| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Best |
| Demographics | 83rd | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 169 16th St, Brooklyn, NY, 11215, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2009 |
| Units | 31 |
| Transaction Date | 2007-07-26 |
| Transaction Price | $450,000 |
| Buyer | GLOBAL DEVELOPMENT LLC |
| Seller | KATAN ITZHAK |
169 16th St Brooklyn Multifamily, 2009 Vintage, 31 Units
High-cost ownership in the surrounding neighborhood supports steady renter demand and above-median occupancy, according to WDSuite’s CRE market data. Positioning a 2009 asset here can capture durable tenancy while maintaining competitive rents relative to nearby older stock.
Located in Brooklyn’s Urban Core, the property benefits from a neighborhood that ranks 31st out of 889 in the New York–Jersey City–White Plains metro, signaling top-quartile livability and amenity access. Restaurants, parks, groceries, pharmacies, and childcare are dense by national standards (all near the top percentiles), which supports daily convenience and sustained renter interest.
The local housing stock skews older (average vintage 1938), while the subject property was built in 2009. This newer vintage positions the asset competitively versus surrounding inventory, with potential advantages in systems, finishes, and operating efficiency. Investors should still plan for normal mid-life capital items and selective modernization to meet current renter expectations.
Neighborhood occupancy is slightly above the national median, and the share of renter-occupied units at the neighborhood level is meaningful (about half of housing units are renter-occupied), indicating a durable tenant base. Within a 3-mile radius, renter concentration is even higher, supporting depth of demand and lease-up consistency for multifamily.
Within a 3-mile radius, population has held essentially stable over the past five years with a modest increase in households and smaller average household sizes—trends that expand the renter pool and support occupancy stability. Forward-looking projections in WDSuite point to additional population and household growth over the next five years, which can translate into a larger tenant base for well-located assets.
Home values in the neighborhood are elevated relative to incomes (high value-to-income levels), creating a high-cost ownership market that reinforces reliance on rental housing. Median contract rents here have grown materially over the last five years, while rent-to-income levels remain manageable for many area households—factors that can aid retention and informed lease management for investors engaged in multifamily property research.
Safety indicators are mixed. Within the New York–Jersey City–White Plains metro, the neighborhood’s crime rank sits in the competitive range (top quartile among 889 neighborhoods), suggesting comparatively favorable standing locally. Nationally, overall safety percentile readings are below the midpoint, indicating more conservative underwriting is appropriate when benchmarking against U.S. norms.
Recent trends are constructive: both violent and property offense rates show year-over-year declines, with improvement that compares well to national peers. For investors, this trajectory helps support leasing stability, but assumptions should still reflect the neighborhood’s urban context and variability across micro-locations.
Proximity to diversified corporate employers supports commuter convenience and renter retention, with a concentration in financial services and corporate offices within a short radius. The list below reflects nearby employment anchors likely to influence multifamily demand.
- Dr Pepper Snapple Group — corporate offices (1.7 miles)
- S&P Global — financial information services (2.8 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (2.8 miles) — HQ
- Robert Half International — staffing & consulting (2.8 miles)
- AIG — insurance (2.9 miles) — HQ
Built in 2009 with 31 units averaging approximately 471 square feet, the asset stands out versus the surrounding older housing stock, offering a competitive position on systems and finishes. Neighborhood occupancy trends are above the national midpoint, and elevated home values locally reinforce reliance on rental housing—factors that underpin demand resilience and pricing power in cycle-tested Brooklyn submarkets.
According to CRE market data from WDSuite, the neighborhood’s amenity density sits among the strongest nationally, supporting renter appeal and lease retention. Within a 3-mile radius, household counts have increased and are projected to grow further alongside smaller household sizes, expanding the renter pool. Recent rent growth at the neighborhood level has been solid over five years, while rent-to-income indicators suggest manageable affordability pressure for many renters, aiding occupancy stability.
- 2009 vintage competes well against older nearby stock; plan for mid-life capex and selective upgrades.
- Amenity-rich Urban Core location bolsters renter appeal and supports retention.
- High-cost ownership market sustains multifamily demand and pricing discipline.
- 3-mile household growth and smaller household sizes point to a larger renter base over time.
- Risk: Urban safety percentiles sit below national medians; underwrite with conservative assumptions and micro-location diligence.