Renovated Two-Family
For Sale
$2,550,000
Pending
731 Putnam Ave, Brooklyn, NY 11221
Historic character, updated kitchens, private outdoor areas, and a separate garden apartment support flexible two-family living.
Property Size4,750 SF
Days on Market51
Property Features for 731 Putnam Ave
General Information
Standard status
Pending
Size
4,750 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$7,452
Building Details
Building Size
4,750 SF
Year Built
1905
Units
3
Listed By:
Paeder Alexander Varnam
(347) 257-5307
Source:
Elliman
Added: Jul 21
Changed: Sep 6
Last Checked: Sep 8 at 6:40AM
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 Paeder Alexander Varnam
Investment Insights
Based on property information with market context.
This renovated two-family brownstone combines preserved architectural character with updated residential systems and finishes. The owner’s triplex includes four bedrooms, a home office that can serve as a fifth bedroom, three-and-a-half bathrooms, a large living and dining room, a gourmet kitchen, cellar storage, and laundry space. Original doors, hardwood floors, wainscoting, pocket doors, bay windows, stained glass, ornate casings, and a centerpiece staircase remain intact. A separate one-bedroom garden apartment includes a living room, eat-in kitchen, full bathroom, closets, washer-dryer, and mudroom access to a covered patio.
The 4,750-square-foot property measures 19 feet wide by 50 feet deep and includes 1,150 square feet of private outdoor space. Exterior areas include a gated forecourt, stoop, large deck with gas grill, fenced backyard, covered patio, integrated lighting, and a sauna. Split HVAC serves the residence, while the property was built in 1905. Stuyvesant Heights provides access to Bed-Stuy, Bushwick, Clinton Hill, Fort Greene, and Crown Heights, with nearby A and C trains, LIRR service, buses, CitiBike stations, restaurants, playgrounds, and Prospect Park less than two miles away.
The 4,750-square-foot property measures 19 feet wide by 50 feet deep and includes 1,150 square feet of private outdoor space. Exterior areas include a gated forecourt, stoop, large deck with gas grill, fenced backyard, covered patio, integrated lighting, and a sauna. Split HVAC serves the residence, while the property was built in 1905. Stuyvesant Heights provides access to Bed-Stuy, Bushwick, Clinton Hill, Fort Greene, and Crown Heights, with nearby A and C trains, LIRR service, buses, CitiBike stations, restaurants, playgrounds, and Prospect Park less than two miles away.
Key Highlights
- 4,750‑square‑foot two‑family brownstone with a 3,768‑square‑foot owner’s triplex
- Owner’s residence has four bedrooms plus a home office/fifth bedroom and 3.5 bathrooms
- Separate one‑bedroom, one‑bathroom garden apartment with eat‑in kitchen and washer‑dryer
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
$166,353
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
6.52%
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%
$3,327,060
$3.3M
Cap Rate 7%
$2,376,471
$2.4M
Cap Rate 9%
$1,848,367
$1.8M
Market Conditions
NOI Build-Up for 4,750 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
$242.3K $51.00/SF
− Vacancy
−$4.6K −$0.97/SF
EGI
$237.6K $50.03/SF
− OpEx
−$71.3K −$15.01/SF
NOI
$166.4K $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%
$3,327,060
Cap Rate 7%
$2,376,471
Cap Rate 9%
$1,848,367
Alternative Uses
Best Use
Multifamily LT 5
$2.38M
$2.08M – $2.77M
NOI $166,353 @ 7.0% cap · market cap 6.52%
Second Best
Apartment 5plus
$2.07M
$1.81M – $2.42M
NOI $145,013 @ 7.0% cap · market cap 5.69%
Theoretical Best
Specialty Retail
$3.93M
$3.44M – $4.59M
NOI $275,310 @ 7.0% cap · market cap 10.80%
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
4,104
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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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Historic character, updated kitchens, private outdoor areas, and a separate garden apartment support flexible two-family living.
Where is this duplex located?
The property is located at 731 Putnam Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: 4,750‑square‑foot two‑family brownstone with a 3,768‑square‑foot owner’s triplex; Owner’s residence has four bedrooms plus a home office/fifth bedroom and 3.5 bathrooms; Separate one‑bedroom, one‑bathroom garden apartment with eat‑in kitchen and washer‑dryer
