Renovated Three-Unit
For Sale
$2,999,000
479 Putnam, Brooklyn, NY 11221
Residential Income, Brooklyn, NY
Property Size3,420 SF
Lot Size0.04 Acres
Price / SF$876.90
Days on Market11
Property Features for 479 Putnam
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 5, Bathroom 4, Bathroom 5, Bedroom 6, Bedroom 4, Bedroom 3, Bathroom 2, Bedroom 8, Bedroom 9, Bathroom 1, Bedroom 7, Bedroom 2, Bedroom 1, Bathroom 3
Subdivision
Bedford-Stuyvesant
High school district
13
Standard status
Active
Lot size
0.04 Acres
Utilities
Heating system
Baseboard, Natural Gas
Building Details
Year built
1899
Floors in Building
3
Flooring type
Hardwood
Listing Agency:
COZY CORNER REALTY LLC
(917) 923-4038
Listed By:
Lorraine Digregorio
(718) 331-2490
Added: Sep 17
Changed: Sep 23
Last Checked: Sep 27 at 12:06PM
MLS# 11985421
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 479 Putnam Avenue in Brooklyn, this four-story brownstone contains approximately 3,420 square feet of interior living space and three renovated apartments. The garden triplex includes 3/4 bedrooms, three bathrooms, a finished basement, and a private backyard connected to the kitchen deck and sitting room. The two upper apartments each offer three bedrooms and one bathroom, with open-concept layouts and abundant natural light.
Renovation features include new electrical and plumbing systems, hardwood floors, granite countertops, ceramic tile, split-level air-conditioning and heating units, and baseboard heating. The property occupies a 19x100 lot with a 19x45 building footprint and was built in 1899. It is situated on a tree-lined block near restaurants, nightlife, parks, playgrounds, subways, buses, and LIRR service. The property may be sold furnished.
Renovation features include new electrical and plumbing systems, hardwood floors, granite countertops, ceramic tile, split-level air-conditioning and heating units, and baseboard heating. The property occupies a 19x100 lot with a 19x45 building footprint and was built in 1899. It is situated on a tree-lined block near restaurants, nightlife, parks, playgrounds, subways, buses, and LIRR service. The property may be sold furnished.
Key Highlights
- Three renovated apartments, including a garden triplex and two three‑bedroom units
- Approximately 3,420 sqft across 4 stories
- Garden triplex with 3/4 bedrooms, 3 bathrooms, finished basement, and private backyard
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
$119,774
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
3.99%
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%
$2,395,480
$2.4M
Cap Rate 7%
$1,711,057
$1.7M
Cap Rate 9%
$1,330,822
$1.3M
Market Conditions
NOI Build-Up for 3,420 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
$174.4K $51.00/SF
− Vacancy
−$3.3K −$0.97/SF
EGI
$171.1K $50.03/SF
− OpEx
−$51.3K −$15.01/SF
NOI
$119.8K $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%
$2,395,480
Cap Rate 7%
$1,711,057
Cap Rate 9%
$1,330,822
Alternative Uses
Best Use
Multifamily LT 5
$1.71M
$1.50M – $2.00M
NOI $119,774 @ 7.0% cap · market cap 3.99%
Second Best
Apartment 5plus
$1.49M
$1.31M – $1.74M
NOI $104,409 @ 7.0% cap · market cap 3.48%
Theoretical Best
Specialty Retail
$2.83M
$2.48M – $3.30M
NOI $198,223 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
5,056
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?
Triplex - Three updated apartments combine residential flexibility with new electrical and plumbing systems, hardwood floors, and private outdoor space.
Where is this triplex located?
The property is located at 479 Putnam Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: Three renovated apartments, including a garden triplex and two three‑bedroom units; Approximately 3,420 sqft across 4 stories; Garden triplex with 3/4 bedrooms, 3 bathrooms, finished basement, and private backyard
