Renovated Two-Family
For Sale
$1,999,000
Pending
1004A PUTNAM Ave, Brooklyn, NY 11221
Newly renovated two-family home near Bedford Stuyvesant, Bushwick.
Property Size2,295 SF
Lot Size0.04 Acres
Days on Market182
Property Features for 1004A PUTNAM Ave
General Information
Standard status
Pending
Size
2,295 SF
Lot size
0.04 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$7,380
Building Details
Building Size
2,295 SF
Year Built
1899
Units
2
Listed By:
Sheila G Starr
(212) 710-1900
Source:
Elliman
Added: Mar 12
Changed: Aug 25
Last Checked: Sep 8 at 8:49AM
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 Sheila G Starr
Investment Insights
Based on property information with market context.
This renovated two-family home is located near Bedford Stuyvesant, Bushwick, and Stuyvesant Heights. The building features a lobby with original double-height front doors and new mosaic tile flooring. The owner's apartment is accessible via the original staircase and features high ceilings, floor-to-ceiling windows, and hardwood floors. The living area leads to an oversized dining area and a kitchen with custom cabinetry, ceiling-height cabinets, an oversized island, and top-of-the-line appliances, including a Bertazzoni stove and Subzero fridge. A powder room is located on this level, along with direct access to a private deck and backyard. The garden level includes a primary bedroom with two double closets, an ensuite bath with upgraded finishes, double sinks, marble counters, and an oversized shower. Down the hall are a hall bath with tub and two full-sized bedrooms. The lower level has full-height ceilings, a laundry area with a soaking sink and upgraded washer/dryer, all mechanicals, and a back door to the private backyard. The income/guest apartment has a separate entrance from the common lobby and features three bedrooms with outfitted closets, a full hall bath with tub, a main living space with a fully upgraded kitchen, two large skylights, a dedicated washer/dryer, and an HVAC system. Large oversized windows are present throughout. The home includes solar panels, a whole-home water filtration system, and is fully wired for cable. Window treatments include motorized shades throughout and blackout shades in bedrooms.
Key Highlights
- Newly renovated two‑family home with high‑end finishes throughout.
- Owner's apartment features a top‑of‑the‑line kitchen with Bertazzoni stove, Subzero fridge, custom cabinetry, and oversized island, plus a private deck and backyard.
- Income/guest apartment offers three bedrooms, upgraded kitchen, two skylights, dedicated laundry, and separate HVAC.
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
4.02%
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 4.02%
Second Best
Apartment 5plus
$1.00M
$875.8K – $1.17M
NOI $70,064 @ 7.0% cap · market cap 3.50%
Theoretical Best
Specialty Retail
$1.90M
$1.66M – $2.22M
NOI $133,018 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
Check the figures for this property
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 - Newly renovated two-family home near Bedford Stuyvesant, Bushwick.
Where is this duplex located?
The property is located at 1004A PUTNAM Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Newly renovated two‑family home with high‑end finishes throughout.; Owner's apartment features a **top‑of‑the‑line kitchen** with Bertazzoni stove, Subzero fridge, custom cabinetry, and oversized island, plus a private deck and backyard.; Income/guest apartment offers three bedrooms, upgraded kitchen, two skylights, dedicated laundry, and separate HVAC.
