"Turn Key" Multi Family Residential Property 718 Putnam Ave 4 Unit Apartment Building $2,750,000 ($687,500/Unit) 5.81% Cap Rate Brooklyn, NY 11221

718 Putnam Avenue presents a rare opportunity to acquire a fully free-market multifamily asset in the heart of Stuyvesant Heights with strong in-place income, recent capital improvements, and long-term operational efficiencies already in place. Offered at $2,750,000, the property is currently generating approximately $189,720 in annual gross rental income and delivers an attractive projected cap rate of approximately 6% based on current operations.
Currently configured as a legal four-family property, all residential units are free-market, providing investors flexibility to maintain market-rate tenancy and organically reposition rents over time without rent-stabilization restrictions. Opportunities to acquire renovated, free-market brownstone multifamily product of this quality and scale in Bedford-Stuyvesant remain increasingly limited.
The building has undergone substantial recent renovation and infrastructure improvements focused on both tenant appeal and operational efficiency. Ownership fully decommissioned the traditional boiler system and installed individual mini-split heating and cooling systems throughout the property, allowing tenants to pay their own heating and cooling costs directly while eliminating the expense and maintenance burden of a centralized system.
Recent Capital Improvements
• Fully updated kitchens with new cabinetry, countertops, tilework, fixtures, and appliances
• Renovated bathrooms with updated tile, vanities, plumbing fixtures, and finishes
• Replaced and refinished flooring throughout multiple units
• Updated lighting and contemporary fixture packages
• Finished lower level integrated into the owner’s garden triplex residence
• Professionally hardscaped rear yard creating a low-maintenance outdoor space
• Front stoop rebuilt in recent years
Current Income Profile
The property is currently fully occupied and generates approximately $15,810 in monthly rental income, equating to $189,720 annually.
The owner's garden triplex, spanning the lower level, garden, and parlor floors, currently rents for $7,300 per month. On the second floor, the property contains two free-market one-bedroom residences generating $2,350 per month and $2,750 per month, respectively. The third-floor residence currently generates $3,410 per month.
This diversified income stream provides stable cash flow while preserving future flexibility for investors seeking long-term rent growth opportunities.
Operating Overview
Annual operating expenses remain efficient, including approximately $10,812 in annual real estate taxes.
Current insurance costs are approximately $8,226 annually; however, ownership believes there may be an opportunity for a new owner to secure more competitive market-rate insurance coverage closer to approximately $5,000 annually, potentially further improving the property's already attractive return profile.
DOB & Due Diligence Transparency
Ownership has proactively addressed questions regarding historical DOB and public records indicating prior six-family use. Supporting materials, including a DOB clarification letter and related documentation regarding the property's legal configuration and use, will be included within the due diligence package for qualified purchasers.
Addressing the matter directly upfront is intended to create transparency and streamline investor underwriting and lender review.
Investment Summary
Positioned on a picturesque tree-lined block in Stuyvesant Heights, 718 Putnam Avenue offers investors a compelling combination of free-market income, modernized building systems, reduced operating exposure, and long-term appreciation potential within one of Brooklyn's most enduring brownstone neighborhoods.
Additional Financials, Floor Plans, Virtual Tour & Due Diligence Materials
www.718Putnam.com