| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 52nd | Fair |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1240 Gates Ave, Brooklyn, NY, 11221, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1983 |
| Units | 120 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1240 Gates Ave Brooklyn Multifamily Investment
Renter demand is reinforced by a high-cost ownership market and a renter-occupied housing base, with neighborhood occupancy around the mid-90s according to WDSuite’s CRE market data. The investment angle centers on durable leasing supported by deep amenities and a workforce-rich location.
Positioned in Brooklyn’s Urban Core, the property sits in a neighborhood rated A and ranked 97 out of 889 metro neighborhoods — competitive among New York-Jersey City-White Plains neighborhoods based on CRE market data from WDSuite. Neighborhood occupancy is about 94.1%, and the area maintains a 75.8% share of renter-occupied housing units, indicating a sizable tenant base and support for leasing stability.
Amenity access is a standout. Grocery options rank at the top nationally, with restaurants, parks, childcare, cafes, and pharmacies also in the high national percentiles. For investors, this density of daily-needs and lifestyle services supports retention and broad appeal across renter cohorts. Average school ratings are below national norms, which may shape the tenant mix more toward adult renters and households prioritizing proximity and convenience over school quality.
The ownership market is high-cost (home values sit in the upper national percentiles and value-to-income is elevated), which tends to sustain reliance on rental housing. Rent-to-income metrics point to notable affordability pressure, so operators should emphasize lease management and renewal strategies calibrated to income bands rather than pushing rapid rent increases.
Within a 3-mile radius, demographics indicate population growth over the past five years, an increase in households, and rising incomes, with projections calling for further renter pool expansion and higher median contract rents through 2028. These trends support demand depth and occupancy stability, though they also underscore the importance of product positioning and pricing discipline.
The asset’s 1984 vintage is newer than the neighborhood’s older housing stock profile. That relative positioning can be a competitive advantage versus prewar buildings; however, investors should still plan for targeted system upgrades and modernization to keep the property aligned with renter expectations and to capture value-add upside.
Safety indicators for the immediate neighborhood track below national norms (national percentiles for both violent and property offenses are low). Within the New York-Jersey City-White Plains metro, the neighborhood’s crime rank is on the higher-crime side compared with 889 neighborhoods. Recent year-over-year declines in both violent and property offense rates, however, suggest improving momentum, according to WDSuite’s CRE market data.
For investors, the takeaway is contextual: current safety metrics warrant conservative underwriting on security and insurance, while the downward trend provides a constructive signal to monitor over subsequent leasing cycles.
Proximity to major employers supports a broad workforce renter base and commute convenience. Nearby anchors include Prudential, JetBlue Airways, Con Edison (distribution and corporate), and Yahoo, which collectively underpin steady leasing potential.
- Prudential — insurance (3.9 miles)
- Jetblue Airways — airline HQ & operations (4.1 miles) — HQ
- Con Edison Distribution Engineering — utilities engineering (4.6 miles)
- Consolidated Edison — utilities (4.6 miles) — HQ
- Yahoo — media & technology offices (4.6 miles)
1240 Gates Ave offers exposure to a renter-heavy Brooklyn submarket where occupancy is solid and amenity density is exceptional. The area’s high-cost ownership landscape reinforces multifamily reliance, while 3-mile demographics show household growth and income gains that expand the tenant base and support rent levels. According to CRE market data from WDSuite, neighborhood occupancy remains healthy and amenity access ranks among the highest nationally, bolstering leasing durability.
Built in 1984, the property is newer than much of the surrounding stock, offering a relative competitive edge versus older buildings and a clear path for targeted value-add through system updates and contemporary finishes. Operators should balance pricing power with rent-to-income realities and monitor safety positioning; recent crime-rate improvements are constructive but call for ongoing attention in underwriting and operations.
- Renter-heavy neighborhood and mid-90s occupancy support demand depth and leasing stability.
- Exceptional amenity density (groceries, dining, parks) enhances retention and appeal.
- 1984 vintage provides relative competitiveness and targeted value-add/modernization upside.
- 3-mile projections point to a larger, higher-earning renter pool and ongoing rent support.
- Risks: affordability pressure (rent-to-income), below-national safety positioning, and school quality.