| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 37th | Poor |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 175 Spencer St, Brooklyn, NY, 11205, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2009 |
| Units | 35 |
| Transaction Date | 2015-11-05 |
| Transaction Price | $16,380,000 |
| Buyer | BSP SPENCER LLC |
| Seller | SPENCER REALTY DEVELOPERS LLC |
175 Spencer St, Brooklyn Multifamily Investment Opportunity
Investor positioning centers on durable renter demand in an Urban Core pocket of Brooklyn, with neighborhood-level occupancy and renter concentration supporting steady leasing, according to CRE market data from WDSuite. Amenity density and access to major job nodes underpin retention and pricing power at the submarket level.
This Urban Core neighborhood of Brooklyn scores A- overall and is top quartile nationally on amenity access, with dense groceries, pharmacies, cafes, parks, and restaurants. These are neighborhood metrics, not property-level amenities, and they help support day-to-day livability and leasing velocity for multifamily assets.
The neighborhood’s renter-occupied share is high (measured at the neighborhood level), indicating a deep tenant base and consistent multifamily demand. Neighborhood occupancy has been stable near the low-90s over the past five years, supporting income predictability for well-operated assets.
Within a 3-mile radius, demographics show recent population and household growth, with forecasts indicating further gains and a modest decline in average household size by 2028. For investors, this implies a larger tenant base and ongoing renter pool expansion that can support occupancy stability and absorption of renovated units.
Ownership is a high-cost proposition locally, with home values elevated relative to incomes at the neighborhood level. That context typically sustains renter reliance on multifamily housing and can support lease retention and pricing power, though rent-to-income levels suggest careful lease management and renewal strategies.
Relative to the metro’s older average vintage (1980), the property’s 2009 construction is newer. That can be competitively advantageous against older stock while still warranting capital planning for mid-life systems and potential repositioning to meet current renter preferences. Neighborhood NOI per-unit benchmarks are strong (near the top nationally), signaling healthy revenue potential for comparable assets.
Safety indicators at the neighborhood level are below the national median, and the area ranks weaker than many New York metro neighborhoods on crime. However, year-over-year trends show improvement, with both property and violent offense rates declining, which can reduce operational friction over time if sustained.
Investors should underwrite with conservative assumptions, focusing on practical measures such as lighting, access controls, and partnerships with professional security as appropriate, while monitoring continued trend improvements at the neighborhood—not property—level.
Proximity to major financial and insurance employers supports commuter convenience and a stable renter base, particularly for workforce and professional tenants. The nearby employment anchors below are within a short commute and help underpin leasing durability.
- AIG — insurance (2.8 miles) — HQ
- S&P Global — credit ratings & financial intelligence (2.9 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (3.0 miles) — HQ
- AmTrust Financial Services — insurance (3.0 miles) — HQ
- Assurant — insurance (3.1 miles) — HQ
175 Spencer St benefits from a renter-centric Brooklyn location where neighborhood occupancy has held in the low-90s and amenity density is among the strongest nationally. Elevated ownership costs at the neighborhood level reinforce multifamily reliance, while proximity to finance and insurance employers supports steady leasing and retention. Built in 2009, the asset is newer than much of the local stock, offering competitive positioning with potential value-add through modernization and selective system updates. Based on CRE market data from WDSuite, neighborhood performance benchmarks and renter depth support a thesis focused on income stability with targeted operational improvements.
Within a 3-mile radius, recent and forecast growth in population and households points to a larger tenant base through 2028. This dynamic, alongside neighborhood NOI strength and high renter concentration, supports ongoing demand for well-managed multifamily units, though underwriting should account for rent-to-income pressures and area safety considerations.
- Renter-heavy neighborhood with stable occupancy supports consistent leasing and retention
- 2009 vintage offers competitive positioning versus older metro stock with modernization upside
- Amenity-rich Urban Core location and proximity to major employers bolster day-to-day livability and demand
- High-cost ownership market sustains renter reliance, aiding pricing power and lease retention
- Risks: below-median safety and rent-to-income pressure warrant conservative underwriting and active lease management