| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 64th | Good |
| Amenities | 90th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1061 E 73rd St, Brooklyn, NY, 11234, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2003 |
| Units | 24 |
| Transaction Date | 2016-06-06 |
| Transaction Price | $450,000 |
| Buyer | SANDY BERGEN LLC |
| Seller | MG RALPH AVENUE ASSOCIATES LLC |
1061 E 73rd St, Brooklyn — 24-Unit 2003 Multifamily
Newer 2003 construction in a high-cost ownership pocket supports durable renter demand and competitive positioning versus older local stock, according to WDSuite’s CRE market data. The neighborhood shows solid amenity depth and above-median incomes, offering a stable tenant base with manageable affordability pressure.
This Urban Core Brooklyn location ranks in the top quartile among 889 metro neighborhoods (A rating), per WDSuite’s commercial real estate analysis. The area benefits from strong daily-needs coverage and lifestyle convenience: restaurants and cafes score in the top decile nationally, and pharmacies, groceries, and parks also land in the upper percentiles. These fundamentals typically aid leasing velocity and day-to-day resident satisfaction.
Neighborhood school quality trends above the national median, which can support retention for family renters and broaden the tenant pool. Median household income trends in the upper national percentiles alongside elevated home values, signaling a high-cost ownership market that tends to sustain multifamily demand and pricing power rather than diverting renters into for-sale alternatives.
The property’s 2003 vintage is materially newer than the neighborhood’s average 1970s housing stock, offering a competitive edge on unit finishes and building systems; investors should still underwrite routine modernization to keep pace with newer deliveries. Within a 3-mile radius, the renter-occupied share is roughly six in ten housing units, indicating a deep tenant base that supports occupancy stability over time.
Neighborhood occupancy is reported at the neighborhood level, not the property, and has softened over the past five years. Rent levels sit toward the higher end for the metro with steady multi‑year growth, while rent-to-income ratios suggest moderate affordability pressure that warrants attentive lease management. Together, these factors point to stable demand with typical urban cycle variability rather than structural weakness.
Safety conditions should be evaluated in context and over time. Relative to the New York–Jersey City–White Plains metro, this neighborhood’s crime rank sits on the higher-incident side (ranked closer to the higher-crime end among 889 neighborhoods), while national comparisons place it below the median for safety. For investors, this argues for standard security measures and careful operating practices.
Recent trends are constructive: both property and violent offense estimates have declined year over year, placing the area in stronger improvement percentiles nationally. While one-year improvements do not guarantee a continued trajectory, they can support leasing narratives and resident retention when paired with on-site safety protocols.
Proximity to major corporate offices supports a broad white‑collar renter base and commute convenience. Key employers include Prudential, Dr Pepper Snapple Group, S&P Global, AIG, and Guardian Life.
- Prudential — financial services (4.4 miles)
- Dr Pepper Snapple Group — beverages (6.3 miles)
- S&P Global — financial services (7.0 miles) — HQ
- Aig — financial services (7.1 miles) — HQ
- Guardian Life Ins. Co. of America — financial services (7.1 miles) — HQ
1061 E 73rd St offers 24 units built in 2003, a relative advantage in a neighborhood dominated by older 1970s-era stock. The combination of high-cost homeownership, upper-percentile incomes, and strong amenity access supports a resilient renter pool. Based on CRE market data from WDSuite, neighborhood rents trend toward the higher end with steady multi‑year growth; rent-to-income levels indicate moderate affordability pressure that calls for attentive renewals and unit positioning rather than aggressive escalation.
Demographics aggregated within a 3‑mile radius show a sizable renter base today and forecasts point to more households and smaller average household sizes over the next five years, which can expand the renter pool and support occupancy stability. While neighborhood-level occupancy has softened and safety ranks below metro averages, recent year‑over‑year crime improvements and the asset’s newer vintage provide levers to sustain performance with focused operations and selective upgrades.
- 2003 construction offers competitive positioning versus older neighborhood stock with manageable modernization needs
- High-cost ownership market reinforces renter reliance on multifamily, aiding pricing power and retention
- Strong amenity depth and above-median school ratings support leasing velocity and tenant satisfaction
- Expanding household counts and smaller household sizes (3-mile radius) point to a broader renter pool
- Risks: neighborhood safety ranks below metro averages and occupancy has softened; plan for prudent security, leasing, and renewal strategies