1242 Putnam Ave Brooklyn, NY 11221

Property Details for 1242 Putnam Ave

Year built

1910

Property size

3,600 SF

Property type

Commercial real estate

Description

This stunning, fully renovated three-unit apartment building at 1242 Putnam Avenue in Brooklyn, NY (zip code 11221), presents a unique investment opportunity. Built in 1910 and completely renovated in 2024, this four-story brick townhouse boasts 3,600 square feet on a 2,000 square foot lot. The property features a desirable R6 zoning designation and includes two square feet of air rights. The building offers a strong projected net operating income (NOI) of $167,656, translating to a 6.70% cap rate at an asking price of $2,250,000. Each of the three units is equipped with modern amenities including full-sized GE appliances, matte black granite countertops, large islands, green tile backsplashes, Whirlpool washer/dryers, Kohler and Delta plumbing fixtures, Bluetooth bathroom speakers, high ceilings, hardwood floors, LED lighting, and oversized private outdoor spaces. Additional features include a video intercom system, HD security cameras, soundproofing between floors, central HVAC with Nest Wifi thermostats, and wiring for TV and internet in each room. The building is currently occupied and ready for immediate income generation. This turnkey property is located in an Opportunity Zone, offering potential tax advantages. The owner's duplex includes a spacious layout and a private backyard. The property benefits from a new roof, windows, insulation, plumbing, and electrical systems. This is an exceptional opportunity to acquire a high-performing multifamily asset in a prime Brooklyn location.