| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 48th | Poor |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1879 E 3rd St, Brooklyn, NY, 11223, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1987 |
| Units | 50 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1879 E 3rd St Brooklyn 50-Unit Multifamily Investment
Neighborhood occupancy has held firm and renter demand is supported by a sizable renter-occupied base, according to WDSuite’s CRE market data. Investors can underwrite steady leasing with Urban Core amenities that tend to sustain absorption.
Positioned in Brooklyn’s Urban Core, the property sits within a neighborhood rated A- and ranked in the top quartile among 889 metro neighborhoods—an area where retail, dining, and daily-needs access are strong. Nationally, amenity access trends in the top quartile, with groceries, pharmacies, restaurants, and childcare density supporting day-to-day convenience and renter retention.
The neighborhood’s renter-occupied share indicates a deep tenant base at the local level, and the neighborhood occupancy rate has edged up in recent years, signaling stable demand for units rather than transitory spikes. Median contract rents in the area are elevated in a high-cost ownership market, which tends to reinforce reliance on multifamily rentals and can support pricing power when supported by income growth.
Within a 3-mile radius, demographics point to a large population base with household counts that have expanded modestly and are projected to grow further, implying a larger tenant pool over time. Forecasts also suggest smaller average household sizes ahead, which can support continued demand for multifamily units.
Built in 1987—newer than much of the local housing stock dating to the late 1940s—the asset should compare favorably versus older buildings on systems and finishes, while investors may still plan for targeted modernization to strengthen competitiveness and NOI durability.
Safety indicators for the neighborhood track below national norms, particularly on violent offenses; however, both violent and property offense rates have declined year over year, which is a constructive trend. Relative to the New York–Jersey City–White Plains metro, this subarea is competitive but not top tier on safety; underwriting should assume typical Urban Core management practices and security measures.
Proximity to regional employers supports commuter convenience and leasing stability, particularly across finance, insurance, and corporate services represented by Dr Pepper Snapple Group, S&P Global, Guardian Life, Robert Half, and AIG.
- Dr Pepper Snapple Group — beverages (5.8 miles)
- S&P Global — financial data & analytics (7.1 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (7.2 miles) — HQ
- Robert Half International — professional staffing (7.2 miles)
- AIG — insurance (7.3 miles) — HQ
This 50-unit, 1987-vintage asset benefits from strong Urban Core fundamentals: a renter-occupied base that supports steady absorption, an occupancy rate in the neighborhood that has improved in recent years, and nationally competitive amenity access that helps retention. High ownership costs in the area continue to reinforce reliance on rentals, while income trends and projected household growth within a 3-mile radius point to a larger tenant base over time. Based on commercial real estate analysis validated by WDSuite, these factors together support underwriting for stable occupancy with potential to capture rent growth through selective upgrades.
Relative to older Brooklyn stock, the 1987 construction can compete on systems and functionality, though investors should budget for targeted modernization to sustain positioning. Affordability pressure—given rents relative to incomes—suggests a measured approach to rent increases and lease management, aligning value-add scope with demand elasticity and retention objectives.
- Urban Core location with top-quartile neighborhood ranking among 889 metro peers supports durable renter demand
- 1987 vintage offers a competitive edge versus older local stock, with scope for targeted renovations
- High-cost ownership market reinforces renter reliance, aiding retention and pricing power when supported by incomes
- 3-mile demographics indicate growing household counts and a larger tenant pool, supporting occupancy stability
- Risks: below-national safety readings and rent-to-income pressure call for prudent lease management and resident retention focus