Newly Renovated Six-Unit
For Sale
$3,200,000
1299 PUTNAM Ave, Brooklyn, NY 11221
Renovated six-unit multifamily building with a new Certificate of Occupancy issued in 2020.
Property Size1,625 SF
Price / SF$640
Days on Market114
Property Features for 1299 PUTNAM Ave
General Information
Standard status
Active
Size
1,625 SF
Property subtype
Multi Family
Financials
Cap Rate
6%
Business Included
Yes
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$15,972
Building Details
Building Size
1,625 SF
Year Built
1903
Year Renovated
2020
Stories
3
Units
6
Tenancy
Multi
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Noam Gottlieb · License #10301213890
(212) 206-2801
Source:
Elliman
Added: Jul 4
Changed: Oct 23
Last Checked: Oct 24 at 4:17PM
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 Douglas Elliman Real Estate
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Investment Insights
Based on property information with market context.
1299 Putnam Avenue is a newly renovated six-unit multifamily property in Brooklyn. The building underwent substantial rehabilitation beginning in 2018, and a new Certificate of Occupancy was received in 2020. The property is described as measuring approximately 25 by 65 feet and includes roughly 5,000 square feet total.
The listing notes strong in-place income, along with projected performance figures provided by the seller. BikeScore is listed at 70 (Very Bikeable), WalkScore at 82 (Very Walkable), and TransitScore at 84 (Excellent Transit).
This asset is offered for sale with an associated projected NOI of approximately $192,000 and an indicated 6% capitalization rate, based on information included in the remarks.
The listing notes strong in-place income, along with projected performance figures provided by the seller. BikeScore is listed at 70 (Very Bikeable), WalkScore at 82 (Very Walkable), and TransitScore at 84 (Excellent Transit).
This asset is offered for sale with an associated projected NOI of approximately $192,000 and an indicated 6% capitalization rate, based on information included in the remarks.
Key Highlights
- Renovated six‑unit multifamily building (built in 1903) with a new Certificate of Occupancy received in 2020
- Approximately 5,000 SF building size (25 by 65 ft) after substantial rehabilitation beginning in 2018
- Projected NOI of approximately $192,000
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$152,645
Cap Rate
4.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,052,900
$3.1M
Cap Rate 7%
$2,180,643
$2.2M
Cap Rate 9%
$1,696,056
$1.7M
Market Conditions
NOI Build-Up for 5,000 SF
Gross rent
$283.2K $56.64/SF
− Vacancy
−$5.7K −$1.13/SF
EGI
$277.5K $55.51/SF
− OpEx
−$124.9K −$24.98/SF
NOI
$152.6K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,052,900
Cap Rate 7%
$2,180,643
Cap Rate 9%
$1,696,056
Alternative Uses
Best Use
Apartment 5plus
$2.18M
$1.91M – $2.54M
NOI $152,645 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.14M
$3.62M – $4.83M
NOI $289,800 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
6
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
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
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
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated six-unit multifamily building with a new Certificate of Occupancy issued in 2020.
Where is this apartment building located?
The property is located at 1299 PUTNAM Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Renovated six‑unit multifamily building (built in 1903) with a new Certificate of Occupancy received in 2020; Approximately 5,000 SF building size (25 by 65 ft) after substantial rehabilitation beginning in 2018; Projected NOI of approximately $192,000
