| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 43rd | Poor |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1615 Saint Johns Pl, Brooklyn, NY, 11233, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2002 |
| Units | 36 |
| Transaction Date | 2017-12-31 |
| Transaction Price | $125,000 |
| Buyer | 1615 ST JOHN'S PLACE INC |
| Seller | JOHN HANCOCK CORPORATE TAX CREDIT FUND I |
1615 Saint Johns Pl, Brooklyn Multifamily Opportunity
Neighborhood fundamentals point to durable renter demand and occupancy stability at the submarket level, according to CRE market data from WDSuite, with metrics measured for the surrounding neighborhood rather than the property itself.
Situated in Brooklyn s Urban Core, the property benefits from a neighborhood rated A- (competitive among New York-Jersey City-White Plains neighborhoods). Amenity access is a clear strength with groceries, pharmacies, restaurants, cafes, parks, and childcare options ranking in the upper national percentiles which supports daily convenience and reinforces leasing appeal to renters.
Renter-occupied housing accounts for about 78% of neighborhood units (top tier nationally), indicating a deep tenant base for multifamily. Neighborhood occupancy has trended in the mid-90s and sits above national norms, supporting income stability for well-positioned assets. Median contract rents have grown over the past five years while remaining balanced relative to local incomes, which can aid retention and reduce turnover volatility.
Within a 3-mile radius, population and household counts have increased over the past five years, with forecasts calling for further growth and a smaller average household size. For investors, that points to a larger renter pool and ongoing demand for professionally managed apartments, which can help sustain occupancy and absorption.
The asset s 2002 construction is newer than the area s older housing stock (average vintage around 1940). That vintage profile typically competes well for tenants versus prewar inventory, while still warranting periodic system updates and common-area refreshes to maintain positioning. Elevated home values in the neighborhood relative to local incomes suggest a high-cost ownership market, which tends to reinforce reliance on rental housing and support pricing power for quality units.
Safety conditions in the neighborhood compare weaker than national norms based on WDSuite s CRE data, indicating elevated crime relative to many U.S. neighborhoods. Importantly, recent trends show improvement in violent incidents on a year-over-year basis, which investors can monitor as part of ongoing risk assessment.
For underwriting, consider enhanced security features, well-lit common areas, and partnership with local community programs. Compare performance to nearby Brooklyn submarkets to gauge how management practices and resident screening can mitigate risk while maintaining occupancy.
Nearby corporate offices in finance and consumer goods provide a broad white-collar employment base that supports renter demand and commute convenience, including Prudential, AIG, Dr Pepper Snapple Group, S&P Global, and Guardian Life.
- Prudential insurance & financial services (3.8 miles)
- Aig insurance & financial services (4.9 miles) HQ
- Dr Pepper Snapple Group beverages (5.0 miles)
- S&P Global financial data & analytics (5.0 miles) HQ
- Guardian Life Ins. Co. of America insurance (5.1 miles) HQ
1615 Saint Johns Pl aligns with core Brooklyn renter demand drivers: a deep renter-occupied base, strong neighborhood amenity access, and occupancy that has held above national norms. The 2002 construction is a competitive advantage versus older local stock, with potential to capture steady leasing while planning selective capital for systems and interiors. Elevated ownership costs locally continue to support reliance on multifamily rentals. Based on CRE market data from WDSuite, neighborhood-level trends in population and household growth point to a larger tenant base over the next several years.
Key considerations include safety benchmarks that trail national averages and modest school ratings, which argue for active property management and resident experience upgrades. With disciplined operations and targeted improvements, the asset can compete effectively in a high-demand, urban renter market.
- Newer 2002 vintage vs. area s prewar stock, aiding competitiveness with planned system and interior updates
- Deep renter base and above-average neighborhood occupancy support income durability
- High-cost ownership market reinforces sustained demand for quality rentals
- 3-mile population and household growth expand the tenant pool and support absorption
- Risk: safety metrics trail national norms; proactive security and management practices advised