| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 37th | Poor |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 216 Broadway, Brooklyn, NY, 11211, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2004 |
| Units | 21 |
| Transaction Date | 2015-08-13 |
| Transaction Price | $1,000,000 |
| Buyer | 191 S0UTH 8 LLC |
| Seller | 191 SOUTH 8 LLC |
216 Broadway, Brooklyn NY — 21-Unit Multifamily Investment
Newer 2005 vintage in an amenity-rich Urban Core pocket with a deep renter base supports steady leasing, according to WDSuite’s CRE market data.
Located at 216 Broadway in Brooklyn’s Urban Core, the property sits in a neighborhood rated A- and competitive among New York–Jersey City–White Plains submarkets, ranking in the top quartile among 889 metro neighborhoods. Abundant neighborhood amenities — including dense concentrations of restaurants, cafes, groceries, parks, and pharmacies — score in the upper national percentiles, reinforcing walkability and renter appeal.
Neighborhood occupancy is in the low-90s, and the share of housing units that are renter-occupied is high, indicating a deep tenant pool and consistent demand for multifamily product. Home values in the area are elevated versus national norms, which tends to sustain reliance on rental housing and can support pricing power while requiring attentive lease management.
Within a 3-mile radius, WDSuite data shows recent population and household growth, with forecasts pointing to further gains by 2028. Household sizes are trending smaller in this 3-mile area, which can favor studios and one-bedrooms and help support occupancy stability for compact layouts. Median household incomes have risen meaningfully, expanding the qualified renter pool and underpinning rent collections, though rent-to-income levels warrant prudent renewal strategies.
The 2005 construction year is newer than the neighborhood’s average vintage (1980), offering relative competitiveness versus older housing stock. Investors should still plan for ongoing modernization as major building systems age, but the newer baseline can reduce near-term capital intensity compared with older assets nearby.
Safety trends are mixed but improving. The neighborhood’s crime ranking sits in the higher-crime cohort within the metro (ranked 173 out of 889), and overall safety is below the national median. However, according to WDSuite’s data, both violent and property offense rates have declined year over year, suggesting a constructive directional trend to monitor over future underwriting periods.
For investors, this context argues for standard security measures and mindful tenant retention practices while recognizing that recent declines in incident rates are a positive signal. Compare block-level conditions during site visits and track updated metro and national benchmarks as part of ongoing risk assessment.
Proximity to major employers supports commuter convenience and broad renter demand, led by technology, utilities, and financial services anchors such as Yahoo, Con Edison Distribution Engineering, Consolidated Edison, AIG, and AmTrust Financial Services.
- Yahoo — technology/media offices (2.17 miles)
- Con Edison Distribution Engineering — utilities engineering (2.22 miles)
- Consolidated Edison — utilities (2.23 miles) — HQ
- AIG — insurance (2.32 miles) — HQ
- AmTrust Financial Services — financial services (2.46 miles) — HQ
This 21-unit asset combines a 2005 vintage with strong Urban Core fundamentals. High renter concentration at the neighborhood level and low-90s occupancy indicate depth of demand, while elevated for-sale housing costs reinforce renter reliance on multifamily. Within a 3-mile radius, population and households have increased and are projected to expand further, supporting a larger tenant base over the medium term. According to CRE market data from WDSuite, amenity density ranks among the strongest nationally, helping sustain leasing velocity and renewal potential.
Relative to older local stock, the 2005 construction year positions the property competitively, though investors should plan for system upgrades and targeted renovations over the hold. Leasing strategies should balance pricing power with rent-to-income considerations to support retention and occupancy stability.
- Urban Core location with top-tier amenity density supports renter demand and leasing velocity
- High neighborhood renter-occupied share and low-90s occupancy point to a deep, durable tenant base
- 2005 vintage offers competitive positioning versus older stock with value-add and modernization potential
- Elevated ownership costs in the area support rental demand and can underpin pricing power
- Risks: safety sits below national median and rent-to-income pressure warrants prudent renewal and expense management