Brick Two-Family
For Sale
$1,250,000
1241 Putnam Avenue, Brooklyn, NY 11221
Three-floor configuration includes one-, two-, and three-bedroom living areas with private outdoor space.
Property Size2,364 SF
Price / SF$528.76
Days on Market50
Property Features for 1241 Putnam Avenue
General Information
Standard status
Active
Size
2,364 SF
Property subtype
Duplex
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,610
Building Details
Building Size
2,364 SF
Year Built
1910
Buildings
1
Construction
brick
Listing Agency:
World Wide Homes Inc
Listed By:
Julie Kirkland
(718) 221-2100
Source:
Cbwarburg
Added: Jul 23
Changed: Sep 8
Last Checked: Sep 10 at 6:07AM
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 World Wide Homes Inc
Investment Insights
Based on property information with market context.
Located at 1241 Putnam Ave in Brooklyn, this brick duplex is legally configured as a two-family residence across three floors. The garden level contains a one-bedroom layout with a living room, eat-in kitchen, full bathroom, laundry room, closet space, and access to a private backyard. Above, the parlor level provides two bedrooms, a living room, full bathroom, and updated kitchen, while the top floor includes three bedrooms, a living room, dining room, and full bathroom.
Original interior details include decorative fireplaces, mantels, high ceilings, and other architectural features. The property is near the J, Z, and L subway lines, bus routes, Citi Bike stations, cafes, restaurants, shops, parks, and Bushwick’s art and nightlife destinations.
Original interior details include decorative fireplaces, mantels, high ceilings, and other architectural features. The property is near the J, Z, and L subway lines, bus routes, Citi Bike stations, cafes, restaurants, shops, parks, and Bushwick’s art and nightlife destinations.
Key Highlights
- Legal two‑family residence arranged across three floors
- Garden‑level one‑bedroom layout with private backyard access
- Parlor level includes two bedrooms and an updated kitchen
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
$82,791
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
6.62%
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%
$1,655,820
$1.7M
Cap Rate 7%
$1,182,729
$1.2M
Cap Rate 9%
$919,900
$919.9K
Market Conditions
NOI Build-Up for 2,364 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
$120.6K $51.00/SF
− Vacancy
−$2.3K −$0.97/SF
EGI
$118.3K $50.03/SF
− OpEx
−$35.5K −$15.01/SF
NOI
$82.8K $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%
$1,655,820
Cap Rate 7%
$1,182,729
Cap Rate 9%
$919,900
Alternative Uses
Best Use
Multifamily LT 5
$1.18M
$1.03M – $1.38M
NOI $82,791 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$1.03M
$902.1K – $1.20M
NOI $72,170 @ 7.0% cap · market cap 5.77%
Theoretical Best
Specialty Retail
$1.96M
$1.71M – $2.28M
NOI $137,017 @ 7.0% cap · market cap 10.96%
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
4,740
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 - Three-floor configuration includes one-, two-, and three-bedroom living areas with private outdoor space.
Where is this duplex located?
The property is located at 1241 Putnam Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Legal two‑family residence arranged across three floors; Garden‑level one‑bedroom layout with private backyard access; Parlor level includes two bedrooms and an updated kitchen
