496 Putnam Avenue 16 Units 6.78% Cap Rate Offered at $2,299,999
A solid and well-maintained 16-unit rent-stabilized corner building in the heart of Bedford-Stuyvesant, 496 Putnam Avenue presents a rare opportunity to acquire a high-performing, cash-flowing asset in one of Brooklyn's most consistently strong rental markets.
Owned and operated by the same family for over 20 years, the property offers exceptional stability, predictable income, and long-term operational stewardship.
The four-story limestone building features a balanced mix of (8) north-facing studios and (8) south-facing one-bedrooms, all 100% occupied. Units are renovated and upgraded as vacancies occur, ensuring durable tenant demand and sustained rental performance.
Situated on the corner of Putnam Avenue & Throop Avenue, the building benefits from excellent visibility, strong neighborhood foot traffic, and proximity to major retail corridors, transportation, restaurants, and everyday amenities.
Unit Mix

• 16 Units Total
• 8 Studios (north-facing)
• 8 One-Bedrooms (south-facing)
• 100% Occupancy
• All Units Rent-Stabilized

Updated Income & Expenses Income

• Gross Monthly Income: $21,658.97
• Annual Gross Income: $259,907.64

Expenses

• Con Edison: $1,100
• National Grid (Gas): $7,800
• Water/Sewer: $11,000
• Real Estate Taxes: $64,486
• Insurance: $13,503
• Maintenance: $6,000
• Total Operating Expenses: $103,889

Net Operating Income

• Annual NOI: $156,018.64
• Monthly NOI: $13,001.55

Updated Investment Metrics (At $2,299,999 Price)

• Cap Rate: 6.78%
• GRM: 8.85
• Price per Unit: $143,750

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• Price per SF: $244 (update if exact SF provided)
• Pro Forma 1-Year (3% RGB): 7.12% Cap
• Pro Forma 2-Year (4.5% RGB): 7.29% Cap

Investment Highlights

• Strong, fully stabilized 16-unit rent-regulated asset with predictable year-over-year income
• Long-term ownership with consistent maintenance and upgrades
• Zero turnover and historically stable tenant base
• High-demand Bed-Stuy location with strong demographics and continuous renter demand
• Corner limestone property with great curb appeal and excellent natural light
• Rent-stabilized framework offers downside protection and dependable regulated rent growth
• Significant upside through annual RGB increases and long-term appreciation

Summary 496 Putnam Avenue offers investors the opportunity to acquire a stabilized, income-producing multifamily asset with long-term upside potential in one of Brooklyn's most desirable rental submarkets. With updated financials, strong in-place cash flow, and a compelling new price of $2,299,999, this property represents one of the strongest rent-stabilized offerings currently available in Bedford-Stuyvesant.