| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 37th | Poor |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 192 Spencer St, Brooklyn, NY, 11205, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2006 |
| Units | 47 |
| Transaction Date | 2004-06-17 |
| Transaction Price | $1,355,000 |
| Buyer | BSP SPENCER LLC |
| Seller | SPENCER STREET REALTY LLC |
192 Spencer St Brooklyn 47-Unit Multifamily Opportunity
Mid-2000s construction in an amenity-dense Brooklyn pocket supports durable renter demand and steady operations, according to WDSuite’s CRE market data. The neighborhood’s high renter concentration and strong local services underpin occupancy while leaving room for value-add positioning.
This Urban Core neighborhood in Brooklyn rates A- (ranked 137 of 889 metro neighborhoods), signaling competitive fundamentals within New York’s broader rental market. Amenities are a clear strength: groceries, parks, pharmacies, cafes, and restaurants all register in the top national percentiles, which typically supports leasing velocity and resident retention for multifamily assets.
Local renter concentration is high, with about 78% of housing units renter-occupied, indicating a deep tenant base and consistent apartment demand. Neighborhood occupancy is in the upper half of U.S. neighborhoods and has remained broadly stable, which helps underpin income durability for well-managed properties.
Ownership costs are elevated relative to national norms (home values score in the top percentile nationally), a dynamic that generally sustains reliance on multifamily housing and can support pricing power when units are well-finished. At the same time, rent-to-income levels point to some affordability pressure, suggesting that proactive lease management and thoughtful amenity upgrades are important to balance retention and rent growth.
Demographic statistics aggregated within a 3-mile radius show recent population and household growth, with forecasts pointing to further gains and smaller average household sizes by 2028. For investors, that translates to a larger and diversifying renter pool, supporting occupancy stability and absorption of renovated units over time.
School ratings in the surrounding area trend below national averages, which may shape unit-mix appeal toward singles and couples; however, the abundant neighborhood amenities and transit access typical of this part of Brooklyn continue to attract renters seeking convenience and proximity to job centers.
Vintage context: the property was built in 2006, newer than the neighborhood’s average 1980 construction year. That relative youth can enhance competitive positioning versus older stock, though investors should still plan for mid-cycle systems upgrades and selective modernization to capture premiums.
Safety conditions are mixed relative to peers in the New York metro. The neighborhood’s crime rank sits on the lower end (173 out of 889 metro neighborhoods, where a lower rank indicates higher crime), placing it below metro averages and below the national safety median. However, recent trends are constructive: both violent and property offense rates have declined year over year, with improvement pacing ahead of many neighborhoods nationwide.
For underwriting, this suggests that while extra attention to on-site security and lighting may be prudent, improving trendlines can support leasing and renewal efforts, particularly when combined with professional property management and active community engagement.
Nearby employment centers include major finance and insurance headquarters within roughly 3 miles, which supports commuter convenience and helps deepen the renter base for workforce and professional households. Key employers include AIG, S&P Global, Guardian Life, Amtrust Financial Services, and Assurant.
- AIG — insurance (2.8 miles) — HQ
- S&P Global — financial services (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
192 Spencer St offers 47 units in a high-amenity Brooklyn location with a deep renter base and steady neighborhood occupancy. Built in 2006, the asset is newer than much of the local housing stock, supporting competitive positioning versus older buildings while allowing for targeted modernization to drive rent premiums. Elevated ownership costs in the area reinforce multifamily reliance, and demographic momentum within a 3-mile radius points to continued renter pool expansion and support for occupancy stability.
According to CRE market data from WDSuite, the neighborhood’s renter-occupied share is very high and amenities rank among the strongest nationally, which typically underpins leasing velocity. Balanced underwriting should consider affordability pressure (rent-to-income levels) and local safety differentials, while recognizing improving crime trendlines and proximity to major employers that can aid retention.
- Amenity-rich Urban Core location supports demand, lease-up, and renewals.
- 2006 vintage offers relative competitiveness with value-add upside via selective upgrades.
- High renter concentration and steady neighborhood occupancy support income durability.
- Proximity to major finance and insurance employers strengthens the professional renter base.
- Risks: affordability pressure and below-metro safety standing require disciplined leasing and security measures.