496 Putnam Ave 16 Unit Apartment Building $2,299,999 ($143,750/Unit) 6.78% Cap Rate Brooklyn, NY 11221

This offering presents a prime
opportunity to acquire 496 Putnam Avenue, a 16-unit, rent-stabilized multifamily property in the heart of Bedford-Stuyvesant, Brooklyn. Owned and operated by the same family for over 20 years, the building offers investors a well-maintained asset with proven cash flow and long-term upside.
The property features a balanced unit mix of (8) one-bedroom apartments and (8) studio units, all rent-stabilized and fully occupied. Current gross rental income is approximately $259,907.64 annually, with steady NOI and significant future appreciation potential as rents gradually increase under NYC Rent Guidelines Board adjustments.
Located on a tree-lined block in one of Brooklyn’s most dynamic and desirable neighborhoods, 496 Putnam Avenue benefits from consistent tenant demand, strong neighborhood fundamentals, and excellent access to transportation, retail, and lifestyle amenities.
This is a prime opportunity for investors seeking stable cash flow, tax-protected rent regulation, and long-term appreciation in one of New York City’s most sought-after multifamily markets.
Investment highlights
496 Putnam Avenue — Bedford-Stuyvesant, Brooklyn
Asking Price: $2,299,999
Cap Rate: 6.78%
Owned and cared for by the same owner for over two decades, this four-story limestone property delivers stable income, consistent tenancy, and long-term operational reliability.
Located at the corner of Putnam Avenue and Throop Avenue, the building sits within one of Brooklyn’s most established and high-demand rental corridors, surrounded by neighborhood amenities, transportation options, and steady renter interest.
Property Overview
16 Total Units
– 8 Studios (North-Facing)
– 8 One-Bedrooms (South-Facing)
Four-story limestone façade
100% Occupancy
Rent-stabilized building
Units updated and renovated upon turnover
Reliable building layout with strong natural light throughout
Corner property providing dual street exposure
Income Summary
Gross Monthly Rent: $21,658.97
Annual Gross Income: $259,907.64
Operating Expenses
Con Edison: $1,100
National Grid (Gas/Heating): $7,800
Water/Sewer: $11,000
Real Estate Taxes: $64,486
Insurance: $13,503
Maintenance: $6,000
Total Annual Expenses: $103,889
Financial Performance
Net Operating Income (NOI): $156,018.64
Cap Rate (at $2,299,999): 6.78%
Investment Highlights
Strong 6.78%+ cap rate in a highly sought-after Brooklyn submarket
Fully occupied, fully rent-stabilized, turnkey cash-flowing asset
Long-term ownership with a proven track record of maintenance
Consistent unit renovations completed as vacancies occur
Healthy mix of studios and one-bedrooms, ideal for long-term tenant retention
Stable, predictable income stream with low volatility
Located in a prime Bedford-Stuyvesant residential pocket near transportation, retail, and dining
Ideal for investors seeking steady yield, long-term appreciation, and secure tenancy