39 Putnam AveBrooklyn, NY 11238

Property Details for 39 Putnam Ave

Year built

1930

Lot size

0.04 AC

Property size (Sq ft)

4,469 SF

Zone code

R6B

Property type

Investment properties

Property subtype

Live-work space

APN

01983-0079

APU

19830079

Description

This exceptional mixed-use investment property, located at 39-41 Putnam Avenue in Brooklyn's vibrant Clinton Hill neighborhood, presents a compelling value-add opportunity. The property comprises two buildings totaling 8,609 square feet on a 3,280 square foot lot, zoned R6B. The portfolio includes seven units: two retail spaces and five apartments, currently operating at 71% occupancy. The asking price is $5,600,000, representing a price per square foot of $650.48 and a pro-forma cap rate of 7.10%. The buildings boast a prime corner location, offering high visibility for the retail spaces and ample natural light for the apartments. One building features a rare amenity in NYC: a garage. The apartments are a mix of duplexes and single units, offering modern finishes and ample living space. The property benefits from its proximity to major subway lines and is situated in a rapidly developing area with significant new construction. Combined annual property taxes are $37,786, classified as 2A. This is a 100% free-market opportunity with significant untapped potential for increased revenue and value appreciation. The property's strong location, combined with its value-add potential, makes it an attractive investment for discerning buyers seeking exposure to Brooklyn's thriving real estate market. The current vacancy rate presents an immediate opportunity to increase income. This is a rare chance to acquire a well-positioned mixed-use property in a highly sought-after Brooklyn neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $738,859

  6.5%

  $682,024

  7%

  $633,308

• Comparable approach

  Method

  Valuation

  Relative Method

  $583,920

  Geo Method

  $583,920

• Alternative Use

  Use

  Valuation

  Residential

  $845,710

  Hospitality

  $774,665

  Educational

  $644,513

  Medical

  $666,678

  Retail

  $1,002,575

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.683

Longitude

-73.9606

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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