| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Best |
| Demographics | 47th | Poor |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1247 Flatbush Ave, Brooklyn, NY, 11226, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2007 |
| Units | 46 |
| Transaction Date | 2023-06-28 |
| Transaction Price | $6,778,963 |
| Buyer | CHV 1247 MORRIS MANOR LLC |
| Seller | COMMUNITY HOUSING ALLIANCE III LP |
1247 Flatbush Ave Brooklyn Multifamily Investment Opportunity
Renter demand is underpinned by an amenity-dense Urban Core location and a high neighborhood share of renter-occupied units, according to WDSuite’s CRE market data. Occupancy trends sit near national norms, supporting stable leasing while ownership costs in the area remain elevated.
This Urban Core neighborhood in Brooklyn carries an A- rating (ranked 135 out of 889 metro neighborhoods), indicating competitive fundamentals among New York–Jersey City–White Plains sub-areas. Amenity access is a clear strength: grocery, restaurants, cafes, parks, and pharmacies all index in the top national percentiles, which typically supports daily convenience and resident retention for multifamily assets.
Neighborhood renter concentration is high (renter-occupied share near the top of national comparisons), signaling a deep tenant base and durable demand for professionally managed rentals. Occupancy for the neighborhood trends around the national median, suggesting steady leasing conditions rather than outsized vacancy risk. Median contract rents benchmark above many U.S. locations, while the rent-to-income ratio points to manageable affordability pressure relative to other gateway submarkets—useful context for lease management and renewal strategies.
Within a 3-mile radius, demographic data show households have been increasing even as population has been roughly flat, which implies smaller household sizes and a broader renter pool. Forward-looking data point to further gains in household counts and income growth, expanding the potential tenant base and supporting occupancy stability and pricing discipline over time, based on CRE market data from WDSuite.
Home values in the neighborhood are elevated versus national benchmarks, and the value-to-income ratio sits near the top nationally. In practice, this high-cost ownership market helps sustain reliance on multifamily housing and can support lease retention. School ratings trend below national averages, which may temper appeal for family-oriented renters but tends to be less critical for smaller-unit assets serving workforce and young professional segments.
Vintage dynamics favor this asset: the area’s housing stock skews older (average vintage mid-20th century), while the property’s 2009 construction provides a more modern baseline versus much of the local competition. Investors should still plan for ongoing system updates and select modernization to maintain competitive positioning.
Safety indicators for the neighborhood compare below national averages, with violent and property offense rates tracking on the weaker side of national percentiles. Recent year-over-year trends show improvement, with both violent and property offense estimates declining, according to WDSuite’s CRE market data. Investors typically account for these dynamics through on-site security practices, lighting, and tenant engagement, while monitoring trend direction at the neighborhood—not block—level.
Proximity to major employers in finance, insurance, and consumer brands supports renter demand through commute convenience and a diversified white-collar employment base. Nearby anchors include Dr Pepper Snapple Group, S&P Global, Guardian Life, AIG, and Robert Half.
- Dr Pepper Snapple Group — consumer products (4.3 miles)
- S&P Global — financial information & ratings (5.2 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (5.3 miles) — HQ
- Aig — insurance (5.3 miles) — HQ
- Robert Half International — professional staffing (5.3 miles)
Built in 2009 with 46 units, this property offers a newer-vintage option in a neighborhood where much of the housing stock is mid-century. That relative vintage advantage can translate into stronger competitive positioning, while still warranting ongoing capital planning for mid-life building systems and selective modernization. The Urban Core setting features top-tier amenity access and a high share of renter-occupied housing, which supports a deep tenant base and steady leasing.
Within a 3-mile radius, households have been rising and are projected to expand further, pointing to renter pool expansion even as household sizes trend smaller. Elevated home values reinforce reliance on rentals, aiding retention and pricing power. According to CRE market data from WDSuite, neighborhood occupancy trends are around national norms while NOI per unit in the area ranks competitively versus national benchmarks, supporting long-term income durability with prudent asset management.
- Newer-vintage (2009) asset competes well against older neighborhood stock.
- High neighborhood renter concentration supports depth of tenant demand and retention.
- Elevated ownership costs sustain reliance on rentals, aiding pricing power and leasing stability.
- Risks: safety metrics below national averages and aging systems over time require active management and targeted capex.