"Turn Key" Multi Family Residential Property 718 Putnam Ave 4 Unit Apartment Building $2,699,000 ($674,750/Unit) 5.92% Cap Rate Brooklyn, NY 11221

718 Putnam Avenue — Brownstone Living with Meaningful Income Potential
Recently Reduced to $2,699,000
A rare opportunity to own a classic Brooklyn brownstone while benefiting from substantial supplemental rental income.
718 Putnam Avenue is a legal four-family brownstone offering an exceptional combination of gracious owner living, income generation, and long-term flexibility. Ideally suited for an owner-occupant, multi-generational household, or live-plus-income buyer, the property pairs a spacious owner’s residence with three free-market apartments—providing meaningful income to offset ownership costs.
Flexible Living & Income
Currently configured with a generously proportioned owner’s garden triplex spanning the lower level, garden, and parlor floors, the residence is complemented by three income-producing apartments above.
The layout readily accommodates a range of living arrangements, including extended family, long-term guests, an au pair or nanny suite, dedicated home offices, or evolving household needs—all while maintaining privacy under one roof.
Several leases expire throughout 2026, providing opportunities to gradually expand owner occupancy, reconfigure the property, or reposition rents to current market levels. The owner’s garden triplex, currently occupied on a month-to-month basis, can also be delivered vacant.
Importantly, all apartments are fully free-market, providing future ownership flexibility without rent-stabilization restrictions.
Strong Current Income
The property currently generates approximately $189,720 in annual gross rental income, providing a substantial offset to monthly ownership costs.
The owner’s triplex is currently leased at $7,300 per month ($87,600 annually) and may be delivered vacant. The three additional apartments currently generate $2,350, $2,750, and $3,410 per month, respectively.
Thoughtfully Renovated & Operationally Efficient
• Renovated kitchens with updated cabinetry, countertops, tilework, fixtures, and appliances
• Updated bathrooms with modern finishes
• Replaced and refinished flooring
• Contemporary lighting throughout
• Finished lower level incorporated into the owner’s triplex
• Professionally hardscaped rear yard
• Rebuilt front stoop
• Individual mini-split heating and cooling systems throughout, allowing tenants to control and pay for their own utilities
A Compelling Brooklyn Ownership Opportunity
Whether envisioned as a primary residence with substantial supplemental income, a multi-generational home, or an investment with future owner-occupancy potential, 718 Putnam Avenue offers a compelling combination of lifestyle, flexibility, income, and modernized infrastructure in one of Brooklyn’s most sought-after brownstone neighborhoods.
Ownership has also proactively addressed historical DOB and public-record references to prior six-family usage. A DOB clarification letter and supporting documentation regarding the property’s legal four-family configuration will be included in the due diligence package for qualified purchasers.
Financials, floor plans, virtual tour, and additional due diligence materials are available at 718Putnam.com.