748 Putnam Avenue
748 Putnam Avenue is a four-story, 19-foot-wide brownstone in Brooklyn offering five residential units at $1,700,000 (3.5% cap, $60,185 NOI). Built in 1950, the 3,420 SF building on a 1,900 SF lot retains original architectural character and abundant natural light. All units are currently at free-market rents below market levels, presenting a clear value-add opportunity for an investor to renovate and increase rental income.
The property comprises one one-bedroom garden floor-through, one one-bedroom floor-through on the second floor, two one-bedroom units on the third floor, and one one-bedroom floor-through on the fourth floor. The building is fully occupied. Additional upside exists through operational improvements—installing individual boilers and water heaters for each unit to reduce shared utility costs—and capital appreciation via air rights. The available air rights allow potential development of the top floor into a duplex apartment, subject to city approvals, which could materially increase unit count and rental revenue.
The R6B-zoned property also suits an owner-user buyer seeking to occupy one unit while collecting rental income from the remaining four apartments, combining personal housing with passive cash flow.
- Five units at below-market rents; strong renovation and rent-growth upside
- Original 1950s brownstone with architectural details and natural light
- Air rights available for top-floor expansion into duplex apartment
- Owner-user opportunity: live in one unit, rent four others
- Fully occupied; individual utility metering opportunity to reduce landlord costs
More property details
Location & transit
Transit/Subway
Buses
Commuter Rail
Airport
This 19-foot-wide, four-story brownstone contains five residential units, including a one-bedroom garden floor-through apartment on the first floor, a one-bedroom floor-through apartment on the second floor, two one-bedroom apartments on the third floor, and another one-bedroom floor-through apartment on the fourth floor. The property retains its original architectural details and benefits from abundant natural light throughout. The building presents an investment opportunity with all units offered at free-market rents, providing potential for an investor to renovate the apartments and increase rental income, as current rents are reportedly below market levels. Additional value may be created by installing individual boilers and water heaters for each apartment and utilizing available air rights to potentially add space to the top floor and create a duplex apartment, subject to applicable approvals. The property also offers an owner-user opportunity, allowing the buyer to occupy one unit while generating rental income from the remaining apartments.
Transit data provided by Google. Times and distances are estimates.