Duplex Residential Income
For Sale
$1,139,000
256 Putnam Avenue 1, Brooklyn, NY 11216
Two-story garden residence in a new four-unit condominium conversion with private outdoor areas and a separate entrance.
Property Size1,686 SF
Price / SF$675.56
Days on Market504
Property Features for 256 Putnam Avenue 1
General Information
Standard status
Active
Size
1,686 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$74,448
Amenities
private entrance
backyard
front yard
high ceilings
oversized windows
hardwood floors
chef's kitchen
spa-inspired bathrooms
lower-level recreational room
ADT security system
Building Details
Building Size
1,686 SF
Year Built
2025
Listing Agency:
Laffey Real Estate NYC LLC
Listed By:
Philip C Laffey · License #10491206601
(516) 626-1500
Source:
Carlinwright
Added: Apr 24, 2025
Changed: Sep 6
Last Checked: Sep 8 at 11:06AM
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 Laffey Real Estate NYC LLC
Investment Insights
Based on property information with market context.
Garden Unit 1 is a two-bedroom, two-bathroom duplex within a brand-new, four-unit condominium conversion. The floor-through residence has two interior levels, a private entrance, a front yard entry with a built-in garden bed, and a south-facing backyard. High ceilings, oversized windows, and wide-plank hardwood flooring are paired with a kitchen featuring GE appliances, European cabinetry, quartz countertops, and refined finishes.
Both bathrooms include heating, with a soaking tub in the secondary bath and a rainfall shower in the primary suite. A lower-level recreation room provides additional interior space for flexible use. The property also includes an ADT security system with motion sensors and offers immediate closings. Located on Putnam Avenue in Brooklyn, the residence is positioned near Clinton Hill and Fort Greene, with access to dining, parks, and multiple subway lines.
Both bathrooms include heating, with a soaking tub in the secondary bath and a rainfall shower in the primary suite. A lower-level recreation room provides additional interior space for flexible use. The property also includes an ADT security system with motion sensors and offers immediate closings. Located on Putnam Avenue in Brooklyn, the residence is positioned near Clinton Hill and Fort Greene, with access to dining, parks, and multiple subway lines.
Key Highlights
- Two‑bedroom, two‑bathroom duplex with two interior floors
- Private entrance plus front yard entry and south‑facing backyard
- Brand‑new four‑unit condominium conversion completed in 2025
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
$51,472
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
4.52%
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%
$1,029,440
$1.0M
Cap Rate 7%
$735,314
$735.3K
Cap Rate 9%
$571,911
$571.9K
Market Conditions
NOI Build-Up for 1,686 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
$95.5K $56.64/SF
− Vacancy
−$1.9K −$1.13/SF
EGI
$93.6K $55.51/SF
− OpEx
−$42.1K −$24.98/SF
NOI
$51.5K $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 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%
$1,029,440
Cap Rate 7%
$735,314
Cap Rate 9%
$571,911
Alternative Uses
Best Use
Apartment 5plus
$735.3K
$643.4K – $857.9K
NOI $51,472 @ 7.0% cap · market cap 4.52%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.40M
$1.22M – $1.63M
NOI $97,721 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
5,956
Businesses Nearby
Explore this area
Business Placement
Demographics for 11216, NY
61,251
Population
28,825
Households
2.1
Avg Household Size
34
Median Age
56%
College-Educated
91%
High-School Grad
1.0 sq mi
ZIP Area
61,251
Density / Sq Mi
$95,000
Median Household Income
$61,389
Median Earnings
$2,180
Median Rent
$1,398,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-story garden residence in a new four-unit condominium conversion with private outdoor areas and a separate entrance.
Where is this residential income property located?
The property is located at 256 Putnam Avenue 1 Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,139,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom duplex with two interior floors; Private entrance plus front yard entry and south‑facing backyard; Brand‑new four‑unit condominium conversion completed in 2025
