Fully Leased Townhouse investment property with a cap rate of over 5.3% and potential for much higher. 1244 Putnam Ave is a newly renovated 2 family, 20X45 brick building consisting of 3 floors and a basement. R6 zoning on a 20X100 lot allows for additional FAR of 2,160SF to develop this building. The top floor unit is a 2 bedroom(3 bedroom convertible) with an office space and full bathroom and is currently renting for $2,300/month (Unit can be delivered vacant October 1, 2021). The main unit is a triplex with 4 bedrooms(5 bedroom convertible), 2 bathrooms, washer/dryer and access to the backyard. It is currently being rented for $4,450/month (Unit can be delivered vacant July 1, 2021). Tenants pay for electric and cooking gas. Upgrades include new hardwood floors, windows, electric, plumbing, boiler and hot water heater. Renovated kitchens come with stainless steel appliances. Tons of natural light throughout. Close to many restaurants, cafes and shops. Short walk to Irving Square Park and the J/Z/L train.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
