTNAM Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,685,000.
What are key features of this property?
This property features: Two‑family townhouse with a 3.5‑bedroom duplex over a 2‑bedroom garden‑level triplex; Approximately 2,295 square feet of residential area plus a 765‑square‑foot cellar; 17' x 100' lot with R6B zoning and FAR of 2.0
